(1) POLS

(2) RE

(3) FE

(4) PLOS

ln ( Y i Y j )

0.688***

0.518***

0.514***

0.415***

(12.57)

(11.59)

(11.63)

(9.74)

ln ( P i P j )

0.204***

0.302***

0.319***

0.524***

(3.86)

(3.16)

(3.50)

(12.40)

ln I I T i j

−0.023

0.075**

0.076**

0.093*

(−0.31)

(2.52)

(2.55)

(1.73)

L o c k e d j

−1.603***

−1.655***

−1.846***

(−5.25)

(−5.76)

(−18.73)

C A C j

0.486

(0.54)

_cons

−18.413***

−14.862***

−14.614***

−15.579***

(−11.23)

(−8.34)

(−8.72)

(−12.88)

N

408

408

408

408

R2

0.604

0.788

Number of id

43

43