Quintiles

Alpha (%)

ΔEPU

Control for Five Factors

N

R²

Low

9.04

−21.61

Yes

2532

42.1%

(3.69)***

(−0.76)

Q2

10.51

−2.94

Yes

2532

49.3%

(3.67)***

(−0.09)

Q3

12.46

−68.97

Yes

2532

50.3%

(4.12)***

(−1.96)*

Q4

10.30

−0.88

Yes

2532

51.8%

(3.56)***

(−0.03)

High

5.30

14.56

Yes

2532

53.9%

(1.83)*

(0.43)

Low-High

3.75

−36.17

Yes

2532

14.6%

(1.69)*

(−0.98)