Panel A

Ranked by Median

c2

Observations

Loser

Winner

Risk Adjustment

Increase

27.20

22.65

10.56

1364

Decease

22.95

27.20

***

Panel B

Ranked by Quartile

c2

Observations

Loser

Winner

Risk Adjustment

Increase

28.99

21.38

13.76

683

Decease

21.52

28.11

***