gretl version 1.9.12 Current session: 2013-07-08 23:29 ? open "/home/pietro/Università/Ricerca/Scontrini/Seconda tranche/Dati \ esterni/Riassunto_panel_province.csv" parsing /home/pietro/Università/Ricerca/Scontrini/Seconda tranche/Dati esterni/Riassunto_panel_province.csv... using delimiter ',' longest line: 63 characters first field: 'Year' seems to be observation label number of columns = 10 number of variables: 9 number of non-blank lines: 372 scanning for variable names... line: Year,Month,V_pic_sup_gr,Prezzi,Deb,Cred,Cit,Blitz,Time,V_dest scanning for row labels and data... the cell for variable 2, obs 1 is empty: treating as missing value the cell for variable 9, obs 1 is empty: treating as missing value the cell for variable 2, obs 2 is empty: treating as missing value the cell for variable 9, obs 2 is empty: treating as missing value the cell for variable 2, obs 3 is empty: treating as missing value the cell for variable 9, obs 3 is empty: treating as missing value the cell for variable 2, obs 4 is empty: treating as missing value the cell for variable 9, obs 4 is empty: treating as missing value the cell for variable 2, obs 5 is empty: treating as missing value the cell for variable 9, obs 5 is empty: treating as missing value the cell for variable 2, obs 6 is empty: treating as missing value the cell for variable 9, obs 6 is empty: treating as missing value the cell for variable 2, obs 7 is empty: treating as missing value the cell for variable 9, obs 7 is empty: treating as missing value the cell for variable 2, obs 8 is empty: treating as missing value the cell for variable 9, obs 8 is empty: treating as missing value the cell for variable 2, obs 9 is empty: treating as missing value the cell for variable 9, obs 9 is empty: treating as missing value the cell for variable 2, obs 10 is empty: treating as missing value the cell for variable 9, obs 10 is empty: treating as missing value the cell for variable 2, obs 11 is empty: treating as missing value the cell for variable 9, obs 11 is empty: treating as missing value the cell for variable 2, obs 12 is empty: treating as missing value the cell for variable 9, obs 12 is empty: treating as missing value the cell for variable 2, obs 45 is empty: treating as missing value the cell for variable 5, obs 45 is empty: treating as missing value the cell for variable 9, obs 45 is empty: treating as missing value the cell for variable 2, obs 46 is empty: treating as missing value the cell for variable 5, obs 46 is empty: treating as missing value the cell for variable 9, obs 46 is empty: treating as missing value the cell for variable 2, obs 47 is empty: treating as missing value the cell for variable 5, obs 47 is empty: treating as missing value the cell for variable 9, obs 47 is empty: treating as missing value the cell for variable 2, obs 48 is empty: treating as missing value the cell for variable 5, obs 48 is empty: treating as missing value the cell for variable 9, obs 48 is empty: treating as missing value the cell for variable 2, obs 49 is empty: treating as missing value the cell for variable 5, obs 49 is empty: treating as missing value the cell for variable 9, obs 49 is empty: treating as missing value the cell for variable 2, obs 50 is empty: treating as missing value the cell for variable 5, obs 50 is empty: treating as missing value the cell for variable 9, obs 50 is empty: treating as missing value the cell for variable 2, obs 51 is empty: treating as missing value the cell for variable 5, obs 51 is empty: treating as missing value the cell for variable 9, obs 51 is empty: treating as missing value the cell for variable 2, obs 52 is empty: treating as missing value the cell for variable 5, obs 52 is empty: treating as missing value the cell for variable 9, obs 52 is empty: treating as missing value the cell for variable 2, obs 53 is empty: treating as missing value the cell for variable 5, obs 53 is empty: treating as missing value the cell for variable 9, obs 53 is empty: treating as missing value the cell for variable 2, obs 54 is empty: treating as missing value the cell for variable 5, obs 54 is empty: treating as missing value the cell for variable 9, obs 54 is empty: treating as missing value the cell for variable 2, obs 55 is empty: treating as missing value the cell for variable 5, obs 55 is empty: treating as missing value the cell for variable 9, obs 55 is empty: treating as missing value the cell for variable 2, obs 56 is empty: treating as missing value the cell for variable 5, obs 56 is empty: treating as missing value the cell for variable 9, obs 56 is empty: treating as missing value the cell for variable 2, obs 57 is empty: treating as missing value the cell for variable 5, obs 57 is empty: treating as missing value the cell for variable 9, obs 57 is empty: treating as missing value the cell for variable 2, obs 58 is empty: treating as missing value the cell for variable 5, obs 58 is empty: treating as missing value the cell for variable 9, obs 58 is empty: treating as missing value the cell for variable 2, obs 59 is empty: treating as missing value the cell for variable 5, obs 59 is empty: treating as missing value the cell for variable 9, obs 59 is empty: treating as missing value the cell for variable 2, obs 60 is empty: treating as missing value the cell for variable 5, obs 60 is empty: treating as missing value the cell for variable 9, obs 60 is empty: treating as missing value the cell for variable 2, obs 61 is empty: treating as missing value the cell for variable 5, obs 61 is empty: treating as missing value the cell for variable 9, obs 61 is empty: treating as missing value the cell for variable 2, obs 62 is empty: treating as missing value the cell for variable 5, obs 62 is empty: treating as missing value the cell for variable 9, obs 62 is empty: treating as missing value the cell for variable 2, obs 63 is empty: treating as missing value the cell for variable 5, obs 63 is empty: treating as missing value the cell for variable 9, obs 63 is empty: treating as missing value the cell for variable 2, obs 64 is empty: treating as missing value the cell for variable 5, obs 64 is empty: treating as missing value the cell for variable 9, obs 64 is empty: treating as missing value the cell for variable 2, obs 65 is empty: treating as missing value the cell for variable 5, obs 65 is empty: treating as missing value the cell for variable 9, obs 65 is empty: treating as missing value the cell for variable 5, obs 66 is empty: treating as missing value the cell for variable 5, obs 67 is empty: treating as missing value the cell for variable 5, obs 68 is empty: treating as missing value the cell for variable 5, obs 69 is empty: treating as missing value the cell for variable 5, obs 70 is empty: treating as missing value the cell for variable 5, obs 71 is empty: treating as missing value the cell for variable 5, obs 72 is empty: treating as missing value the cell for variable 5, obs 73 is empty: treating as missing value the cell for variable 5, obs 74 is empty: treating as missing value the cell for variable 5, obs 75 is empty: treating as missing value the cell for variable 5, obs 76 is empty: treating as missing value the cell for variable 5, obs 77 is empty: treating as missing value the cell for variable 5, obs 78 is empty: treating as missing value the cell for variable 5, obs 79 is empty: treating as missing value first row label "2009", last label "2013" trying to parse row labels as dates... 2009: probably a year... and just a year but the dates are not complete and consistent variable 2 (V_pic_sup_gr): non-numeric values = 96 (100.00 percent) variable 3 (Prezzi): non-numeric values = 204 (100.00 percent) variable 4 (Deb): non-numeric values = 215 (57.95 percent) variable 6 (Cit): non-numeric values = 371 (100.00 percent) variable 9 (V_dest): non-numeric values = 87 (90.62 percent) allocating string table first row label "2009", last label "2013" trying to parse row labels as dates... 