(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