First Expansion

Second Expansion

Third Expansion

GrowthRate

InstRatio

GrowthRate

InstRatio

GrowthRate

InstRatio

PMVL

β 3

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

β 3

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