2009: probably a year... and just a year but the dates are not complete and consistent treating these as undated data String code table written to /home/pietro/string_table.txt Listing 10 variables: 0) const 1) Month 2) V_pic_sup_gr 3) Prezzi 4) Deb 5) Cred 6) Cit 7) Blitz 8) Time 9) V_dest ? setobs Cit Time --panel-vars Full data range: 1:01 - 7:53 (n = 371) ? vend_deinfl = V_pic_sup_gr / Prezzi * 105.7 Generated series vend_deinfl (ID 10) ? deb_deinfl = Deb / Prezzi * 105.7 Generated series deb_deinfl (ID 11) ? cred_deinfl = Cred / Prezzi * 105.7 Generated series cred_deinfl (ID 12) ? vend_dest = V_dest / Prezzi * 105.7 Generated series vend_dest (ID 13) ? vend_diff = vend_deinfl - vend_deinfl(-12) Generated series vend_diff (ID 14) ? deb_diff = deb_deinfl - deb_deinfl(-12) Generated series deb_diff (ID 15) ? cred_diff = cred_deinfl - cred_deinfl(-12) Generated series cred_diff (ID 16) ? MI = Cit == 1 Generated series MI (ID 17) ? GE = Cit == 2 Generated series GE (ID 18) ? TO = Cit == 3 Generated series TO (ID 19) ? IT = Cit == 4 Generated series IT (ID 20) ? MIP = Cit == 5 Generated series MIP (ID 21) ? GEP = Cit == 6 Generated series GEP (ID 22) ? TOP = Cit == 7 Generated series TOP (ID 23) ? discrete Time # Non funziona per niente # ("meno due milioni di formiche meno due milioni di cani") ? ols deb_deinfl const dummify(Cit) Time Blitz Model 1: Pooled OLS, using 204 observations Included 4 cross-sectional units Time-series length: minimum 45, maximum 53 Dependent variable: deb_deinfl coefficient std. error t-ratio p-value -------------------------------------------------------- const 255.150 14.7165 17.34 1.43e-41 *** DCit_2 −78.3665 15.2901 −5.125 7.04e-07 *** DCit_3 −46.2629 15.2901 −3.026 0.0028 *** DCit_4 −66.6551 16.0104 −4.163 4.68e-05 *** Time −1.05149 0.370619 −2.837 0.0050 *** Blitz −47.8350 79.1924 −0.6040 0.5465 Mean dependent var 180.3704 S.D. dependent var 84.31995 Sum squared resid 1214960 S.E. of regression 78.33364 R-squared 0.158207 Adjusted R-squared 0.136950 F(5, 198) 7.442465 P-value(F) 2.02e-06 Log-likelihood −1176.058 Akaike criterion 2364.116 Schwarz criterion 2384.024 Hannan-Quinn 2372.169 rho 0.230259 Durbin-Watson 1.514963 Excluding the constant, p-value was highest for variable 7 (Blitz) # In log: ? logdeb = log( deb_deinfl ) Generated series logdeb (ID 30) ? ols logdeb const dummify(Cit) Time Blitz Model 2: Pooled OLS, using 204 observations Included 4 cross-sectional units Time-series length: minimum 45, maximum 53 Dependent variable: logdeb coefficient std. error t-ratio p-value ---------------------------------------------------------- const 5.40484 0.0448882 120.4 3.75e-187 *** DCit_2 −0.309331 0.0466378 −6.633 3.07e-10 *** DCit_3 −0.139285 0.0466378 −2.987 0.0032 *** DCit_4 −0.220849 0.0488351 −4.522 1.05e-05 *** Time −0.00359208 0.00113046 −3.178 0.0017 *** Blitz −0.148203 0.241553 −0.6135 0.5402 Mean dependent var 5.145028 S.D. dependent var 0.267491 Sum squared resid 11.30368 S.E. of regression 0.238934 R-squared 0.221776 Adjusted R-squared 0.202124 F(5, 198) 11.28507 P-value(F) 1.38e-09 Log-likelihood 5.621730 Akaike criterion 0.756541 Schwarz criterion 20.66526 Hannan-Quinn 8.809979 rho 0.303903 Durbin-Watson 1.332131 Excluding the constant, p-value was highest for variable 7 (Blitz) ? smpl --restrict Cit != 2 Full data set: 371 observations Current sample: 1:01 - 6:53 (n = 318) # In log: ? ols logdeb const dummify(Cit) Time Blitz Model 3: Pooled OLS, using 151 observations Included 3 cross-sectional units Time-series length: minimum 45, maximum 53 Dependent variable: logdeb coefficient std. error t-ratio p-value --------------------------------------------------------- const 5.44385 0.0556946 97.74 6.10e-135 *** DCit_2 −0.138977 0.0533848 −2.603 0.0102 ** DCit_3 −0.226366 0.0559822 −4.044 8.49e-05 *** Time −0.00504836 0.00152248 −3.316 0.0012 *** Blitz −0.131876 0.276643 −0.4767 0.6343 Mean dependent var 5.196450 S.D. dependent var 0.292705 Sum squared resid 10.92098 S.E. of regression 0.273498 R-squared 0.150213 Adjusted R-squared 0.126931 F(4, 146) 6.451922 P-value(F) 0.000083 Log-likelihood −15.95189 Akaike criterion 41.90379 Schwarz criterion 56.99019 Hannan-Quinn 48.03267 rho 0.281714 Durbin-Watson 1.367630 Excluding the constant, p-value was highest for variable 7 (Blitz) #smpl --replace --restrict Cit == 1 ? summary logdeb Summary statistics, using the observations 1:01 - 6:53 for the variable 'logdeb' (151 valid observations) Mean 5.1965 Median 5.1024 Minimum 4.6606 Maximum 6.7400 Standard deviation 0.29270 C.V. 0.056328 Skewness 3.0109 Ex. kurtosis 10.926 5% percentile 5.0057 95% percentile 5.7823 Interquartile range 0.095699 Missing obs. 167 Within s.d. 0.28210 Between s.d. 0.10395 #media = $average # Milano: ? risc_deb = 75105 Generated scalar risc_deb = 75105 # Torino: ? risc_deb_TO = 58515 Generated scalar risc_deb_TO = 58515 ? risc_deb_GE = 26918 Generated scalar risc_deb_GE = 26918 ? smpl --full Full data range: 1:01 - 7:53 (n = 371) ? deb_risc = deb_deinfl Generated series deb_risc (ID 31) ? smpl --replace --restrict Cit == 3 Full data set: 371 observations Current sample: 53 observations ? deb_risc = deb_risc / 58515 * 75105 Replaced series deb_risc (ID 31) ? smpl --replace --restrict Cit == 2 Full data set: 371 observations Current sample: 53 observations ? deb_risc = deb_risc / 26918 * 75105 Replaced series deb_risc (ID 31) ? smpl --replace --restrict Cit == 4 Full data set: 371 observations Current sample: 53 observations ? deb_risc = deb_risc / 929150 * 75105 Replaced series deb_risc (ID 31) #smpl --replace --restrict Cit != 2 # ATTENZIONE ATTENZIONE ATTENZIONE ATTENZIONE alla presenza dell'Italia ? smpl --replace --restrict Cit != 4 Full data set: 371 observations Current sample: 1:01 - 6:53 (n = 318) ? quelfeb = time == 38 Generated series quelfeb (ID 33) #ols deb_risc const dummify(Cit) dummify(Time) Blitz # Equazione buona: ? ols deb_risc const TO GE dummify(Month) quelfeb Blitz Model 4: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value --------------------------------------------------------- const 194.815 26.5083 7.349 1.40e-11 *** TO 4.28153 18.3958 0.2327 0.8163 GE 186.649 18.3958 10.15 1.48e-18 *** DMonth_2 8.64432 36.4148 0.2374 0.8127 DMonth_3 27.4670 34.3322 0.8000 0.4250 DMonth_4 34.8625 34.3322 1.015 0.3116 DMonth_5 24.8423 34.3322 0.7236 0.4705 DMonth_6 37.4909 36.4148 1.030 0.3050 DMonth_7 20.6351 36.4148 0.5667 0.5718 DMonth_8 82.7939 36.4148 2.274 0.0245 ** DMonth_9 6.53550 36.4148 0.1795 0.8578 DMonth_10 18.6284 36.4148 0.5116 0.6097 DMonth_11 82.3261 36.4148 2.261 0.0253 ** DMonth_12 52.1579 36.4148 1.432 0.1542 quelfeb 45.0970 72.0080 0.6263 0.5321 Blitz −81.1977 116.256 −0.6984 0.4860 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1264158 S.E. of regression 94.02269 R-squared 0.510678 Adjusted R-squared 0.459350 F(15, 143) 9.949404 P-value(F) 7.44e-16 Log-likelihood −939.6017 Akaike criterion 1911.203 Schwarz criterion 1960.306 Hannan-Quinn 1931.143 rho 0.295800 Durbin-Watson 1.399592 Excluding the constant, p-value was highest for variable 41 (DMonth_9) # senza dummy: ? ols deb_risc const TO GE quelfeb Blitz Model 5: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value -------------------------------------------------------- const 226.982 13.0574 17.38 3.81e-38 *** TO 4.28153 18.4223 0.2324 0.8165 GE 186.649 18.4223 10.13 8.36e-19 *** quelfeb 21.5739 67.2170 0.3210 0.7487 Blitz −81.1977 116.423 −0.6974 0.4866 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1365327 S.E. of regression 94.15816 R-squared 0.471518 Adjusted R-squared 0.457791 F(4, 154) 34.35019 P-value(F) 1.76e-20 Log-likelihood −945.7222 Akaike criterion 1901.444 Schwarz criterion 1916.789 Hannan-Quinn 1907.676 rho 0.265918 Durbin-Watson 1.453423 Excluding the constant, p-value was highest for variable 19 (TO) # non la facciamo sulle differenze (anche se uno potrebbe pensare che il blitz è una differenza in una specie di random walk). # Non la facciamo sulle differenze perché il DiD già risolve in parte il problema # e, anche se ci potrebbero essere situazioni sfigate (Milano grafico a "W", Torino grafico piatto), # ci accorgiamo che così non è dalla correlazione alta tra Milano e Torino/Genova # (correlazione che invece non c'è con l'Italia). # Equazione buona su log: ? deb_log = log( deb_deinfl ) Generated series deb_log (ID 45) ? ols deb_log const TO GE dummify(Month) quelfeb Blitz Model 6: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_log coefficient std. error t-ratio p-value ---------------------------------------------------------- const 5.19355 0.0783281 66.31 2.90e-109 *** TO −0.141946 0.0543570 −2.611 0.0100 *** GE −0.311992 0.0543570 −5.740 5.46e-08 *** DMonth_2 0.0292847 0.107601 0.2722 0.7859 DMonth_3 0.119287 0.101447 1.176 0.2416 DMonth_4 0.136941 0.101447 1.350 0.1792 DMonth_5 0.106062 0.101447 1.045 0.2976 DMonth_6 0.145653 0.107601 1.354 0.1780 DMonth_7 0.0958850 0.107601 0.8911 0.3744 DMonth_8 0.242764 0.107601 2.256 0.0256 ** DMonth_9 0.0468344 0.107601 0.4353 0.6640 DMonth_10 0.0808390 0.107601 0.7513 0.4537 DMonth_11 0.238683 0.107601 2.218 0.0281 ** DMonth_12 0.163041 0.107601 1.515 0.1319 quelfeb 0.186544 0.212773 0.8767 0.3821 Blitz −0.289240 0.343519 −0.8420 0.4012 Mean dependent var 5.157383 S.D. dependent var 0.301685 Sum squared resid 11.03758 S.E. of regression 0.277823 R-squared 0.232443 Adjusted R-squared 0.151930 F(15, 143) 2.887031 P-value(F) 0.000540 Log-likelihood −13.53715 Akaike criterion 59.07430 Schwarz criterion 108.1768 Hannan-Quinn 79.01429 rho 0.367920 Durbin-Watson 1.234483 Excluding the constant, p-value was highest for variable 34 (DMonth_2) ? ols deb_log const TO GE quelfeb Blitz Model 7: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_log coefficient std. error t-ratio p-value ---------------------------------------------------------- const 5.30861 0.0384278 138.1 2.33e-163 *** TO −0.141946 0.0542168 −2.618 0.0097 *** GE −0.311992 0.0542168 −5.755 4.55e-08 *** quelfeb 0.100764 0.197819 0.5094 0.6112 Blitz −0.289240 0.342633 −0.8442 0.3999 Mean dependent var 5.157383 S.D. dependent var 0.301685 Sum squared resid 11.82539 S.E. of regression 0.277107 R-squared 0.177659 Adjusted R-squared 0.156300 F(4, 154) 8.317563 P-value(F) 4.22e-06 Log-likelihood −19.01810 Akaike criterion 48.03621 Schwarz