(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