| (9) | (10) |
| High Concentration | Low Concentration |
| Δlev | Δlev |
Dev | 0.3217*** | 0.2610*** |
| (9.0800) | (6.7058) |
DEV*MMC | 0.3892* | 0.6610*** |
| (1.9486) | (2.7760) |
N | 11573 | 12476 |
Adj-R2 | 0.204 | 0.197 |