| (5) | (6) |
| Constrained | Unconstrained |
| Δlev | Δlev |
Dev | 0.220*** | 0.383*** |
| (5.94) | (10.32) |
DEV*MMC | 0.930*** | 0.163 |
| (4.06) | (0.75) |
N | 12270 | 11916 |
Adj-R2 | 0.191 | 0.231 |