|
| (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 |