| (11) | (12) | (13) | (14) |
|
|
| Constrained | Unconstrained |
| Δlev | Δlev | Δlev | Δlev |
Dev | 0.243*** | 0.251*** | 0.2363*** | 0.3843*** |
| (9.54) | (8.15) | (4.8398) | (8.0711) |
DEV*MMC | 0.588*** | 0.589*** | 0.9299*** | 0.163 |
| (3.71) | (3.71) | (4.0504) | (0.7565) |
DEV*GDPG |
| −0.107 | −0.201 | −0.0194 |
|
| (−0.49) | (−0.4762) | (−0.0666) |
N | 24,186 | 24,186 | 12,270 | 11,917 |
Adj-R2 | 0.177 | 0.177 | 0.191 | 0.231 |
| (15) | (16) | (17) | (18) |
| Easy Period | Tight Period | High Concentration | Low Concentration |
| Δlev | Δlev | Δlev | Δlev |
Dev | 0.3709*** | 0.2866*** | 0.3503*** | 0.2676*** |
| (6.4906) | (6.8496) | (8.2957) | (5.8304) |
DEV*MMC | 0.315 | 0.6292*** | 0.3861* | 0.6654*** |
| (0.9744) | (3.1560) | (1.9272) | (2.7847) |
DEV*GDPG | 0.189 | −0.346 | −0.347 | −0.0903 |
| (0.3759) | (−1.2840) | (−1.0998) | (−0.2531) |
N | 8025 | 16162 | 11573 | 12476 |
Adj-R2 | 0.228 | 0.188 | 0.204 | 0.197 |