| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
BC | −2.01e−13*** | −2.48e−12 | −6.70e−12*** | −2.77e−11*** | −7.33e−12** | −1.53e−11*** | −6.93e−14 | −1.53e−11*** | −1.60e−14 | −9.49e−12 |
| (2.63e−14) | (3.67e−12) | (2.52e−12) | (4.94e−12) | (4.21e−12) | (5.09e−12) | (4.22e−12) | (5.45e−12) | (4.69e−12) | (8.52e−12) |
MM | −6.22e−14*** | −4.37e−12** | −3.56e−12** | −4.67e−12* | −4.62e−12** | 3.50e−12 | −6.84e−12*** | 2.85e−12 | −8.14e−12*** | −5.77e−12 |
| (1.22e−14) | (1.76e−12) | (1.18e−12) | (2.40e−12) | (2.19e−12) | (2.51e−12) | (2.16e−12) | (2.74e−12) | (2.29e−12) | (4.20e−12) |
DB | −5.12e−18*** | −6.50e−16*** | −2.23e−16*** | −5.63e−16*** | 3.28e−17 | −1.05e−15*** | −5.85e−17 | −9.57e−16*** | −9.93e−17 | −3.87e−16* |
| (6.61e−19) | (9.38e−17) | (6.63e−17) | (1.24e−16) | (1.19e−16) | (1.36e−16) | (1.28e−16) | (1.43e−16) | (1.13e−16) | (2.04e−16) |
Y |
| −2.06e−12*** | −5.16e−12*** | −3.16e−12* | −3.28e−12*** | −7.10e−13 | −4.10e−12*** | −1.26e−12 | −3.73e−12*** | −6.06e−12** |
|
| (7.52e−13) | (6.78e−13) | (1.40e−12) | (1.10e−12) | (1.32e−12) | (1.07e−12) | (1.37e−12) | (1.14e−12) | (2.17e−12) |
GE |
|
| −8.27e−13*** | −2.35e−12*** | −1.75e−12** | 2.69e−12*** | −1.04e−12 | −2.30e−12*** | −6.27e−13 | −8.50e−13 |
|
|
| (2.84e−13) | (7.99e−13) | (7.59e−13) | (9.15e−13) | (9.31e−13) | (9.69e−13) | (7.52e−13) | (1.39e−12) |
RI |
|
|
| −2.79e−12 | −1.46e−12 | −2.05e−12 | 5.47e−13 | −4.16e−12** | 1.20e−12 | −4.61e−13 |
|
|
|
| (1.65e−12) | (1.24e−12) | (1.55e−12) | (1.20e−12) | (1.61e−12) | (1.27e−12) | (2.38e−12) |
POP |
|
|
|
| 1.35e−11*** | −1.53e−11*** | 6.02e−12*** | −1.33e−11*** | 5.67e−12*** | 2.07e−11*** |
|
|
|
|
| (1.71e−12) | (2.05e−12) | (1.60e−12) | (2.26e−12) | (1.69e−12) | (3.04e−12) |
ET |
|
|
|
|
| −1.62e−11 | −5.98e−12 | −3.04e−12 | −4.87e−12 | 1.33e−11 |
|
|
|
|
|
| (1.09e−11) | (6.11e−12) | (8.02e−12) | (6.39e−12) | (1.25e−11) |
COR |
|
|
|
|
|
| −2.46e−10*** | −2.36e−10*** | −2.80e−10*** | 1.85e−10* |
|
|
|
|
|
|
| (4.30e−11) | (6.24e−11) | (5.01e−11) | (8.58e−11) |
GG |
|
|
|
|
|
|
| −7.22e−11 | 2.20e−11 | −4.12e−10*** |
|
|
|
|
|
|
|
| (7.64e−11) | (6.56e−11) | (1.13e−10) |
PS |
|
|
|
|
|
|
|
| −3.55e−11 | −7.71e−11* |
|
|
|
|
|
|
|
|
| (2.13e−11) | (3.77e−11) |
HC |
|
|
|
|
|
|
|
|
| −1.37e−11** |
|
|
|
|
|
|
|
|
|
| (4.23e−12) |
Observations | 168 | 154 | 154 | 154 | 168 | 168 | 154 | 168 | 154 | 154 |
AR (1) | −6.47 (0.000) | −4.58 (0.000) | −5.66 (0.000) | −6.30 (0.000) | −4.94 (0.000) | −6.04 (0.000) | −7.73 (0.000) | −5.66 (0.000) | −6.52 (0.000) | −6.69 (0.000) |
AR (2) | 1.82 (0.069) | 1.54 (0.026) | −1.30 (0.194) | 1.17 (0.243) | −5.09 (0.000) | −1.72 (0.085) | 0.08 (0.933) | −2.04 (0.041) | −0.36 (0.721) | −4.49 (0.000) |
Sargan | 173.92 (0.169) | 174.85 (0.028) | 176.68 (0.017) | 151.02 (0.179) | 177.21 (0.079) | 167.39 (0.17) | 146.10 (0.157) | 155.21 (0.285) | 160.97 (0.019) | 178.05 (0.001) |
Number of instruments | 165 | 154 | 154 | 154 | 168 | 168 | 154 | 168 | 154 | 154 |
Number of group | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |