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BUYBACK (equation 3) = Dichotomous variable taking the value 1 if the firm repurchases shares, and 0 otherwise.
INC_PAYOUT (equation 4) = Dichotomous variable taking the value 1 if the firm increases dividend payout respect to prior year, and 0 otherwise.
KE (equation 5) =
Cost of equity capital estimated with the Capital Asset Pricing Model (CAPM), which defines expected return as the sum of the expected risk free rate (Rf) and the product of a firm’s estimated market beta (!"# $%&# '()# )*+),')&# -./0# +-)1.21#3410'#5#46"7#
AR (equation 6) =
Abnormal returns estimated regressing the time series of monthly excess returns to the companies on excess market returns: (Rp–Rf) = ! + " (Rmkt–Rf). Rp is the monthly return for firms, Rf is the risk-free return to the short-term Italian government bill (BOT). The return to the Italian FTSE MIB index is the market return (Rmkt). Abnormal performance is measured by !.
REGRESSOR
ROA_1 = Lagged (prior year’s) ratio of operating income to total assets.
ROA = Operating income to total assets.
STDEV_ROA = Standard deviation of operating income, measured over the 3-year period from year -3 through -1
CFNO_1
= Lagged (prior year’s) ratio of non-operating cash flow (given by the sum of cash flows from financial and investment activities) to total assets.
CASH_1 = Lagged (prior year’s) amount of cash and equivalents scaled by
total assets.
MTBV = Ratio of the year-end market value of equity to the book value of equity (at December, 31st)
CE_REDUCT = Dichotomous variable taking the value 1 if the firm reduces the
shareholder’s equity in the year of buyback, and 0 otherwise.
LEV_1 = Lagged (prior year’s) ratio of the total debt to total assets.
LEV = Total debt to total assets.
SIZE = Natural log of total assets at the end of the year (December, 31st).
IT
= Industry variables for information technology (IT) to indirectly control for stock options. Dichotomous variable taking the value 1 if the firm belongs to IT industry, 0 otherwise.
FIN = Dichotomous variable taking the value 1 if the firm is a financial company, 0 otherwise (industry controls).
IND = Dichotomous variable taking the value 1 if the firm is an
industrial company, 0 otherwise (industry controls).
BUYBACK = Dichotomous variable taking the value 1 if the firm repurchases shares, and 0 otherwise.
#
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Panel 1 – Total number and value of transactions (obs. = 487)
Year N. Sum. Mean Std. dev. Min. p25 p50 p75 Max.
2003 44 279.0433 6.341892 49.60275 -.717714 -.0007404 .5926616 -22.9293 325.8195 2004 29 378.8829 13.06493 58.71812 -.968661 .1528576 1.890226 -24.16418 309.852 2005 28 978.1108 34.93253 179.7475 -1.326637 .0047001 .6813185 -21.81201 949.9234 2006 78 1645.167 21.09188 135.1323 -1.342919 .188343 5.689826 -220.2403 1094.482 2007 92 6088.296 66.17714 321.1783 .0884108 2.195748 9.177145 -8.733588 2639.314 2008 111 642.3724 5.787139 207.9983 .4689336 2.342556 11.7438 -1992.567 769.1312 2009 105 -51.60396 -.4914663 39.66595 -.2033005 .1681027 1.206829 -340.4734 201.1359
Panel 2 – Total number and value of net acquisitions (obs. = 346)
Year N. Sum. Mean Std. dev. Min. p25 p50 p75 Max.
2003 22 359.7231 16.35105 69.17492 .0051632 .3002791 .5926616 1.467538 325.8195 2004 15 429.0755 28.60504 79.502 .1528576 .5126595 1.890226 16.01604 309.852 2005 14 1036.535 74.03822 252.5079 .009706 .1219351 .6813185 5.331174 949.9234 2006 47 2086.306 44.38948 167.7325 0 .5404491 2.536575 15.86036 1094.482 2007 73 6117.87 83.80644 358.9572 .0006621 .7871627 3.669342 19.16443 2639.314 2008 102 2666.285 26.14005 84.56788 .0209941 .9687635 3.171036 16.4418 769.1312 2009 73 423.8317 5.805914 24.07116 .0000735 .1623724 .6717883 2.525377 201.1359
Panel 3 – Total numbers and value of net disposals (obs. = 141)
Year N. Sum. Mean Std. dev. Min. p25 p50 p75 Max.