criterion 63.38073 Hannan-Quinn 54.26746 rho 0.343181 Durbin-Watson 1.272156 Excluding the constant, p-value was highest for variable 33 (quelfeb) # Tentiamo di far uscire il grafico: ? ols deb_risc const TO GE dummify(Month) quelfeb Model 8: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value --------------------------------------------------------- const 193.793 26.4208 7.335 1.48e-11 *** TO 5.81356 18.2321 0.3189 0.7503 GE 188.181 18.2321 10.32 4.87e-19 *** DMonth_2 8.64432 36.3500 0.2378 0.8124 DMonth_3 27.4670 34.2711 0.8015 0.4242 DMonth_4 34.8625 34.2711 1.017 0.3107 DMonth_5 24.8423 34.2711 0.7249 0.4697 DMonth_6 37.4909 36.3500 1.031 0.3041 DMonth_7 20.6351 36.3500 0.5677 0.5711 DMonth_8 82.7939 36.3500 2.278 0.0242 ** DMonth_9 6.53550 36.3500 0.1798 0.8576 DMonth_10 18.6284 36.3500 0.5125 0.6091 DMonth_11 82.3261 36.3500 2.265 0.0250 ** DMonth_12 52.1579 36.3500 1.435 0.1535 quelfeb 18.0311 60.5834 0.2976 0.7664 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1268471 S.E. of regression 93.85533 R-squared 0.509009 Adjusted R-squared 0.461273 F(14, 144) 10.66316 P-value(F) 2.77e-16 Log-likelihood −939.8725 Akaike criterion 1909.745 Schwarz criterion 1955.779 Hannan-Quinn 1928.439 rho 0.300047 Durbin-Watson 1.391359 Excluding the constant, p-value was highest for variable 41 (DMonth_9) ? err = $uhat Generated series err (ID 46) # panel plot # Fa schifo, usiamo l'altro # Equazione buona su diff: ? deb_risc_incr = deb_risc - deb_risc(-1) Generated series deb_risc_incr (ID 47) ? ols deb_risc_incr const TO GE dummify(Month) quelfeb Blitz Model 9: Pooled OLS, using 156 observations Included 3 cross-sectional units Time-series length = 52 Dependent variable: deb_risc_incr coefficient std. error t-ratio p-value --------------------------------------------------------- const −44.9702 34.8464 −1.291 0.1990 TO −1.18949 22.1713 −0.05365 0.9573 GE −1.56930 22.1713 −0.07078 0.9437 DMonth_2 55.8492 45.8175 1.219 0.2249 DMonth_3 61.1062 43.4663 1.406 0.1620 DMonth_4 53.2852 43.4663 1.226 0.2223 DMonth_5 35.8696 43.4663 0.8252 0.4106 DMonth_6 50.7896 45.8175 1.109 0.2695 DMonth_7 29.0340 45.8175 0.6337 0.5273 DMonth_8 108.049 45.8175 2.358 0.0197 ** DMonth_9 −30.3687 45.8175 −0.6628 0.5085 DMonth_10 57.9826 45.8175 1.266 0.2078 DMonth_11 109.587 45.8175 2.392 0.0181 ** DMonth_12 15.7216 45.8175 0.3431 0.7320 quelfeb 23.9632 85.9565 0.2788 0.7808 Blitz −37.5231 138.794 −0.2704 0.7873 Mean dependent var 0.363846 S.D. dependent var 112.9982 Sum squared resid 1763366 S.E. of regression 112.2295 R-squared 0.109021 Adjusted R-squared 0.013559 F(15, 140) 1.142031 P-value(F) 0.325083 Log-likelihood −949.3190 Akaike criterion 1930.638 Schwarz criterion 1979.436 Hannan-Quinn 1950.457 rho −0.342141 Durbin-Watson 2.684025 Excluding the constant, p-value was highest for variable 19 (TO) # Equazione buona con l'Italia ? smpl --restrict (Cit == 1 || Cit == 4) Full data set: 371 observations Current sample: 53 observations ? ols deb_risc const IT dummify(Month) quelfeb Blitz Model 10: OLS, using observations 1-53 Dependent variable: deb_risc Omitted because all values were zero: IT Omitted due to exact collinearity: Blitz coefficient std. error t-ratio p-value -------------------------------------------------------- const 165.528 67.1907 2.464 0.0182 ** DMonth_2 21.7119 100.786 0.2154 0.8305 DMonth_3 31.9547 95.0220 0.3363 0.7384 DMonth_4 61.8411 95.0220 0.6508 0.5189 DMonth_5 40.4644 95.0220 0.4258 0.6725 DMonth_6 12.1066 100.786 0.1201 0.9050 DMonth_7 14.6188 100.786 0.1450 0.8854 DMonth_8 183.752 100.786 1.823 0.0758 * DMonth_9 19.2137 100.786 0.1906 0.8498 DMonth_10 35.3161 100.786 0.3504 0.7279 DMonth_11 216.809 100.786 2.151 0.0376 ** DMonth_12 127.549 100.786 1.266 0.2130 quelfeb −19.8817 167.977 −0.1184 0.9064 Mean dependent var 225.8571 S.D. dependent var 148.0896 Sum squared resid 902918.3 S.E. of regression 150.2430 R-squared 0.208235 Adjusted R-squared -0.029294 F(12, 40) 0.876672 P-value(F) 0.576194 Log-likelihood −333.3958 Akaike criterion 692.7915 Schwarz criterion 718.4053 Hannan-Quinn 702.6414 rho 0.339063 Durbin-Watson 1.316686 Excluding the constant, p-value was highest for variable 33 (quelfeb) ? smpl --full Full data range: 1:01 - 7:53 (n = 371) ? smpl --restrict Cit < 4 Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) # Test controlling for gli altri blitz: ? other_bl = (GE && (time==38 || time==42 || time==44 || time=45 || time==46)) \ || (TO && (time == 44 || time == 45 || time == 46) ) || (MI && (time == 41 \ || time == 44)) Generated series other_bl (ID 48) ? ols deb_risc const TO GE dummify(Month) quelfeb Blitz other_bl Model 11: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value --------------------------------------------------------- const 193.994 26.4580 7.332 1.58e-11 *** TO 4.70754 18.3585 0.2564 0.7980 GE 188.686 18.4247 10.24 8.98e-19 *** DMonth_2 8.64432 36.3350 0.2379 0.8123 DMonth_3 27.4670 34.2570 0.8018 0.4240 DMonth_4 34.8625 34.2570 1.018 0.3106 DMonth_5 27.6886 34.3295 0.8066 0.4213 DMonth_6 41.0487 36.4417 1.126 0.2619 DMonth_7 20.6351 36.3350 0.5679 0.5710 DMonth_8 93.4675 37.2848 2.507 0.0133 ** DMonth_9 13.6512 36.7602 0.3714 0.7109 DMonth_10 25.7441 36.7602 0.7003 0.4849 DMonth_11 82.3261 36.3350 2.266 0.0250 ** DMonth_12 52.1579 36.3350 1.435 0.1534 quelfeb 66.0336 73.6987 0.8960 0.3718 Blitz −101.313 117.066 −0.8654 0.3883 other_bl −42.6942 33.4489 −1.276 0.2039 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1249819 S.E. of regression 93.81652 R-squared 0.516228 Adjusted R-squared 0.461719 F(16, 142) 9.470432 P-value(F) 1.15e-15 Log-likelihood −938.6948 Akaike criterion 1911.390 Schwarz criterion 1963.561 Hannan-Quinn 1932.576 rho 0.287593 Durbin-Watson 1.415864 Excluding the constant, p-value was highest for variable 34 (DMonth_2) ? ols deb_log const TO GE dummify(Month) quelfeb Blitz other_bl Model 12: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_log coefficient std. error t-ratio p-value ---------------------------------------------------------- const 5.19095 0.0781118 66.46 7.40e-109 *** TO −0.140596 0.0541998 −2.594 0.0105 ** GE −0.305535 0.0543953 −5.617 9.91e-08 *** DMonth_2 0.0292847 0.107272 0.2730 0.7853 DMonth_3 0.119287 0.101137 1.179 0.2402 DMonth_4 0.136941 0.101137 1.354 0.1779 DMonth_5 0.115084 0.101351 1.136 0.2581 DMonth_6 0.156931 0.107587 1.459 0.1469 DMonth_7 0.0958850 0.107272 0.8939 0.3729 DMonth_8 0.276597 0.110076 2.513 0.0131 ** DMonth_9 0.0693897 0.108527 0.6394 0.5236 DMonth_10 0.103394 0.108527 0.9527 0.3424 DMonth_11 0.238683 0.107272 2.225 0.0277 ** DMonth_12 0.163041 0.107272 1.520 0.1308 quelfeb 0.252909 0.217580 1.162 0.2470 Blitz −0.353002 0.345615 −1.021 0.3088 other_bl −0.135332 0.0987511 −1.370 0.1727 Mean dependent var 5.157383 S.D. dependent var 0.301685 Sum squared resid 10.89350 S.E. of regression 0.276974 R-squared 0.242463 Adjusted R-squared 0.157106 F(16, 142) 2.840593 P-value(F) 0.000500 Log-likelihood −12.49257 Akaike criterion 58.98515 Schwarz criterion 111.1565 Hannan-Quinn 80.17138 rho 0.358163 Durbin-Watson 1.253614 Excluding the constant, p-value was highest for variable 34 (DMonth_2) # Tutti i blitz di Milano insieme: ? other_bl = (GE && (time==38 || time==42 || time==44 || time=45 || time==46)) \ || (TO && (time == 44 || time == 45 || time == 46) ) Replaced series other_bl (ID 48) ? time_bl = (time == 41 || time == 44 || time == 38) Generated series time_bl (ID 49) ? MI_bl = MI && time_bl Generated series MI_bl (ID 50) ? ols deb_risc const TO GE dummify(Month) MI_bl time_bl other_bl Model 13: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value --------------------------------------------------------- const 195.538 26.5703 7.359 1.36e-11 *** TO 2.88845 18.6728 0.1547 0.8773 GE 185.870 18.8344 9.869 8.17e-18 *** DMonth_2 20.1414 34.9801 0.5758 0.5657 DMonth_3 27.4670 34.2587 0.8018 0.4240 DMonth_4 34.8625 34.2587 1.018 0.3106 DMonth_5 31.6470 35.0777 0.9022 0.3685 DMonth_6 38.8485 36.4901 1.065 0.2889 DMonth_7 20.6351 36.3369 0.5679 0.5710 DMonth_8 94.0151 37.5505 2.504 0.0134 ** DMonth_9 9.25070 36.9459 0.2504 0.8027 DMonth_10 21.3436 36.9459 0.5777 0.5644 DMonth_11 82.3261 36.3369 2.266 0.0250 ** DMonth_12 52.1579 36.3369 1.435 0.1534 MI_bl −67.9682 70.6446 −0.9621 0.3376 time_bl −11.3676 46.1666 −0.2462 0.8059 other_bl −16.2912 40.0837 −0.4064 0.6850 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1249949 S.E. of regression 93.82143 R-squared 0.516178 Adjusted R-squared 0.461663 F(16, 142) 9.468514 P-value(F) 1.16e-15 Log-likelihood −938.7031 Akaike criterion 1911.406 Schwarz criterion 1963.578 Hannan-Quinn 1932.592 rho 0.284186 Durbin-Watson 1.422011 Excluding the constant, p-value was highest for variable 19 (TO) # Giusto per scrupolo: ? tutti_bl = other_bl || MI_bl Generated series tutti_bl (ID 51) ? tutti_t = time==38 || time == 41 || time==42 || time==44 || time=45 || \ time==46 Generated series tutti_t (ID 52) ? ols deb_risc const TO GE dummify(Month) tutti_bl tutti_t Model 14: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value --------------------------------------------------------- const 193.662 26.3467 7.351 1.39e-11 *** TO 5.81356 18.1764 0.3198 0.7496 GE 188.574 18.2619 10.33 5.06e-19 *** DMonth_2 19.3564 34.5401 0.5604 0.5761 DMonth_3 27.4670 34.1665 0.8039 0.4228 DMonth_4 34.8625 34.1665 1.020 0.3093 DMonth_5 31.2532 34.6318 0.9024 0.3683 DMonth_6 45.5044 36.9227 1.232 0.2198 DMonth_7 20.6351 36.2391 0.5694 0.5700 DMonth_8 92.5450 37.0655 2.497 0.0137 ** DMonth_9 15.4178 36.7883 0.4191 0.6758 DMonth_10 27.5107 36.7883 0.7478 0.4558 DMonth_11 82.3261 36.2391 2.272 0.0246 ** DMonth_12 52.1579 36.2391 1.439 0.1523 tutti_bl −10.4247 46.7651 −0.2229 0.8239 tutti_t −28.5793 38.0095 −0.7519 0.4533 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1251983 S.E. of regression 93.56884 R-squared 0.515390 Adjusted R-squared 0.464557 F(15, 143) 10.13886 P-value(F) 3.95e-16 Log-likelihood −938.8324 Akaike criterion 1909.665 Schwarz criterion 1958.767 Hannan-Quinn 1929.605 rho 0.283804 Durbin-Watson 1.423175 Excluding the constant, p-value was highest for variable 51 (tutti_bl) # Anche Genova: ? quelgen = time == 37 Generated series quelgen (ID 53) ? blitz_g = (GE && quelgen) Generated series blitz_g (ID 54) ? ols deb_risc const TO GE dummify(Month) quelgen blitz_g quelfeb Blitz Model 15: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value --------------------------------------------------------- const 193.774 29.3557 6.601 7.69e-10 *** TO 4.27376 18.5163 0.2308 0.8178 GE 185.833 18.6500 9.964 4.93e-18 *** DMonth_2 9.95945 38.6360 0.2578 0.7970 DMonth_3 28.7822 36.6533 0.7853 0.4336 DMonth_4 36.1776 36.6533 0.9870 0.3253 DMonth_5 26.1574 36.6533 0.7136 0.4766 DMonth_6 38.8060 38.6360 1.004 0.3169 DMonth_7 21.9502 38.6360 0.5681 0.5709 DMonth_8 84.1091 38.6360 2.177 0.0311 ** DMonth_9 7.85063 38.6360 0.2032 0.8393 DMonth_10 19.9435 38.6360 0.5162 0.6065 DMonth_11 83.6412 38.6360 2.165 0.0321 ** DMonth_12 53.4730 38.6360 1.384 0.1685 quelgen −7.69725 72.4805 −0.1062 0.9156 blitz_g 42.8186 117.022 0.3659 0.7150 quelfeb 45.2343 72.4805 0.6241 0.5336 Blitz −81.6094 117.022 −0.6974 0.4867 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1262855 S.E. of regression 94.63836 R-squared 0.511182 Adjusted R-squared 0.452247 F(17, 141) 8.673592 P-value(F) 7.04e-15 Log-likelihood −939.5198 Akaike criterion 1915.040 Schwarz criterion 1970.280 Hannan-Quinn 1937.472 rho 0.296522 Durbin-Watson 1.398214 Excluding the constant, p-value was highest for variable 53 (quelgen) ? ols deb_log const TO GE dummify(Month) quelgen blitz_g quelfeb Blitz Model 16: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_log coefficient std. error t-ratio p-value ----------------------------------------------------------- const 5.18684 0.0867247 59.81 4.44e-102 *** TO −0.141971 0.0547022 −2.595 0.0104 ** GE −0.314603 0.0550971 −5.710 6.43e-08 *** DMonth_2 0.0368687 0.114141 0.3230 0.7472 DMonth_3 0.126871 0.108284 1.172 0.2433 DMonth_4 0.144525 0.108284 1.335 0.1841 DMonth_5 0.113646 0.108284 1.050 0.2957 DMonth_6 0.153237 0.114141 1.343 0.1816 DMonth_7 0.103469 0.114141 0.9065 0.3662 DMonth_8 0.250348 0.114141 2.193 0.0299 ** DMonth_9 0.0544184 0.114141 0.4768 0.6343 DMonth_10 0.0884231 0.114141 0.7747 0.4398 DMonth_11 0.246267 0.114141 2.158 0.0327 ** DMonth_12 0.170626 0.114141 1.495 0.1372 quelgen −0.00776559 0.214127 −0.03627 0.9711 blitz_g 0.137058 0.345716 0.3964 0.6924 quelfeb 0.186983 0.214127 0.8732 0.3840 Blitz −0.290558 0.345716 −0.8405 0.4021 Mean dependent var 5.157383 S.D. dependent var 0.301685 Sum squared resid 11.02184 S.E. of regression 0.279587 R-squared 0.233538 Adjusted R-squared 0.141127 F(17, 141) 2.527181 P-value(F) 0.001556 Log-likelihood −13.42372 Akaike criterion 62.84744 Schwarz criterion 118.0877 Hannan-Quinn 85.27993 rho 0.369798 Durbin-Watson 1.231252 Excluding the constant, p-value was highest for variable 53 (quelgen) ? smpl --full Full data range: 1:01 - 7:53 (n = 371) # placebo: ? loop b=1..53 > blitz_plac = const - const > smpl --replace --restrict MI > blitz_plac = (time == b) > smpl --replace --restrict Cit < 4 > ols deb_risc const MI GE dummify(Month) quelfeb blitz_plac > endloop loop: b = 1 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 17: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ------------------------------------------------------------ const 205.383 27.0768 7.585 3.87e-12 *** MI −4.00837 18.3280 −0.2187 0.8272 GE 182.367 18.2348 10.00 3.51e-18 *** DMonth_2 2.26598 36.9358 0.06135 0.9512 DMonth_3 21.0887 34.8912 0.6044 0.5465 DMonth_4 28.4841 34.8912 0.8164 0.4156 DMonth_5 18.4640 34.8912 0.5292 0.5975 DMonth_6 31.1125 36.9358 0.8423 0.4010 DMonth_7 14.2567 36.9358 0.3860 0.7001 DMonth_8 76.4156 36.9358 2.069 0.0404 ** DMonth_9 0.157164 36.9358 0.004255 0.9966 DMonth_10 12.2500 36.9358 0.3317 0.7406 DMonth_11 75.9477 36.9358 2.056 0.0416 ** DMonth_12 45.7796 36.9358 1.239 0.2172 quelfeb 18.0311 60.5925 0.2976 0.7665 blitz_plac −95.6751 97.8256 −0.9780 0.3297 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1260042 S.E. of regression 93.86950 R-squared 0.512271 Adjusted R-squared 0.461111 F(15, 143) 10.01304 P-value(F) 6.01e-16 Log-likelihood −939.3425 Akaike criterion 1910.685 Schwarz criterion 1959.787 Hannan-Quinn 1930.625 rho 0.294569 Durbin-Watson 1.408385 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 2 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 18: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 198.934 26.4119 7.532 5.18e-12 *** MI −3.79469 18.3157 −0.2072 0.8362 GE 182.367 18.2209 10.01 3.35e-18 *** DMonth_2 17.5610 37.2463 0.4715 0.6380 DMonth_3 27.4670 34.2501 0.8020 0.4239 DMonth_4 34.8625 34.2501 1.018 0.3105 DMonth_5 24.8423 34.2501 0.7253 0.4694 DMonth_6 37.4909 36.3278 1.032 0.3038 DMonth_7 20.6351 36.3278 0.5680 0.5709 DMonth_8 82.7939 36.3278 2.279 0.0241 ** DMonth_9 6.53550 36.3278 0.1799 0.8575 DMonth_10 18.6284 36.3278 0.5128 0.6089 DMonth_11 82.3261 36.3278 2.266 0.0249 ** DMonth_12 52.1579 36.3278 1.436 0.1533 quelfeb 9.11445 61.1018 0.1492 0.8816 blitz_plac −107.000 98.6478 −1.085 0.2799 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1258120 S.E. of regression 93.79786 R-squared 0.513015 Adjusted R-squared 0.461933 F(15, 143) 10.04291 P-value(F) 5.44e-16 Log-likelihood −939.2211 Akaike criterion 1910.442 Schwarz criterion 1959.545 Hannan-Quinn 1930.382 rho 0.289527 Durbin-Watson 1.411977 Excluding the constant, p-value was highest for variable 33 (quelfeb) loop: b = 3 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 19: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.179 26.4755 7.523 5.44e-12 *** MI −4.52851 18.3582 −0.2467 0.8055 GE 182.367 18.2649 9.985 3.87e-18 *** DMonth_2 8.64432 36.4154 0.2374 0.8127 DMonth_3 32.0075 34.9487 0.9158 0.3613 DMonth_4 34.8625 34.3328 1.015 0.3116 DMonth_5 24.8423 34.3328 0.7236 0.4705 DMonth_6 37.4909 36.4154 1.030 0.3050 DMonth_7 20.6351 36.4154 0.5667 0.5718 DMonth_8 82.7939 36.4154 2.274 0.0245 ** DMonth_9 6.53550 36.4154 0.1795 0.8578 DMonth_10 18.6284 36.4154 0.5116 0.6098 DMonth_11 82.3261 36.4154 2.261 0.0253 ** DMonth_12 52.1579 36.4154 1.432 0.1542 quelfeb 18.0311 60.6924 0.2971 0.7668 blitz_plac −68.1076 97.9869 −0.6951 0.4881 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1264199 S.E. of regression 94.02423 R-squared 0.510662 Adjusted R-squared 0.459333 F(15, 143) 9.948766 P-value(F) 7.46e-16 Log-likelihood −939.6043 Akaike criterion 1911.209 Schwarz criterion 1960.311 Hannan-Quinn 1931.149 rho 0.306208 Durbin-Watson 1.378900 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 4 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 20: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 200.933 26.0887 7.702 2.03e-12 *** MI −9.79193 18.0900 −0.5413 0.5892 GE 182.367 17.9981 10.13 1.60e-18 *** DMonth_2 8.64432 35.8835 0.2409 0.8100 DMonth_3 27.4670 33.8313 0.8119 0.4182 DMonth_4 20.8056 34.4382 0.6041 0.5467 DMonth_5 24.8423 33.8313 0.7343 0.4640 DMonth_6 37.4909 35.8835 1.045 0.2979 DMonth_7 20.6351 35.8835 0.5751 0.5662 DMonth_8 82.7939 35.8835 2.307 0.0225 ** DMonth_9 6.53550 35.8835 0.1821 0.8557 DMonth_10 18.6284 35.8835 0.5191 0.6045 DMonth_11 82.3261 35.8835 2.294 0.0232 ** DMonth_12 52.1579 35.8835 1.454 0.1483 quelfeb 18.0311 59.8058 0.3015 0.7635 blitz_plac 210.853 96.5555 2.184 0.0306 ** Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1227535 S.E. of regression 92.65073 R-squared 0.524854 Adjusted R-squared 0.475013 F(15, 143) 10.53067 P-value(F) 1.08e-16 Log-likelihood −937.2645 Akaike criterion 1906.529 Schwarz criterion 1955.632 Hannan-Quinn 1926.469 rho 0.328033 Durbin-Watson 1.335840 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 5 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 21: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.317 26.4997 7.521 5.49e-12 *** MI −4.94329 18.3750 −0.2690 0.7883 GE 182.367 18.2816 9.975 4.08e-18 *** DMonth_2 8.64432 36.4487 0.2372 0.8129 DMonth_3 27.4670 34.3642 0.7993 0.4254 DMonth_4 34.8625 34.3642 1.014 0.3121 DMonth_5 27.9172 34.9807 0.7981 0.4261 DMonth_6 37.4909 36.4487 1.029 0.3054 DMonth_7 20.6351 36.4487 0.5661 0.5722 DMonth_8 82.7939 36.4487 2.272 0.0246 ** DMonth_9 6.53550 36.4487 0.1793 0.8580 DMonth_10 18.6284 36.4487 0.5111 0.6101 DMonth_11 82.3261 36.4487 2.259 0.0254 ** DMonth_12 52.1579 36.4487 1.431 0.1546 quelfeb 18.0311 60.7479 0.2968 0.7670 blitz_plac −46.1241 98.0764 −0.4703 0.6389 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1266512 S.E. of regression 94.11018 R-squared 0.509767 Adjusted R-squared 0.458344 F(15, 143) 9.913199 P-value(F) 8.41e-16 Log-likelihood −939.7496 Akaike criterion 1911.499 Schwarz criterion 1960.602 Hannan-Quinn 1931.439 rho 0.305023 Durbin-Watson 1.381143 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 6 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 22: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.101 26.4591 7.525 5.39e-12 *** MI −4.29563 18.3484 −0.2341 0.8152 GE 182.367 18.2535 9.991 3.73e-18 *** DMonth_2 8.64432 36.3927 0.2375 0.8126 DMonth_3 27.4670 34.3113 0.8005 0.4247 DMonth_4 34.8625 34.3113 1.016 0.3113 DMonth_5 24.8423 34.3113 0.7240 0.4702 DMonth_6 44.1951 37.3128 1.184 0.2382 DMonth_7 20.6351 36.3927 0.5670 0.5716 DMonth_8 82.7939 36.3927 2.275 0.0244 ** DMonth_9 6.53550 36.3927 0.1796 0.8577 DMonth_10 18.6284 36.3927 0.5119 0.6095 DMonth_11 82.3261 36.3927 2.262 0.0252 ** DMonth_12 52.1579 36.3927 1.433 0.1540 quelfeb 18.0311 60.6544 0.2973 0.7667 blitz_plac −80.4503 98.8241 −0.8141 0.4170 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1262619 S.E. of regression 93.96544 R-squared 0.511274 Adjusted R-squared 0.460009 F(15, 143) 9.973152 P-value(F) 6.87e-16 Log-likelihood −939.5049 Akaike criterion 1911.010 Schwarz criterion 1960.112 Hannan-Quinn 1930.950 rho 0.296183 Durbin-Watson 1.398820 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 7 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 23: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.402 26.5103 7.522 5.48e-12 *** MI −5.19888 18.3840 −0.2828 0.7777 GE 182.367 18.2888 9.972 4.18e-18 *** DMonth_2 8.64432 36.4631 0.2371 0.8129 DMonth_3 27.4670 34.3777 0.7990 0.4256 DMonth_4 34.8625 34.3777 1.014 0.3122 DMonth_5 24.8423 34.3777 0.7226 0.4711 DMonth_6 37.4909 36.4631 1.028 0.3056 DMonth_7 23.3499 37.3850 0.6246 0.5332 DMonth_8 82.7939 36.4631 2.271 0.0247 ** DMonth_9 6.53550 36.4631 0.1792 0.8580 DMonth_10 18.6284 36.4631 0.5109 0.6102 DMonth_11 82.3261 36.4631 2.258 0.0255 ** DMonth_12 52.1579 36.4631 1.430 0.1548 quelfeb 18.0311 60.7718 0.2967 0.7671 blitz_plac −32.5780 99.0153 −0.3290 0.7426 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1267511 S.E. of regression 94.14730 R-squared 0.509380 Adjusted R-squared 0.457916 F(15, 143) 9.897867 P-value(F) 8.85e-16 Log-likelihood −939.8123 Akaike criterion 1911.625 Schwarz criterion 1960.727 Hannan-Quinn 1931.565 rho 0.313037 Durbin-Watson 1.365408 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 8 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 24: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 203.565 22.4668 9.061 8.91e-16 *** MI −17.6886 15.5800 −1.135 0.2581 GE 182.367 15.4993 11.77 8.91e-23 *** DMonth_2 8.64432 30.9016 0.2797 0.7801 DMonth_3 27.4670 29.1343 0.9428 0.3474 DMonth_4 34.8625 29.1343 1.197 0.2334 DMonth_5 24.8423 29.1343 0.8527 0.3953 DMonth_6 37.4909 30.9016 1.213 0.2270 DMonth_7 20.6351 30.9016 0.6678 0.5054 DMonth_8 30.3458 31.6829 0.9578 0.3398 DMonth_9 6.53550 30.9016 0.2115 0.8328 DMonth_10 18.6284 30.9016 0.6028 0.5476 DMonth_11 82.3261 30.9016 2.664 0.0086 *** DMonth_12 52.1579 30.9016 1.688 0.0936 * quelfeb 18.0311 51.5027 0.3501 0.7268 blitz_plac 629.378 83.9131 7.500 6.16e-12 *** Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 910346.7 S.E. of regression 79.78760 R-squared 0.647629 Adjusted R-squared 0.610667 F(15, 143) 17.52148 P-value(F) 2.14e-25 Log-likelihood −913.4990 Akaike criterion 1858.998 Schwarz criterion 1908.100 Hannan-Quinn 1878.938 rho 0.441616 Durbin-Watson 1.108223 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 9 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 25: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.537 26.5191 7.524 5.40e-12 *** MI −5.60343 18.3901 −0.3047 0.7610 GE 182.367 18.2949 9.968 4.26e-18 *** DMonth_2 8.64432 36.4753 0.2370 0.8130 DMonth_3 27.4670 34.3892 0.7987 0.4258 DMonth_4 34.8625 34.3892 1.014 0.3124 DMonth_5 24.8423 34.3892 0.7224 0.4712 DMonth_6 37.4909 36.4753 1.028 0.3058 DMonth_7 20.6351 36.4753 0.5657 0.5725 DMonth_8 82.7939 36.4753 2.270 0.0247 ** DMonth_9 7.46359 37.3975 0.1996 0.8421 DMonth_10 18.6284 36.4753 0.5107 0.6103 DMonth_11 82.3261 36.4753 2.257 0.0255 ** DMonth_12 52.1579 36.4753 1.430 0.1549 quelfeb 18.0311 60.7921 0.2966 0.7672 blitz_plac −11.1370 99.0484 −0.1124 0.9106 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1268358 S.E. of regression 94.17876 R-squared 0.509052 Adjusted R-squared 0.457554 F(15, 143) 9.884885 P-value(F) 9.25e-16 Log-likelihood −939.8654 Akaike criterion 1911.731 Schwarz criterion 1960.833 Hannan-Quinn 1931.671 rho 0.304757 Durbin-Watson 1.381952 Excluding the constant, p-value was highest for variable 55 (blitz_plac) loop: b = 10 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 26: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.355 26.5051 7.521 5.49e-12 *** MI −5.05693 18.3804 −0.2751 0.7836 GE 182.367 18.2852 9.973 4.13e-18 *** DMonth_2 8.64432 36.4560 0.2371 0.8129 DMonth_3 27.4670 34.3710 0.7991 0.4255 DMonth_4 34.8625 34.3710 1.014 0.3122 DMonth_5 24.8423 34.3710 0.7228 0.4710 DMonth_6 37.4909 36.4560 1.028 0.3055 DMonth_7 20.6351 36.4560 0.5660 0.5723 DMonth_8 82.7939 36.4560 2.271 0.0246 ** DMonth_9 6.53550 36.4560 0.1793 0.8580 DMonth_10 21.9701 37.3777 0.5878 0.5576 DMonth_11 82.3261 36.4560 2.258 0.0254 ** DMonth_12 52.1579 36.4560 1.431 0.1547 quelfeb 18.0311 60.7600 0.2968 0.7671 blitz_plac −40.1012 98.9960 −0.4051 0.6860 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1267017 S.E. of regression 94.12894 R-squared 0.509571 Adjusted R-squared 0.458128 F(15, 143) 9.905448 P-value(F) 8.63e-16 Log-likelihood −939.7813 Akaike criterion 1911.563 Schwarz criterion 1960.665 Hannan-Quinn 1931.503 rho 0.303552 Durbin-Watson 1.384275 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 11 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 27: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 200.382 26.3763 7.597 3.62e-12 *** MI −8.13942 18.2911 −0.4450 0.6570 GE 182.367 18.1964 10.02 3.09e-18 *** DMonth_2 8.64432 36.2788 0.2383 0.8120 DMonth_3 27.4670 34.2040 0.8030 0.4233 DMonth_4 34.8625 34.2040 1.019 0.3098 DMonth_5 24.8423 34.2040 0.7263 0.4688 DMonth_6 37.4909 36.2788 1.033 0.3032 DMonth_7 20.6351 36.2788 0.5688 0.5704 DMonth_8 82.7939 36.2788 2.282 0.0240 ** DMonth_9 6.53550 36.2788 0.1801 0.8573 DMonth_10 18.6284 36.2788 0.5135 0.6084 DMonth_11 72.0535 37.1961 1.937 0.0547 * DMonth_12 52.1579 36.2788 1.438 0.1527 quelfeb 18.0311 60.4647 0.2982 0.7660 blitz_plac 123.270 98.5150 1.251 0.2129 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1254732 S.E. of regression 93.67151 R-squared 0.514326 Adjusted R-squared 0.463382 F(15, 143) 10.09576 P-value(F) 4.56e-16 Log-likelihood −939.0068 Akaike criterion 1910.014 Schwarz criterion 1959.116 Hannan-Quinn 1929.954 rho 0.310324 Durbin-Watson 1.371087 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 12 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 28: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.367 26.5065 7.521 5.49e-12 *** MI −5.09249 18.3813 −0.2770 0.7821 GE 182.367 18.2862 9.973 4.15e-18 *** DMonth_2 8.64432 36.4579 0.2371 0.8129 DMonth_3 27.4670 34.3728 0.7991 0.4256 DMonth_4 34.8625 34.3728 1.014 0.3122 DMonth_5 24.8423 34.3728 0.7227 0.4710 DMonth_6 37.4909 36.4579 1.028 0.3055 DMonth_7 20.6351 36.4579 0.5660 0.5723 DMonth_8 82.7939 36.4579 2.271 0.0246 ** DMonth_9 6.53550 36.4579 0.1793 0.8580 DMonth_10 18.6284 36.4579 0.5110 0.6102 DMonth_11 82.3261 36.4579 2.258 0.0255 ** DMonth_12 55.3426 37.3797 1.481 0.1409 quelfeb 18.0311 60.7632 0.2967 0.7671 blitz_plac −38.2167 99.0012 −0.3860 0.7001 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1267150 S.E. of regression 94.13389 R-squared 0.509520 Adjusted R-squared 0.458071 F(15, 143) 9.903401 P-value(F) 8.69e-16 Log-likelihood −939.7897 Akaike criterion 1911.579 Schwarz criterion 1960.682 Hannan-Quinn 1931.519 rho 0.303563 Durbin-Watson 1.384258 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 13 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 29: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ----------------------------------------------------------- const 199.442 27.1672 7.341 1.47e-11 *** MI −5.86493 18.3891 −0.3189 0.7502 GE 182.367 18.2957 9.968 4.28e-18 *** DMonth_2 8.82582 37.0591 0.2382 0.8121 DMonth_3 27.6485 35.0076 0.7898 0.4310 DMonth_4 35.0440 35.0076 1.001 0.3185 DMonth_5 25.0238 35.0076 0.7148 0.4759 DMonth_6 37.6724 37.0591 1.017 0.3111 DMonth_7 20.8166 37.0591 0.5617 0.5752 DMonth_8 82.9754 37.0591 2.239 0.0267 ** DMonth_9 6.71700 37.0591 0.1813 0.8564 DMonth_10 18.8099 37.0591 0.5076 0.6125 DMonth_11 82.5076 37.0591 2.226 0.0276 ** DMonth_12 52.3394 37.0591 1.412 0.1600 quelfeb 18.0311 60.7947 0.2966 0.7672 blitz_plac 2.72243 98.1520 0.02774 0.9779 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1268464 S.E. of regression 94.18267 R-squared 0.509011 Adjusted R-squared 0.457509 F(15, 143) 9.883273 P-value(F) 9.30e-16 Log-likelihood −939.8720 Akaike criterion 1911.744 Schwarz criterion 1960.847 Hannan-Quinn 1931.684 rho 0.299924 Durbin-Watson 1.391631 Excluding the constant, p-value was highest for variable 55 (blitz_plac) loop: b = 14 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 30: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ------------------------------------------------------------- const 200.257 26.4190 7.580 3.98e-12 *** MI −7.76533 18.3207 −0.4239 0.6723 GE 182.367 18.2258 10.01 3.41e-18 *** DMonth_2 0.0240008 37.2563 0.0006442 0.9995 DMonth_3 27.4670 34.2593 0.8017 0.4240 DMonth_4 34.8625 34.2593 1.018 0.3106 DMonth_5 24.8423 34.2593 0.7251 0.4696 DMonth_6 37.4909 36.3375 1.032 0.3039 DMonth_7 20.6351 36.3375 0.5679 0.5710 DMonth_8 82.7939 36.3375 2.278 0.0242 ** DMonth_9 6.53550 36.3375 0.1799 0.8575 DMonth_10 18.6284 36.3375 0.5126 0.6090 DMonth_11 82.3261 36.3375 2.266 0.0250 ** DMonth_12 52.1579 36.3375 1.435 0.1534 quelfeb 26.6515 61.1182 0.4361 0.6634 blitz_plac 103.444 98.6744 1.048 0.2963 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1258796 S.E. of regression 93.82308 R-squared 0.512753 Adjusted R-squared 0.461644 F(15, 143) 10.03239 P-value(F) 5.63e-16 Log-likelihood −939.2638 Akaike criterion 1910.528 Schwarz criterion 1959.630 Hannan-Quinn 1930.468 rho 0.294137 Durbin-Watson 1.403305 Excluding the constant, p-value was highest for variable 34 (DMonth_2) loop: b = 15 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 31: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 200.262 26.4157 7.581 3.95e-12 *** MI −7.77749 18.3167 −0.4246 0.6718 GE 182.367 18.2236 10.01 3.38e-18 *** DMonth_2 8.64432 36.3332 0.2379 0.8123 DMonth_3 20.5278 34.8698 0.5887 0.5570 DMonth_4 34.8625 34.2552 1.018 0.3105 DMonth_5 24.8423 34.2552 0.7252 0.4695 DMonth_6 37.4909 36.3332 1.032 0.3039 DMonth_7 20.6351 36.3332 0.5679 0.5710 DMonth_8 82.7939 36.3332 2.279 0.0242 ** DMonth_9 6.53550 36.3332 0.1799 0.8575 DMonth_10 18.6284 36.3332 0.5127 0.6089 DMonth_11 82.3261 36.3332 2.266 0.0250 ** DMonth_12 52.1579 36.3332 1.436 0.1533 quelfeb 18.0311 60.5553 0.2978 0.7663 blitz_plac 104.088 97.7655 1.065 0.2888 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1258495 S.E. of regression 93.81185 R-squared 0.512870 Adjusted R-squared 0.461773 F(15, 143) 10.03708 P-value(F) 5.55e-16 Log-likelihood −939.2448 Akaike criterion 1910.490 Schwarz criterion 1959.592 Hannan-Quinn 1930.430 rho 0.296114 Durbin-Watson 1.399367 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 16 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 32: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.489 26.5168 7.523 5.44e-12 *** MI −5.45996 18.3869 −0.2969 0.7669 GE 182.367 18.2934 9.969 4.24e-18 *** DMonth_2 8.64432 36.4722 0.2370 0.8130 DMonth_3 27.4670 34.3864 0.7988 0.4257 DMonth_4 36.1119 35.0033 1.032 0.3040 DMonth_5 24.8423 34.3864 0.7224 0.4712 DMonth_6 37.4909 36.4722 1.028 0.3057 DMonth_7 20.6351 36.4722 0.5658 0.5724 DMonth_8 82.7939 36.4722 2.270 0.0247 ** DMonth_9 6.53550 36.4722 0.1792 0.8580 DMonth_10 18.6284 36.4722 0.5108 0.6103 DMonth_11 82.3261 36.4722 2.257 0.0255 ** DMonth_12 52.1579 36.4722 1.430 0.1549 quelfeb 18.0311 60.7871 0.2966 0.7672 blitz_plac −18.7409 98.1397 −0.1910 0.8488 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1268147 S.E. of regression 94.17092 R-squared 0.509134 Adjusted R-squared 0.457644 F(15, 143) 9.888120 P-value(F) 9.15e-16 Log-likelihood −939.8522 Akaike criterion 1911.704 Schwarz criterion 1960.807 Hannan-Quinn 1931.644 rho 0.303610 Durbin-Watson 1.384218 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 17 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 33: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 200.568 26.2943 7.628 3.06e-12 *** MI −8.69767 18.2326 −0.4770 0.6341 GE 182.367 18.1399 10.05 2.57e-18 *** DMonth_2 8.64432 36.1662 0.2390 0.8114 DMonth_3 27.4670 34.0979 0.8055 0.4218 DMonth_4 34.8625 34.0979 1.022 0.3083 DMonth_5 14.6518 34.7096 0.4221 0.6736 DMonth_6 37.4909 36.1662 1.037 0.3017 DMonth_7 20.6351 36.1662 0.5706 0.5692 DMonth_8 82.7939 36.1662 2.289 0.0235 ** DMonth_9 6.53550 36.1662 0.1807 0.8569 DMonth_10 18.6284 36.1662 0.5151 0.6073 DMonth_11 82.3261 36.1662 2.276 0.0243 ** DMonth_12 52.1579 36.1662 1.442 0.1514 quelfeb 18.0311 60.2771 0.2991 0.7653 blitz_plac 152.858 97.3163 1.571 0.1185 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1246957 S.E. of regression 93.38082 R-squared 0.517336 Adjusted R-squared 0.466707 F(15, 143) 10.21816 P-value(F) 3.03e-16 Log-likelihood −938.5126 Akaike criterion 1909.025 Schwarz criterion 1958.128 Hannan-Quinn 1928.965 rho 0.309367 Durbin-Watson 1.373494 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 18 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 34: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.469 26.5157 7.523 5.45e-12 *** MI −5.39859 18.3877 −0.2936 0.7695 GE 182.367 18.2926 9.969 4.23e-18 *** DMonth_2 8.64432 36.4706 0.2370 0.8130 DMonth_3 27.4670 34.3848 0.7988 0.4257 DMonth_4 34.8625 34.3848 1.014 0.3123 DMonth_5 24.8423 34.3848 0.7225 0.4712 DMonth_6 39.3237 37.3927 1.052 0.2947 DMonth_7 20.6351 36.4706 0.5658 0.5724 DMonth_8 82.7939 36.4706 2.270 0.0247 ** DMonth_9 6.53550 36.4706 0.1792 0.8580 DMonth_10 18.6284 36.4706 0.5108 0.6103 DMonth_11 82.3261 36.4706 2.257 0.0255 ** DMonth_12 52.1579 36.4706 1.430 0.1549 quelfeb 18.0311 60.7843 0.2966 0.7672 blitz_plac −21.9936 99.0357 −0.2221 0.8246 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1268033 S.E. of regression 94.16669 R-squared 0.509178 Adjusted R-squared 0.457693 F(15, 143) 9.889865 P-value(F) 9.09e-16 Log-likelihood −939.8451 Akaike criterion 1911.690 Schwarz criterion 1960.793 Hannan-Quinn 1931.630 rho 0.302200 Durbin-Watson 1.387017 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 19 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 35: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.512 26.5182 7.524 5.42e-12 *** MI −5.52977 18.3894 −0.3007 0.7641 GE 182.367 18.2942 9.969 4.26e-18 *** DMonth_2 8.64432 36.4739 0.2370 0.8130 DMonth_3 27.4670 34.3880 0.7987 0.4258 DMonth_4 34.8625 34.3880 1.014 0.3124 DMonth_5 24.8423 34.3880 0.7224 0.4712 DMonth_6 37.4909 36.4739 1.028 0.3057 DMonth_7 21.8885 37.3962 0.5853 0.5593 DMonth_8 82.7939 36.4739 2.270 0.0247 ** DMonth_9 6.53550 36.4739 0.1792 0.8580 DMonth_10 18.6284 36.4739 0.5107 0.6103 DMonth_11 82.3261 36.4739 2.257 0.0255 ** DMonth_12 52.1579 36.4739 1.430 0.1549 quelfeb 18.0311 60.7899 0.2966 0.7672 blitz_plac −15.0410 99.0448 −0.1519 0.8795 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1268266 S.E. of regression 94.17533 R-squared 0.509088 Adjusted R-squared 0.457594 F(15, 143) 9.886300 P-value(F) 9.20e-16 Log-likelihood −939.8597 Akaike criterion 1911.719 Schwarz criterion 1960.822 Hannan-Quinn 1931.659 rho 0.298833 Durbin-Watson 1.393739 Excluding the constant, p-value was highest for variable 55 (blitz_plac) loop: b = 20 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 36: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.020 26.4378 7.528 5.30e-12 *** MI −4.05206 18.3337 −0.2210 0.8254 GE 182.367 18.2388 9.999 3.55e-18 *** DMonth_2 8.64432 36.3634 0.2377 0.8124 DMonth_3 27.4670 34.2838 0.8012 0.4244 DMonth_4 34.8625 34.2838 1.017 0.3109 DMonth_5 24.8423 34.2838 0.7246 0.4699 DMonth_6 37.4909 36.3634 1.031 0.3043 DMonth_7 20.6351 36.3634 0.5675 0.5713 DMonth_8 90.5739 37.2828 2.429 0.0164 ** DMonth_9 6.53550 36.3634 0.1797 0.8576 DMonth_10 18.6284 36.3634 0.5123 0.6092 DMonth_11 82.3261 36.3634 2.264 0.0251 ** DMonth_12 52.1579 36.3634 1.434 0.1537 quelfeb 18.0311 60.6057 0.2975 0.7665 blitz_plac −93.3598 98.7447 −0.9455 0.3460 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1260590 S.E. of regression 93.88992 R-squared 0.512059 Adjusted R-squared 0.460876 F(15, 143) 10.00454 P-value(F) 6.18e-16 Log-likelihood −939.3771 Akaike criterion 1910.754 Schwarz criterion 1959.857 Hannan-Quinn 1930.694 rho 0.299577 Durbin-Watson 1.392017 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 21 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 37: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.500 26.5176 7.523 5.43e-12 *** MI −5.49313 18.3890 −0.2987 0.7656 GE 182.367 18.2938 9.969 4.25e-18 *** DMonth_2 8.64432 36.4731 0.2370 0.8130 DMonth_3 27.4670 34.3872 0.7988 0.4258 DMonth_4 34.8625 34.3872 1.014 0.3124 DMonth_5 24.8423 34.3872 0.7224 0.4712 DMonth_6 37.4909 36.4731 1.028 0.3057 DMonth_7 20.6351 36.4731 0.5658 0.5724 DMonth_8 82.7939 36.4731 2.270 0.0247 ** DMonth_9 7.95073 37.3953 0.2126 0.8319 DMonth_10 18.6284 36.4731 0.5107 0.6103 DMonth_11 82.3261 36.4731 2.257 0.0255 ** DMonth_12 52.1579 36.4731 1.430 0.1549 quelfeb 18.0311 60.7886 0.2966 0.7672 blitz_plac −16.9827 99.0426 −0.1715 0.8641 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1268210 S.E. of regression 94.17324 R-squared 0.509110 Adjusted R-squared 0.457618 F(15, 143) 9.887160 P-value(F) 9.18e-16 Log-likelihood −939.8561 Akaike criterion 1911.712 Schwarz criterion 1960.815 Hannan-Quinn 1931.652 rho 0.300003 Durbin-Watson 1.391404 Excluding the constant, p-value was highest for variable 55 (blitz_plac) loop: b = 22 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 38: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 200.151 26.4494 7.567 4.27e-12 *** MI −7.44667 18.3418 −0.4060 0.6854 GE 182.367 18.2468 9.994 3.65e-18 *** DMonth_2 8.64432 36.3794 0.2376 0.8125 DMonth_3 27.4670 34.2988 0.8008 0.4246 DMonth_4 34.8625 34.2988 1.016 0.3111 DMonth_5 24.8423 34.2988 0.7243 0.4701 DMonth_6 37.4909 36.3794 1.031 0.3045 DMonth_7 20.6351 36.3794 0.5672 0.5715 DMonth_8 82.7939 36.3794 2.276 0.0243 ** DMonth_9 6.53550 36.3794 0.1796 0.8577 DMonth_10 11.4155 37.2992 0.3061 0.7600 DMonth_11 82.3261 36.3794 2.263 0.0251 ** DMonth_12 52.1579 36.3794 1.434 0.1538 quelfeb 18.0311 60.6323 0.2974 0.7666 blitz_plac 86.5550 98.7880 0.8762 0.3824 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1261697 S.E. of regression 93.93114 R-squared 0.511630 Adjusted R-squared 0.460403 F(15, 143) 9.987403 P-value(F) 6.55e-16 Log-likelihood −939.4468 Akaike criterion 1910.894 Schwarz criterion 1959.996 Hannan-Quinn 1930.834 rho 0.265942 Durbin-Watson 1.459435 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 23 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 39: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 203.323 22.9844 8.846 3.09e-15 *** MI −16.9631 15.9389 −1.064 0.2890 GE 182.367 15.8564 11.50 4.39e-22 *** DMonth_2 8.64432 31.6134 0.2734 0.7849 DMonth_3 27.4670 29.8054 0.9215 0.3583 DMonth_4 34.8625 29.8054 1.170 0.2441 DMonth_5 24.8423 29.8054 0.8335 0.4060 DMonth_6 37.4909 31.6134 1.186 0.2376 DMonth_7 20.6351 31.6134 0.6527 0.5150 DMonth_8 82.7939 31.6134 2.619 0.0098 *** DMonth_9 6.53550 31.6134 0.2067 0.8365 DMonth_10 18.6284 31.6134 0.5893 0.5566 DMonth_11 33.0824 32.4128 1.021 0.3091 DMonth_12 52.1579 31.6134 1.650 0.1012 quelfeb 18.0311 52.6891 0.3422 0.7327 blitz_plac 590.924 85.8462 6.884 1.70e-10 *** Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 952771.0 S.E. of regression 81.62557 R-squared 0.631208 Adjusted R-squared 0.592523 F(15, 143) 16.31680 P-value(F) 4.72e-24 Log-likelihood −917.1202 Akaike criterion 1866.240 Schwarz criterion 1915.343 Hannan-Quinn 1886.180 rho 0.105430 Durbin-Watson 1.777571 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 24 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 40: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 202.308 24.7160 8.185 1.36e-13 *** MI −13.9161 17.1397 −0.8119 0.4182 GE 182.367 17.0510 10.70 5.56e-20 *** DMonth_2 8.64432 33.9952 0.2543 0.7996 DMonth_3 27.4670 32.0510 0.8570 0.3929 DMonth_4 34.8625 32.0510 1.088 0.2785 DMonth_5 24.8423 32.0510 0.7751 0.4396 DMonth_6 37.4909 33.9952 1.103 0.2720 DMonth_7 20.6351 33.9952 0.6070 0.5448 DMonth_8 82.7939 33.9952 2.435 0.0161 ** DMonth_9 6.53550 33.9952 0.1922 0.8478 DMonth_10 18.6284 33.9952 0.5480 0.5846 DMonth_11 82.3261 33.9952 2.422 0.0167 ** DMonth_12 16.3715 34.8547 0.4697 0.6393 quelfeb 18.0311 56.6587 0.3182 0.7508 blitz_plac 429.437 92.3138 4.652 7.42e-06 *** Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1101742 S.E. of regression 87.77523 R-squared 0.573545 Adjusted R-squared 0.528812 F(15, 143) 12.82150 P-value(F) 8.33e-20 Log-likelihood −928.6694 Akaike criterion 1889.339 Schwarz criterion 1938.441 Hannan-Quinn 1909.279 rho 0.133672 Durbin-Watson 1.722442 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 25 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 41: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 198.985 27.1662 7.325 1.60e-11 *** MI −6.00774 18.3885 −0.3267 0.7444 GE 182.367 18.2950 9.968 4.27e-18 *** DMonth_2 9.33042 37.0577 0.2518 0.8016 DMonth_3 28.1531 35.0064 0.8042 0.4226 DMonth_4 35.5486 35.0064 1.015 0.3116 DMonth_5 25.5284 35.0064 0.7293 0.4670 DMonth_6 38.1770 37.0577 1.030 0.3047 DMonth_7 21.3212 37.0577 0.5754 0.5660 DMonth_8 83.4800 37.0577 2.253 0.0258 ** DMonth_9 7.22160 37.0577 0.1949 0.8458 DMonth_10 19.3145 37.0577 0.5212 0.6030 DMonth_11 83.0122 37.0577 2.240 0.0266 ** DMonth_12 52.8440 37.0577 1.426 0.1561 quelfeb 18.0311 60.7925 0.2966 0.7672 blitz_plac 10.2915 98.1485 0.1049 0.9166 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1268373 S.E. of regression 94.17930 R-squared 0.509046 Adjusted R-squared 0.457548 F(15, 143) 9.884661 P-value(F) 9.25e-16 Log-likelihood −939.8664 Akaike criterion 1911.733 Schwarz criterion 1960.835 Hannan-Quinn 1931.673 rho 0.296967 Durbin-Watson 1.397596 Excluding the constant, p-value was highest for variable 55 (blitz_plac) loop: b = 26 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 42: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ----------------------------------------------------------- const 199.564 26.5199 7.525 5.38e-12 *** MI −5.68547 18.3906 −0.3092 0.7577 GE 182.367 18.2954 9.968 4.27e-18 *** DMonth_2 9.21005 37.3986 0.2463 0.8058 DMonth_3 27.4670 34.3902 0.7987 0.4258 DMonth_4 34.8625 34.3902 1.014 0.3124 DMonth_5 24.8423 34.3902 0.7224 0.4712 DMonth_6 37.4909 36.4763 1.028 0.3058 DMonth_7 20.6351 36.4763 0.5657 0.5725 DMonth_8 82.7939 36.4763 2.270 0.0247 ** DMonth_9 6.53550 36.4763 0.1792 0.8581 DMonth_10 18.6284 36.4763 0.5107 0.6104 DMonth_11 82.3261 36.4763 2.257 0.0255 ** DMonth_12 52.1579 36.4763 1.430 0.1549 quelfeb 17.4654 61.3516 0.2847 0.7763 blitz_plac −6.78876 99.0512 −0.06854 0.9455 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1268429 S.E. of regression 94.18138 R-squared 0.509025 Adjusted R-squared 0.457524 F(15, 143) 9.883806 P-value(F) 9.28e-16 Log-likelihood −939.8699 Akaike criterion 1911.740 Schwarz criterion 1960.842 Hannan-Quinn 1931.680 rho 0.299941 Durbin-Watson 1.391554 Excluding the constant, p-value was highest for variable 55 (blitz_plac) loop: b = 27 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 43: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.395 26.5093 7.522 5.48e-12 *** MI −5.17831 18.3816 −0.2817 0.7786 GE 182.367 18.2882 9.972 4.17e-18 *** DMonth_2 8.64432 36.4619 0.2371 0.8129 DMonth_3 29.7116 34.9933 0.8491 0.3973 DMonth_4 34.8625 34.3766 1.014 0.3122 DMonth_5 24.8423 34.3766 0.7227 0.4711 DMonth_6 37.4909 36.4619 1.028 0.3056 DMonth_7 20.6351 36.4619 0.5659 0.5723 DMonth_8 82.7939 36.4619 2.271 0.0247 ** DMonth_9 6.53550 36.4619 0.1792 0.8580 DMonth_10 18.6284 36.4619 0.5109 0.6102 DMonth_11 82.3261 36.4619 2.258 0.0255 ** DMonth_12 52.1579 36.4619 1.430 0.1548 quelfeb 18.0311 60.7698 0.2967 0.7671 blitz_plac −33.6684 98.1118 −0.3432 0.7320 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1267427 S.E. of regression 94.14417 R-squared 0.509413 Adjusted R-squared 0.457952 F(15, 143) 9.899158 P-value(F) 8.81e-16 Log-likelihood −939.8070 Akaike criterion 1911.614 Schwarz criterion 1960.717 Hannan-Quinn 1931.554 rho 0.298914 Durbin-Watson 1.393527 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 28 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 44: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.309 26.4985 7.521 5.49e-12 *** MI −4.91846 18.3742 −0.2677 0.7893 GE 182.367 18.2808 9.976 4.07e-18 *** DMonth_2 8.64432 36.4471 0.2372 0.8129 DMonth_3 27.4670 34.3626 0.7993 0.4254 DMonth_4 38.0251 34.9791 1.087 0.2788 DMonth_5 24.8423 34.3626 0.7229 0.4709 DMonth_6 37.4909 36.4471 1.029 0.3054 DMonth_7 20.6351 36.4471 0.5662 0.5722 DMonth_8 82.7939 36.4471 2.272 0.0246 ** DMonth_9 6.53550 36.4471 0.1793 0.8579 DMonth_10 18.6284 36.4471 0.5111 0.6101 DMonth_11 82.3261 36.4471 2.259 0.0254 ** DMonth_12 52.1579 36.4471 1.431 0.1546 quelfeb 18.0311 60.7451 0.2968 0.7670 blitz_plac −47.4402 98.0720 −0.4837 0.6293 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1266398 S.E. of regression 94.10596 R-squared 0.509811 Adjusted R-squared 0.458392 F(15, 143) 9.914940 P-value(F) 8.36e-16 Log-likelihood −939.7425 Akaike criterion 1911.485 Schwarz criterion 1960.587 Hannan-Quinn 1931.425 rho 0.297853 Durbin-Watson 1.395602 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 29 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 45: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.345 26.5035 7.521 5.49e-12 *** MI −5.02824 18.3776 −0.2736 0.7848 GE 182.367 18.2842 9.974 4.12e-18 *** DMonth_2 8.64432 36.4539 0.2371 0.8129 DMonth_3 27.4670 34.3691 0.7992 0.4255 DMonth_4 34.8625 34.3691 1.014 0.3121 DMonth_5 27.6171 34.9857 0.7894 0.4312 DMonth_6 37.4909 36.4539 1.028 0.3055 DMonth_7 20.6351 36.4539 0.5661 0.5722 DMonth_8 82.7939 36.4539 2.271 0.0246 ** DMonth_9 6.53550 36.4539 0.1793 0.8580 DMonth_10 18.6284 36.4539 0.5110 0.6101 DMonth_11 82.3261 36.4539 2.258 0.0254 ** DMonth_12 52.1579 36.4539 1.431 0.1547 quelfeb 18.0311 60.7566 0.2968 0.7671 blitz_plac −41.6222 98.0905 −0.4243 0.6720 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1266875 S.E. of regression 94.12369 R-squared 0.509626 Adjusted R-squared 0.458188 F(15, 143) 9.907616 P-value(F) 8.56e-16 Log-likelihood −939.7724 Akaike criterion 1911.545 Schwarz criterion 1960.647 Hannan-Quinn 1931.485 rho 0.297226 Durbin-Watson 1.396694 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 30 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 46: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.223 26.4852 7.522 5.47e-12 *** MI −4.66328 18.3665 −0.2539 0.7999 GE 182.367 18.2715 9.981 3.95e-18 *** DMonth_2 8.64432 36.4285 0.2373 0.8128 DMonth_3 27.4670 34.3452 0.7997 