Panel A

Left-censored Tobit

FE

Diff-GMM

EPS

0.041***

0.002***

0.003***

(0.003)

(0.000)

(0.001)

DPS_t−1

0.798***

0.682***

0.567***

(0.010)

(0.078)

(0.059)

Macroeconomic Recessions

10.255

1.218

44.381

(6.544)

(1.136)

(27.160)

DPS_t−1 * Macroeconomic Recessions

−0.673**

−0.421**

−0.492***

(0.342)

(0.189)

(0.155)

Constant

−67.265**

5.897***

1.493

(27.253)

(0.665)

(2.588)

Observations

2158

2158

2158

Panel B

Left-censored Tobit

FE

Diff-GMM

EPS

0.023***

0.001***

0.002**

(0.001)

(0.000)

(0.001)

DPS_t−1

0.830***

0.711***

0.560**

(0.254)

(0.188)

(0.258)

Shipping Recessions

−11.308

−2.213

−29.080

(7.037)

(3.064)

(68.147)

DPS_t−1 * Shipping Recessions

−0.318

−0.445***

−0.402**

(0.266)

(0.109)

(0.165)

Constant

−66.794***

7.431**

20.509

(23.611)

(3.543)

(29.284)

Observations

2158

2158

0.002**