2003 22 -80.67981 -3.667264 6.553818 -22.9293 -4.313219 -.717714 -.1150322 -.006644 2004 14 -50.19269 -3.585192 6.488766 24.16418 -2.494555 -1.379746 -.2924843 -.017609 2005 14 -58.42427 -4.173162 7.045907 -21.81201 -3.759651 -1.326637 -.1236051 -.0003059 2006 31 -441.1388 -14.23028 39.88161 -220.2403 -10.18236 -2.561867 -.2585948 -.0028336 2007 19 -29.57348 -1.556499 2.037471 -8.733588 -1.802355 -.9174296 -.2905769 -.0184612 2008 9 -2023.912 -224.8791 662.903 -1992.567 -6.15 -3.019712 -.6310057 -.0754185 2009 32 -475.4356 -14.85736 60.21866 -340.4734 -3.393599 -1.241333 -.2844442 -.0170832
This table provides the descriptive statistics by year for the total transactions Italian firms had on their own shares over the period investigated (2003-3009). The summary statistics also distinguish companies with buybacks (companies whose acquisitions were higher than disposals during the year) from companies with disposals (companies whose acquisitions were lower than disposals during the year). Nine transactions were not considered because of the lack of the data required to price the transactions. Since CONSOB only release the quantity of share repurchased or sold, I priced the transactions using the monthly average price of the share. Data analysis using StataSE 11.
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!"#$%&2&)&>-(-%#)3$3(*'/.',"&,$+?*'6@AAB<@AAC8&&Dependent variable (BUYBACK) =dummy variables that equal to 1 if the firm repurchases shares in the year, 0 otherwise.
Determinants of buybacks
(logistic regression)
Determinants of buybacks (panel logistic regression)
Coefficient p-value Coefficient p-value ROA_1 4.590626 0.000** 4.970475 0.007** STDEV_ROA -4.318968 0.204 -2.704376 0.561 CFNO_1 .8144294 0.290 .6674045 0.493 CASH_1 -1.335855 0.219 -1.493422 0.349 MTBV .0134594 0.449 .0264044 0.260 CE_REDUCT .9161541 0.000** 1.15568 0.000** IT .8177583 0.001** 1.091481 0.017** LEV_1 .7953206 0.099* .5488052 0.478 SIZE .1264431 0.004** .2478372 0.003** _cons -2.934194 0.000 -4.257554 0.000 N. obs. = 1.214 N. obs. = 1.214 LR chi2 = 65.31 Number of groups = 267 Prob > chi2 = 0.0000 Prob > chi2 = 0.0000 Pseudo R2 = 0.0526 Wald chi2 = 39.43 Log likelihood = -588.70847 Log likelihood = -550.94477 0EFG!HIJKL!MNLGLSHG!JOHE!KOZFGHFT!NLZNLGGFOS!ISQ!MISLK!KOZFGHFT!NLZNLGGFOS!NLGXKHG:!