|
| First Expansion | Second Expansion | Third Expansion | |||
|
| GrowthRate | InstRatio | GrowthRate | InstRatio | GrowthRate | InstRatio |
PMVL |
| 5.11*** | −2.47* | 8.28*** | −3.46* | 3.74** | −4.82* |
Std. Error | (1.05) | (0.78) | (1.53) | (1.98) | (1.56) | (2.28) | |
R2 | 0.03 | 0.04 | 0.06 | 0.01 | 0.01 | 0.03 | |
|
| 3.45*** | −3.52** | 2.54 | −3.62* | 2.17 | −6.36** |
PMVH | Std. Error | (1.16) | (1.15) | (1.64) | (2.07) | (1.68) | (3.57) |
| R2 | 0.03 | 0.10 | 0.02 | 0.07 | 0.01 | 0.02 |