lnYct

0.002

(1.25)

lnEXt

−36.230

(−1.44)

lnPct

−28.066

(−0.13)

Constant

587.320

(0.23)

Observations

319

Number of newcode

29

R-squared

0.615

Company FE

YES

r2_a

0.570

F

90.94

t-statistics in parentheses.