*IKXLG!FSQFTIHLQ!FS!JOKQ!GEOY!GHIHFGHFTIKKW!GFZSFUFTISH!NLKIHFOSGEFMG!JLHYLLS!PINFIJKLG:!\7\\!FSQFTIHL!GHIHFGHFTIK!GFZSFUFTISTL!IH!KLGG!HEIS!HEL!A!MLNTLSH!ISQ!'!MLNTLSH!KLPLK7!NLGMLTHFPLKW!CHYO9HIFKLQD:! 1LMLSQLSH! PINFIJKL! C42b4%+cDd! QFTEOHO]OXG! PINFIJKL! HI[FSZ! HEL! PIKXL! '! FU! HEL! UFN]! NLMXNTEIGLG! GEINLG7! ISQ! 8! OHELNYFGL:!5SQLMLSQLSH!PINFIJKLGd!#$%&'!^! KIZZLQ!CMNFON!WLIN_GD!NIHFO!OU!OMLNIHFSZ! FSTO]L!HO! HOHIK!IGGLHG`!.01)*&#$%!^!GHISQINQ!QLPFIHFOS!OU!OMLNIHFSZ! FSTO]L!]LIGXNLQ!OPLN! HEL!=9WLIN!MLNFOQ! UNO]!WLIN! 9=! HENOXZE! 9'`!+,-$&'!^! KIZZLQ! CMNFON!WLIN_GD! NIHFO!OU!SOS9OMLNIHFSZ!TIGE! UKOY! CZFPLS!JW! HEL! GX]!OU! TIGE! UKOYG! UNO]! UFSISTFIK! ISQ! FSPLGH]LSH! ITHFPFHFLGD! HO! HOHIK! IGGLHG`! +%./&'!^! KIZZLQ! CMNFON! WLIN_GD!I]OXSH!OU!TIGE!ISQ!LaXFPIKLSHG!GTIKLQ!JW!HOHIK!IGGLHG`!304*!^!NIHFO!OU!HEL!WLIN9LSQ!]IN[LH!PIKXL!OU!LaXFHW!HO!HEL!JOO[!PIKXL!OU!LaXFHW!IH!1LTL]JLN7!='GH`!+)&#)12+0!^!QFTEOHO]OXG!PINFIJKL!HI[FSZ!HEL!PIKXL!'!FU!HEL!UFN]!NLQXTLG!HEL!GEINLEOKQLN_G!LaXFHW!FS!HEL!WLIN!OU!JXWJIT[7! ISQ! 8! OHELNYFGL! CQX]]WD`! 50! ^! FSQXGHNW! PINFIJKL! UON! FSUON]IHFOS! HLTESOKOZW! C50D! HO! FSQFNLTHKW! TOSHNOK! UON! GHOT[! OMHFOSG:!1FTEOHO]OXG!PINFIJKL!HI[FSZ!HEL!PIKXL!'!FU!HEL!UFN]!JLKOSZG!HO!50!FSQXGHNW7!8!OHELNYFGL`!()*&'!^!KIZZLQ!CMNFON!WLIN_GD!NIHFO!OU!HEL!HOHIK!QLJH!HO!HOHIK!IGGLHG`!.56)!^!SIHXNIK!KOZ!OU!HOHIK!IGGLHG!IH!HEL!LSQ!OU!HEL!WLIN!C1LTL]JLN7!='GHD:!1IHI!ISIKWGFG!XGFSZ!.HIHI.)!'':!!
!"#$%&3&)&D3+%-$*-')3'4)=)4-34'2$&/"('6@AAB<@AAC8'&Dependent variable (INC_PAYOUT) =dummy variables (equal to 1 if the firm increase dividend payout in the year, 0 otherwise)
Determinants of buybacks (logistic regression)
Determinants of buybacks (panel logistic regression)
