Variables

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(1) $\ln \left(P_{i,t}/P_{i,t-1}\right)$

1.000

(2) $\ln \left(E_{i,t}/E_{i,t-1}\right)$

0.307^***

1.000

(0.000)

(3) $\ln \left(R_{i,t}/R_{i,t-1}\right)$

0.434^***

0.949^***

1.000

(0.000)

(0.000)

(4) $\text{D}\ln \left(R_{i,t}/R_{i,t-1}\right)$

0.278^***

0.633^***

0.673^***

1.000

(0.000)

(0.000)

(0.000)

(5) D

−0.299^***

−0.597^***

−0.633^***

−0.613^***

1.000

(0.000)

(0.000)

(0.000)

(0.000)

(6) $\ln R$

−0.013

0.016^*

0.012

0.028^***

−0.023^***

1.000

(0.195)

(0.057)

(0.149)

(0.001)

(0.009)

(7) $\ln E$

−0.013

0.019^***

0.014^**

0.029^***

−0.026^***

0.984^***

1.000

(0.190)

(0.027)

(0.096)

(0.001)

(0.003)

(0.000)

(8) $\ln P$

0.005

0.012

0.009

0.022^**

−0.021^**

0.742^***

0.665^***

1.000

(0.639)

(0.195)

(0.339)

(0.018)

(0.023)

(0.000)

(0.000)