(1)

(2)

(3)

(4)

Lev < T-lev

Lev > T-lev

Δlev

Δlev

Δlev

Δlev

Dev

0.328***

0.243***

0.576***

0.625***

(43.16)

(9.54)

(22.54)

(14.04)

DEV*MMC

0.588***

0.287**

−0.128

(3.71)

(2.03)

(−0.46)

N

24,186

24,186

15,966

8220

Adj-R2

0.176

0.177

0.454

0.480