Coefficient p-value Coefficient p-value ROA_1 -5.965832 0.001** -5.964769 0.001** STDEV_ROA -1.636383 0.733 -1.637913 0.732 CFNO_1 -1.956291 0.028** -1.955998 0.028** CASH_1 -.1829019 0.838 -.1829334 0.838 MTBV .1608986 0.032** .160893 0.032** CE_REDUCT .2321916 0.401 .2321658 0.401 IT -.1881533 0.538 -.1881055 0.538 LEV_1 -.9551198 0.081* -.9549718 0.081* SIZE .0524387 0.263 .0524263 0.263 _cons .1172038 0.790 .1171969 0.790 N. obs. = 771 N. obs. = 771 LR chi2 = 19.04 Number of groups = 198 Prob > chi2 = 0.0249 Prob > chi2 = 0.0393 Pseudo R2 = 0.0179 Wald chi2 = 17.66 Log likelihood = -523.34007 Log likelihood = -523.34012 !0EFG!HIJKL!MNLGLSHG!JOHE!KOZFGHFT!NLZNLGGFOS!ISQ!MISLK!KOZFGHFT!NLZNLGGFOS!NLGXKHG:!0EL!PIKXLG!FSQFTIHLQ!FS!JOKQ!GEOY!GHIHFGHFTIKKW!GFZSFUFTISH!NLKIHFOSGEFMG!JLHYLLS!PINFIJKLG:!\7\\!FSQFTIHL!GHIHFGHFTIK!GFZSFUFTISTL!IH!KLGG!HEIS!HEL!A!MLNTLSH!ISQ!'!MLNTLSH!KLPLK7!NLGMLTHFPLKW!CHYO9HIFKLQD:!1LMLSQLSH!PINFIJKLd! 5-+&R%b$20!^!QFTEOHO]OXG!PINFIJKL!HI[FSZ!HEL!PIKXL!'! FU! HEL! UFN]!FSTNLIGLG!QFPFQLSQ!MIWOXH!NLGMLTH!HO!MNFON!WLIN7!ISQ!8!OHELNYFGL:! 5SQLMLSQLSH!PINFIJKLGd!#$%&'!^! KIZZLQ!CMNFON!WLIN_GD!NIHFO!OU!OMLNIHFSZ! FSTO]L!HO!HOHIK!IGGLHG`!.01)*&#$%!^!GHISQINQ!QLPFIHFOS! OU! OMLNIHFSZ! FSTO]L!]LIGXNLQ! OPLN! HEL! =9WLIN! MLNFOQ! UNO]! WLIN! 9=! HENOXZE! 9'`! +,-$&'! ^! KIZZLQ! CMNFON! WLIN_GD! NIHFO! OU! SOS9OMLNIHFSZ!TIGE!UKOY!CZFPLS!JW!HEL!GX]!OU!TIGE!UKOYG!UNO]!UFSISTFIK!ISQ!FSPLGH]LSH!ITHFPFHFLGD!HO!HOHIK!IGGLHG`!+%./&'!^!KIZZLQ!CMNFON!WLIN_GD!I]OXSH!OU!TIGE!ISQ!LaXFPIKLSHG!GTIKLQ!JW!HOHIK!IGGLHG`!304*!^!NIHFO!OU!HEL!WLIN9LSQ!]IN[LH!PIKXL!OU!LaXFHW!HO!HEL!JOO[!PIKXL!OU!LaXFHW!IH!1LTL]JLN7!='GH`!+)&#)12+0!^!QFTEOHO]OXG!PINFIJKL!HI[FSZ!HEL!PIKXL!'!FU!HEL!UFN]!NLQXTLG!HEL!GEINLEOKQLN_G!LaXFHW!FS!HEL!WLIN!OU!JXWJIT[7!ISQ! 8! OHELNYFGL! CQX]]WD`! 50! ^! FSQXGHNW! PINFIJKL! UON! FSUON]IHFOS! HLTESOKOZW! C50D! HO! FSQFNLTHKW! TOSHNOK! UON! GHOT[! OMHFOSG:! 1FTEOHO]OXG!PINFIJKL!HI[FSZ!HEL!PIKXL!'!FU!HEL!UFN]!JLKOSZG!HO!50!FSQXGHNW7!8!OHELNYFGL`!()*&'!^!KIZZLQ!CMNFON!WLIN_GD!NIHFO!OU!HEL!HOHIK!QLJH!HO!HOHIK!IGGLHG`!.56)!^!SIHXNIK!KOZ!OU!HOHIK!IGGLHG!IH!HEL!LSQ!OU!HEL!WLIN!C1LTL]JLN7!='GHD:!1IHI!ISIKWGFG!XGFSZ!.HIHI.)!'':
