Mean dependent var | 62.199 | SD dependent var | 18.312 |

Number of obs | 112 | F-test | 232.976 |

Arellano-Bond test for AR(1) in first differences: z = −2.62 Pr > z = 0.009 Arellano-Bond test for AR(2) in first differences: z = −0.27 Pr > z = 0.787 | |||

Sargan test of overid. restrictions: chi (Not robust, but not weakened by many instruments.) Hansen test of overid. restrictions: chi (Robust, but weakened by many instruments.) Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi Difference (null H = exogenous): chi |