变量

(1)

(2)

(3)

(4)

(5)

10th

25th

50th

75th

90th

cet

−0.073***

−0.070***

−0.072***

−0.031

−0.009

(−3.44)

(−3.61)

(−3.48))

(−0.96)

(−0.25)

Control variables

Yes

Yes

Yes

Yes

Yes

Control_pro

Yes

Yes

Yes

Yes

Yes

Control_year

Yes

Yes

Yes

Yes

Yes

Constant

1.183

0. 943

0. 251

−0. 648

−0. 897

(1.55)

(1.27)

(0.31)

(−0.72)

(−1.07)

Observations

480

480

480

480

480

R-squared

0.784

0.756

0.741

0.728

0.732