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OLS Regression (1) FE panel data (2)
Variables Coefficient p-value V.I.F. Coefficient P-value BUYBACK -.1318955 0.000 ** 1.04 -.1780504 0.000** ROA_1 -.0849502 0.495 1.28 -.6025805 0.006 ** LEV_1 .0231808 0.626 1.47 -.0082298 0.940 STDEV_ROA -.112832 0.726 1.25 .7279709 0.173 SIZE .0009781 0.855 1.86 -.1225127 0.001** MTBV -.003577 0.094* 1.01 -.0059425 0.067 ** FIN -.0011378 0.963 1.53 (omitted) IND -.0077195 0.728 1.15 (omitted) IT .0113804 0.697 1.19 (omitted) _cons .0325558 0.444 .9229403 0.000 N. obs. 1.198 1.198 Prob > F 0.0000 0.0000 R2 0.0386 0.0838 (within) Adj. R2 0.0314 N. groups 272 !0EFG! HIJKL!MNLGLSHG!JOHE!$(.! NLZNLGGFOS!ISQ! UFVLQ9LUULTH!MISLK!QIHI! NLGXKHG:!0EL!PIKXLG! FSQFTIHLQ! FS!JOKQ! GEOY!GHIHFGHFTIKKW! GFZSFUFTISH! NLKIHFOSGEFMG!JLHYLLS!PINFIJKLG:!\7\\!FSQFTIHL!GHIHFGHFTIK!GFZSFUFTISTL!IH!KLGG!HEIS!HEL!A!MLNTLSH!ISQ!'!MLNTLSH!KLPLK7!NLGMLTHFPLKW!CHYO9HIFKLQD:!1LMLSQLSH!PINFIJKLd!c)!^!TOGH!OU!LaXFHW!TIMFHIK!LGHF]IHLQ!YFHE!HEL!+IMFHIK!%GGLH!RNFTFSZ!3OQLK!C+%R3D7!YEFTE!QLUFSLG!LVMLTHLQ!NLHXNS!IG!HEL!GX]!OU!HEL!LVMLTHLQ!NFG[!UNLL!NIHL!C#UD!ISQ!HEL!MNOQXTH!OU!I!UFN]_G!LGHF]IHLQ!]IN[LH!JLHI!CeD!ISQ!HEL!LVMLTHLQ!NFG[!MNL]FX]!C#][H!"!#UD:!5SQLMLSQLSH!PINFIJKLGd!42b4%+c!^!QFTEOHO]OXG!PINFIJKL!HI[FSZ!HEL!PIKXL!'!FU!HEL!UFN]!NLMXNTEIGLG!GEINLG7!ISQ!8!OHELNYFGL!CQX]]WD`!#$%&'!^!KIZZLQ!CMNFON!WLIN_GD!NIHFO!OU!OMLNIHFSZ!FSTO]L!HO!HOHIK!IGGLHG`!()*&'!^!KIZZLQ!CMNFON!WLIN_GD!NIHFO!OU!HEL!HOHIK!QLJH!HO!HOHIK!IGGLHG`!.01)*&#$%!^!GHISQINQ!QLPFIHFOS!OU!OMLNIHFSZ!FSTO]L!]LIGXNLQ!OPLN!HEL!=9WLIN!MLNFOQ!UNO]!WLIN!9=!HENOXZE!9'`!.56)!^!SIHXNIK!KOZ!OU!HOHIK!IGGLHG!IH!HEL!LSQ!OU!HEL!WLIN!C1LTL]JLN7!='GHD`!304*!^!NIHFO!OU!HEL!WLIN9LSQ!]IN[LH!PIKXL!OU!LaXFHW!HO!HEL!JOO[!PIKXL!OU!LaXFHW!IH!1LTL]JLN7!='GH`!,5-!^!FSQXGHNW!PINFIJKL! UON! UFSISTFIK! TO]MISFLG`! 5-1!^! FSQXGHNW!PINFIJKL! UON! FSQXGHNFIK! TO]MISFLG`! 50!^! FSQXGHNW!PINFIJKL! UON! FSUON]IHFOS! HLTESOKOZW:!1IHI!ISIKWGFG!XGFSZ!.HIHI.)!'':!!
