|
| (1) | (2) | (3) | (4) |
|
| mv | mv | mv (KZ index) | mv (WW index) |
| cons | 1.845*** | 1.692*** | 1.518*** | 1.648*** |
|
| (7.27) | (6.74) | (5.50) | (6.07) |
| cash | 0.895*** | −0.086 | 1.957*** | 1.250*** |
|
| (5.34) | (−0.40) | (7.64) | (4.48) |
| state | −0.218*** | −0.301*** | −0.041 | −0.188*** |
|
| (−5.50) | (−6.01) | (−0.49) | (−2.79) |
| agency |
| 4.599*** |
|
|
|
|
| (7.62) |
|
|
| state*cash | −0.402** | 0.877*** | −0.889*** | −0.234 |
|
| (−2.04) | (3.05) | (−2.87) | (−0.74) |
| agency*cash |
| 13.066*** |
|
|
|
|
| (5.86) |
|
|
| state*agency |
| 0.365 |
|
|
|
|
| (0.58) |
|
|
| state*agency*cash |
| −18.138*** |
|
|
|
|
| (−4.79) |
|
|
| fc |
|
| 0.474*** | 0.395*** |
|
|
|
| (5.23) | (5.44) |
| fc*cash |
|
| −1.188* | −0.570* |
|
|
|
| (−1.76) | (−1.66) |
| state*fc |
|
| −0.277** | −0.008 |
|
|
|
| (−2.52) | (−0.09) |
| state*fc*cash |
|
| 1.042 | −0.288 |
|
|
|
| (1.26) | (−0.68) |
| Controlled variables | Yes | Yes | Yes | Yes |
| N | 6515 | 6512 | 6515 | 6515 |
| R2 | 0.5617 | 0.5787 | 0.5479 | 0.5519 |
| Adj-R2 | 0.5588 | 0.5756 | 0.5446 | 0.5486 |
| F | 192.837 | 188.90 | 166.724 | 169.448 |