|
|
| First Expansion | Second Expansion | Third Expansion | |||
|
|
| GrowthRate | InstRatio | GrowthRate | InstRatio | GrowthRate | InstRatio |
|
|
| 4.28*** | −2.99* | 5.15*** | −3.58* | 3.97*** | −5.60** |
| Std. Error | (0.91) | (1.10) | (1.32) | (1.78) | (1.32) | (2.38) | |
|
| R2 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 |