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(1) Abnormal returns (n) (2) Abnormal returns (n+1) (3) Abnormal returns (n+2)
Variables Coefficient p-value V.I.F. Coefficient p-value V.I.F. Coefficient p-value V.I.F. BUYBACK -.0053054 0.020** 1.04 -.0024304 0.324 1.04 -.0005068 0.850 1.04 ROA .081056 0.000** 1.33 .047174 0.004** 1.29 -.0089577 0.614 1.32 LEV .0075146 0.158 1.51 .0139338 0.019** 1.49 .0081493 0.219 1.53 STDEV_ROA .0696319 0.043** 1.22 .0217449 0.566 1.23 .087112 0.033** 1.24 SIZE -.0004127 0.491 1.88 -.0011924 0.067* 1.82 -.0007362 0.305 1.85 FIN -.0010926 0.689 1.52 -.0053104 0.075* 1.51 -.0106166 0.001** 1.53 IND .0046111 0.061* 1.14 .0054377 0.044** 1.14 .0058262 0.050** 1.14 IT .0042705 0.187 1.20 -.0030389 0.398 1.20 .0008769 0.822 1.21 _cons .0042025 0.371 -.0003324 0.950 -.0017297 0.767 N. obs. 1.218 1.124 1.063 Prob > F 0.0000 0.0005 0.0000 R2 0.0362 0.0248 0.0367 Adj. R2 0.0298 0.0178 0.0294 !0EFG!HIJKL!MNLGLSHG!$(.!NLZNLGGFOS!NLGXKHG:!0EL!PIKXLG!FSQFTIHLQ!FS!JOKQ!GEOY!GHIHFGHFTIKKW!GFZSFUFTISH!NLKIHFOSGEFMG!JLHYLLS!PINFIJKLG:!\7\\!FSQFTIHL!GHIHFGHFTIK! GFZSFUFTISTL! IH! KLGG! HEIS! HEL! A! MLNTLSH! ISQ! '! MLNTLSH! KLPLK7! NLGMLTHFPLKW! CHYO9HIFKLQD:! 1LMLSQLSH! PINFIJKLd! %#! ^! IJSON]IK! NLHXNSG!LGHF]IHLQ!NLZNLGGFSZ!HEL!HF]L!GLNFLG!OU!]OSHEKW!LVTLGG!NLHXNSG!HO!HEL!TO]MISFLG!OS!LVTLGG!]IN[LH!NLHXNSGd!C#M"#UD!^!!!f!"!C#][H"#UD:!#M!FG!HEL!]OSHEKW!NLHXNS!UON!UFN]G7!#U!FG!HEL!NFG[9UNLL!NLHXNS!HO!HEL!GEONH9HLN]!5HIKFIS!ZOPLNS]LSH!JFKK!C4$0D:!0EL!NLHXNS!HO!HEL!5HIKFIS!,0.)!354!FSQLV!FG!HEL!]IN[LH!NLHXNS!C#][HD:!%JSON]IK!MLNUON]ISTL!FG!]LIGXNLQ!JW!!:! 5SQLMLSQLSH!PINFIJKLGd!#$%!^!OMLNIHFSZ!FSTO]L!HO!HOHIK!IGGLHG`!()*!^!HOHIK!QLJH!HO!HOHIK!IGGLHG`!.01)*&#$%!^!GHISQINQ!QLPFIHFOS!OU!OMLNIHFSZ!FSTO]L!]LIGXNLQ!OPLN!HEL!=9WLIN!MLNFOQ!UNO]!WLIN!9=!HENOXZE!9'`!.56)!^!SIHXNIK!KOZ!OU!HOHIK!IGGLHG!IH!HEL!LSQ!OU!HEL!WLIN!C1LTL]JLN7!='GHD`!304*!^!NIHFO!OU!HEL!WLIN9LSQ!]IN[LH!PIKXL!OU!LaXFHW!HO!HEL!JOO[!PIKXL!OU!LaXFHW!IH!1LTL]JLN7!='GH`! ,5-! ^! FSQXGHNW! PINFIJKL! UON! UFSISTFIK! TO]MISFLG`! 5-1! ^! FSQXGHNW! PINFIJKL! UON! FSQXGHNFIK! TO]MISFLG`! 50! ^! FSQXGHNW! PINFIJKL! UON! FSUON]IHFOS!HLTESOKOZW:!1IHI!ISIKWGFG!XGFSZ!.HIHI.)!'':!!!
