|
| (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 |