{\rtf1\fs24

\trowd\trgaph75\trleft-75\intbl\trqc\clbrdrt\brdrs\cellx1872\clbrdrt\brdrs\cellx
3456
\ql \cell\qc (1)\cell\row
\trowd\trgaph75\trleft-75\trqc\cellx1872\cellx3456
\trowd\trgaph75\trleft-75\trqc\clbrdrb\brdrs\cellx1872\clbrdrb\brdrs\cellx3456
\ql VARIABLES\cell\qc 1\cell\row
\trowd\trgaph75\trleft-75\trqc\cellx1872\cellx3456
\ql \cell\qc \cell\row
\ql 2006.year\cell\qc -0.0180\cell\row
\ql \cell\qc (0.0109)\cell\row
\ql 2007.year\cell\qc -0.0730***\cell\row
\ql \cell\qc (0.0109)\cell\row
\ql 2008.year\cell\qc -0.0953***\cell\row
\ql \cell\qc (0.0109)\cell\row
\ql 2009.year\cell\qc -0.0641***\cell\row
\ql \cell\qc (0.0109)\cell\row
\ql 2010.year\cell\qc -0.0524***\cell\row
\ql \cell\qc (0.0109)\cell\row
\ql 2011.year\cell\qc -0.0847***\cell\row
\ql \cell\qc (0.0109)\cell\row
\ql Constant\cell\qc 0.260***\cell\row
\ql \cell\qc (0.0172)\cell\row
\ql \cell\qc \cell\row
\ql Observations\cell\qc 203\cell\row
\ql R-squared\cell\qc 0.780\cell\row
\trowd\trgaph75\trleft-75\trqc\trbrdrb\brdrs\clbrdrb\brdrs\cellx1872\clbrdrb\brd
rs\cellx3456
\ql Regency FE\cell\qc YES\cell\row
\pard\qc
Standard errors in parentheses\par
*** p<0.01, ** p<0.05, * p<0.1\par
}