!"#$%&1&)&E1-'-..-+('/.',"&,$+?*F'(1-'5/3I<%"3'$,3/%#$5'%-("%3*'6@AAB<@AAC8H'9$3-5'4$($H''&
(1) Abnormal returns (0) (2) Abnormal returns (+1)
(3) Abnormal returns (+2)
Variables Coefficient p-value Coefficient p-value Coefficient p-value BUYBACK -.0049412 0.079* .0012831 0.672 .0038954 0.218 ROA .136373 0.000** .0360452 0.161 -.0622742 0.018** LEV .0313152 0.012** .035171 0.010** .038682 0.007** STDEV_ROA .1134993 0.037** .0310093 0.602 .1468559 0.017** SIZE -.0107752 0.003** -.018297 0.000** -.0147716 0.000** FIN (omitted) (omitted) (omitted) IND (omitted) (omitted) (omitted) IT (omitted) (omitted) (omitted) _cons .0489755 0.054 .1043435 0.000 .0752577 0.011 N. obs. 1.218 1.124 1.063 Prob > F 0.0000 0.0001 0.0000 N. groups 276 239 229 !0EFG!HIJKL!MNLGLSHG!UFVLQ9LUULTHG!MISLK!QIHI!NLGXKHG:!0EL!PIKXLG!FSQFTIHLQ!FS!JOKQ!GEOY!GHIHFGHFTIKKW!GFZSFUFTISH!NLKIHFOSGEFMG!JLHYLLS!PINFIJKLG:!\7\\!FSQFTIHL!GHIHFGHFTIK!GFZSFUFTISTL!IH!KLGG!HEIS!HEL!A!MLNTLSH!ISQ!'!MLNTLSH!KLPLK7!NLGMLTHFPLKW!CHYO9HIFKLQD:!1LMLSQLSH!PINFIJKLd!%#!^!IJSON]IK!NLHXNSG!LGHF]IHLQ!NLZNLGGFSZ!HEL!HF]L!GLNFLG!OU!]OSHEKW!LVTLGG!NLHXNSG!HO!HEL!TO]MISFLG!OS!LVTLGG!]IN[LH!NLHXNSGd!C#M"#UD!^!!!f!"!C#][H"#UD:!#M!FG!HEL!]OSHEKW!NLHXNS!UON!UFN]G7!#U!FG!HEL!NFG[9UNLL!NLHXNS!HO!HEL!GEONH9HLN]!5HIKFIS!ZOPLNS]LSH!JFKK!C4$0D:!0EL!NLHXNS!HO!HEL!5HIKFIS!,0.)!354!FSQLV!FG!HEL!]IN[LH!NLHXNS!C#][HD:!%JSON]IK!MLNUON]ISTL!FG!]LIGXNLQ!JW!!:! 5SQLMLSQLSH!PINFIJKLGd!#$%!^!OMLNIHFSZ!FSTO]L!HO!HOHIK!IGGLHG`!()*!^!HOHIK!QLJH!HO!HOHIK!IGGLHG`!.01)*&#$%!^!GHISQINQ!QLPFIHFOS!OU!OMLNIHFSZ!FSTO]L!]LIGXNLQ!OPLN!HEL!=9WLIN!MLNFOQ!UNO]!WLIN!9=!HENOXZE!9'`!.56)!^!SIHXNIK!KOZ!OU!HOHIK!IGGLHG!IH!HEL!LSQ!OU!HEL!WLIN!C1LTL]JLN7!='GHD`!304*!^!NIHFO!OU!HEL!WLIN9LSQ!]IN[LH!PIKXL!OU!LaXFHW!HO!HEL!JOO[!PIKXL!OU!LaXFHW!IH!1LTL]JLN7!='GH`! ,5-! ^! FSQXGHNW! PINFIJKL! UON! UFSISTFIK! TO]MISFLG`! 5-1! ^! FSQXGHNW! PINFIJKL! UON! FSQXGHNFIK! TO]MISFLG`! 50! ^! FSQXGHNW! PINFIJKL! UON! FSUON]IHFOS!HLTESOKOZW:!1IHI!ISIKWGFG!XGFSZ!.HIHI.)!'':!!
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