(19)

(20)

(21)

(22)

Constrained

Unconstrained

Δlev

Δlev

Δlev

Δlev

Dev

0.3255***

0.2406***

0.2079***

0.3605***

(41.5919)

(7.7719)

(4.7194)

(8.3573)

DEV*MMC

0.5892***

0.9600***

0.206

(2.9553)

(3.3479)

(0.7925)

N

24,186

24,186

12270

11917

Adj-R²

0.169

0.170

0.181

0.209

(23)

(24)

(25)

(26)

Easy

Period

Tight

Period

High

Concentration

Low

Concentration

Δlev

Δlev

Δlev

Δlev

Dev

0.3638***

0.2571***

0.3024***

0.2590***

(7.2690)

(6.2246)

(7.3181)

(5.3631)

DEV*MMC

0.431

0.6139**

0.4364*

0.7000**

(1.2323)

(2.3829)

(1.7964)

(2.2488)

N

8025

16162

11573

12476

Adj-R²

0.216

0.180

0.187

0.194