(1)

(2)

(3)

(4)

Y(M1)

Y(M2)

Y(M3)

Y(M4)

X

0.5484***

0.5478***

0.5226***

0.5351***

(0.0126)

(0.0126)

(0.0124)

(0.0131)

C1

−0.0015**

−0.0015**

−0.0007

−0.0015**

(0.0007)

(0.0007)

(0.0007)

(0.0007)

C2

0.0524***

0.0524***

0.0514***

0.0522***

(0.0036)

(0.0036)

(0.0036)

(0.0036)

C3

0.0492***

0.0492***

0.0466***

0.0491***

(0.0014)

(0.0014)

(0.0014)

(0.0014)

C4

0.1189***

0.1189***

0.1151***

0.1195***

(0.0034)

(0.0034)

(0.0034)

(0.0034)

C5

0.0211***

0.0211***

0.0249***

0.0209***

(0.0028)

(0.0028)

(0.0028)

(0.0028)

C6

0.2749***

0.2749***

0.2665***

0.2745***

(0.0036)

(0.0036)

(0.0036)

(0.0036)

M

0.0182

0.0238*

0.1069***

0.0066***

(0.0127)

(0.0132)

(0.0054)

(0.0016)

_cons

0.1271***

0.1271***

0.1269***

0.1270***

(0.0040)

(0.0040)

(0.0040)

(0.0040)

N

31750

31750

31750

31750

R2

0.404

0.404

0.411

0.404

adj. R2

0.404

0.404

0.411

0.404