Panel A

Left-censored Tobit

FE

Diff-GMM

SOA

20.2%

31.8%

46.7%

SOA-Macroeconomic Recessions

28.7%

37.2%

49.6%

Panel B

Left-censored Tobit

FE

Diff-GMM

SOA

17%

28.9%

44.0%

SOA-Shipping Recessions

29.8%

46.8%

60.3%