0.4252 DMonth_4 34.8625 34.3452 1.015 0.3118 DMonth_5 24.8423 34.3452 0.7233 0.4707 DMonth_6 42.5713 37.3496 1.140 0.2563 DMonth_7 20.6351 36.4285 0.5665 0.5720 DMonth_8 82.7939 36.4285 2.273 0.0245 ** DMonth_9 6.53550 36.4285 0.1794 0.8579 DMonth_10 18.6284 36.4285 0.5114 0.6099 DMonth_11 82.3261 36.4285 2.260 0.0253 ** DMonth_12 52.1579 36.4285 1.432 0.1544 quelfeb 18.0311 60.7142 0.2970 0.7669 blitz_plac −60.9648 98.9215 −0.6163 0.5387 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1265110 S.E. of regression 94.05810 R-squared 0.510309 Adjusted R-squared 0.458943 F(15, 143) 9.934740 P-value(F) 7.82e-16 Log-likelihood −939.6616 Akaike criterion 1911.323 Schwarz criterion 1960.426 Hannan-Quinn 1931.263 rho 0.296476 Durbin-Watson 1.398302 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 31 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 47: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.315 26.4999 7.521 5.49e-12 *** MI −4.93765 18.3768 −0.2687 0.7886 GE 182.367 18.2817 9.975 4.09e-18 *** DMonth_2 8.64432 36.4489 0.2372 0.8129 DMonth_3 27.4670 34.3643 0.7993 0.4254 DMonth_4 34.8625 34.3643 1.014 0.3121 DMonth_5 24.8423 34.3643 0.7229 0.4709 DMonth_6 37.4909 36.4489 1.029 0.3054 DMonth_7 24.5037 37.3704 0.6557 0.5131 DMonth_8 82.7939 36.4489 2.272 0.0246 ** DMonth_9 6.53550 36.4489 0.1793 0.8580 DMonth_10 18.6284 36.4489 0.5111 0.6101 DMonth_11 82.3261 36.4489 2.259 0.0254 ** DMonth_12 52.1579 36.4489 1.431 0.1546 quelfeb 18.0311 60.7481 0.2968 0.7670 blitz_plac −46.4230 98.9767 −0.4690 0.6398 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1266522 S.E. of regression 94.11056 R-squared 0.509763 Adjusted R-squared 0.458339 F(15, 143) 9.913038 P-value(F) 8.41e-16 Log-likelihood −939.7503 Akaike criterion 1911.501 Schwarz criterion 1960.603 Hannan-Quinn 1931.441 rho 0.295547 Durbin-Watson 1.400197 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 32 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 48: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.067 26.4506 7.526 5.35e-12 *** MI −4.19361 18.3425 −0.2286 0.8195 GE 182.367 18.2476 9.994 3.66e-18 *** DMonth_2 8.64432 36.3809 0.2376 0.8125 DMonth_3 27.4670 34.3003 0.8008 0.4246 DMonth_4 34.8625 34.3003 1.016 0.3112 DMonth_5 24.8423 34.3003 0.7243 0.4701 DMonth_6 37.4909 36.3809 1.031 0.3045 DMonth_7 20.6351 36.3809 0.5672 0.5715 DMonth_8 89.9487 37.3008 2.411 0.0172 ** DMonth_9 6.53550 36.3809 0.1796 0.8577 DMonth_10 18.6284 36.3809 0.5120 0.6094 DMonth_11 82.3261 36.3809 2.263 0.0251 ** DMonth_12 52.1579 36.3809 1.434 0.1539 quelfeb 18.0311 60.6349 0.2974 0.7666 blitz_plac −85.8573 98.7923 −0.8691 0.3863 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1261806 S.E. of regression 93.93518 R-squared 0.511588 Adjusted R-squared 0.460356 F(15, 143) 9.985720 P-value(F) 6.59e-16 Log-likelihood −939.4537 Akaike criterion 1910.907 Schwarz criterion 1960.010 Hannan-Quinn 1930.847 rho 0.298925 Durbin-Watson 1.393343 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 33 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 49: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ----------------------------------------------------------- const 199.641 26.5200 7.528 5.30e-12 *** MI −5.91485 18.3907 −0.3216 0.7482 GE 182.367 18.2955 9.968 4.27e-18 *** DMonth_2 8.64432 36.4765 0.2370 0.8130 DMonth_3 27.4670 34.3904 0.7987 0.4258 DMonth_4 34.8625 34.3904 1.014 0.3124 DMonth_5 24.8423 34.3904 0.7224 0.4713 DMonth_6 37.4909 36.4765 1.028 0.3058 DMonth_7 20.6351 36.4765 0.5657 0.5725 DMonth_8 82.7939 36.4765 2.270 0.0247 ** DMonth_9 6.08814 37.3988 0.1628 0.8709 DMonth_10 18.6284 36.4765 0.5107 0.6104 DMonth_11 82.3261 36.4765 2.257 0.0255 ** DMonth_12 52.1579 36.4765 1.430 0.1549 quelfeb 18.0311 60.7942 0.2966 0.7672 blitz_plac 5.36843 99.0518 0.05420 0.9569 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1268444 S.E. of regression 94.18196 R-squared 0.509019 Adjusted R-squared 0.457517 F(15, 143) 9.883567 P-value(F) 9.29e-16 Log-likelihood −939.8708 Akaike criterion 1911.742 Schwarz criterion 1960.844 Hannan-Quinn 1931.682 rho 0.300528 Durbin-Watson 1.390413 Excluding the constant, p-value was highest for variable 55 (blitz_plac) loop: b = 34 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 50: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.379 26.5079 7.521 5.49e-12 *** MI −5.13046 18.3823 −0.2791 0.7806 GE 182.367 18.2872 9.972 4.16e-18 *** DMonth_2 8.64432 36.4598 0.2371 0.8129 DMonth_3 27.4670 34.3747 0.7990 0.4256 DMonth_4 34.8625 34.3747 1.014 0.3122 DMonth_5 24.8423 34.3747 0.7227 0.4710 DMonth_6 37.4909 36.4598 1.028 0.3056 DMonth_7 20.6351 36.4598 0.5660 0.5723 DMonth_8 82.7939 36.4598 2.271 0.0247 ** DMonth_9 6.53550 36.4598 0.1793 0.8580 DMonth_10 21.6454 37.3817 0.5790 0.5635 DMonth_11 82.3261 36.4598 2.258 0.0255 ** DMonth_12 52.1579 36.4598 1.431 0.1547 quelfeb 18.0311 60.7664 0.2967 0.7671 blitz_plac −36.2041 99.0065 −0.3657 0.7151 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1267286 S.E. of regression 94.13892 R-squared 0.509467 Adjusted R-squared 0.458013 F(15, 143) 9.901324 P-value(F) 8.75e-16 Log-likelihood −939.7982 Akaike criterion 1911.596 Schwarz criterion 1960.699 Hannan-Quinn 1931.536 rho 0.297544 Durbin-Watson 1.396250 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 35 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 51: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 198.912 26.4045 7.533 5.14e-12 *** MI −3.72759 18.3106 −0.2036 0.8390 GE 182.367 18.2158 10.01 3.30e-18 *** DMonth_2 8.64432 36.3177 0.2380 0.8122 DMonth_3 27.4670 34.2406 0.8022 0.4238 DMonth_4 34.8625 34.2406 1.018 0.3103 DMonth_5 24.8423 34.2406 0.7255 0.4693 DMonth_6 37.4909 36.3177 1.032 0.3037 DMonth_7 20.6351 36.3177 0.5682 0.5708 DMonth_8 82.7939 36.3177 2.280 0.0241 ** DMonth_9 6.53550 36.3177 0.1800 0.8574 DMonth_10 18.6284 36.3177 0.5129 0.6088 DMonth_11 91.5391 37.2359 2.458 0.0152 ** DMonth_12 52.1579 36.3177 1.436 0.1531 quelfeb 18.0311 60.5294 0.2979 0.7662 blitz_plac −110.556 98.6204 −1.121 0.2642 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1257420 S.E. of regression 93.77179 R-squared 0.513286 Adjusted R-squared 0.462232 F(15, 143) 10.05380 P-value(F) 5.24e-16 Log-likelihood −939.1769 Akaike criterion 1910.354 Schwarz criterion 1959.456 Hannan-Quinn 1930.294 rho 0.293102 Durbin-Watson 1.404845 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 36 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 52: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.099 26.4587 7.525 5.38e-12 *** MI −4.29034 18.3482 −0.2338 0.8155 GE 182.367 18.2532 9.991 3.72e-18 *** DMonth_2 8.64432 36.3921 0.2375 0.8126 DMonth_3 27.4670 34.3108 0.8005 0.4247 DMonth_4 34.8625 34.3108 1.016 0.3113 DMonth_5 24.8423 34.3108 0.7240 0.4702 DMonth_6 37.4909 36.3921 1.030 0.3047 DMonth_7 20.6351 36.3921 0.5670 0.5716 DMonth_8 82.7939 36.3921 2.275 0.0244 ** DMonth_9 6.53550 36.3921 0.1796 0.8577 DMonth_10 18.6284 36.3921 0.5119 0.6095 DMonth_11 82.3261 36.3921 2.262 0.0252 ** DMonth_12 58.8855 37.3122 1.578 0.1167 quelfeb 18.0311 60.6534 0.2973 0.7667 blitz_plac −80.7306 98.8225 −0.8169 0.4153 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1262578 S.E. of regression 93.96392 R-squared 0.511289 Adjusted R-squared 0.460026 F(15, 143) 9.973783 P-value(F) 6.86e-16 Log-likelihood −939.5023 Akaike criterion 1911.005 Schwarz criterion 1960.107 Hannan-Quinn 1930.945 rho 0.292943 Durbin-Watson 1.405270 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 37 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 53: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 201.165 27.1607 7.406 1.03e-11 *** MI −5.32679 18.3848 −0.2897 0.7724 GE 182.367 18.2913 9.970 4.22e-18 *** DMonth_2 6.92442 37.0502 0.1869 0.8520 DMonth_3 25.7471 34.9993 0.7356 0.4631 DMonth_4 33.1426 34.9993 0.9470 0.3453 DMonth_5 23.1224 34.9993 0.6607 0.5099 DMonth_6 35.7710 37.0502 0.9655 0.3359 DMonth_7 18.9152 37.0502 0.5105 0.6105 DMonth_8 81.0740 37.0502 2.188 0.0303 ** DMonth_9 4.81560 37.0502 0.1300 0.8968 DMonth_10 16.9085 37.0502 0.4564 0.6488 DMonth_11 80.6062 37.0502 2.176 0.0312 ** DMonth_12 50.4380 37.0502 1.361 0.1755 quelfeb 18.0311 60.7801 0.2967 0.7672 blitz_plac −25.7986 98.1285 −0.2629 0.7930 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1267858 S.E. of regression 94.16017 R-squared 0.509246 Adjusted R-squared 0.457768 F(15, 143) 9.892553 P-value(F) 9.01e-16 Log-likelihood −939.8341 Akaike criterion 1911.668 Schwarz criterion 1960.771 Hannan-Quinn 1931.608 rho 0.297578 Durbin-Watson 1.395999 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 38 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 54: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.096 26.4780 7.519 5.55e-12 *** MI −4.28153 18.3958 −0.2327 0.8163 GE 182.367 18.2646 9.985 3.87e-18 *** DMonth_2 8.64432 36.4148 0.2374 0.8127 DMonth_3 27.4670 34.3322 0.8000 0.4250 DMonth_4 34.8625 34.3322 1.015 0.3116 DMonth_5 24.8423 34.3322 0.7236 0.4705 DMonth_6 37.4909 36.4148 1.030 0.3050 DMonth_7 20.6351 36.4148 0.5667 0.5718 DMonth_8 82.7939 36.4148 2.274 0.0245 ** DMonth_9 6.53550 36.4148 0.1795 0.8578 DMonth_10 18.6284 36.4148 0.5116 0.6097 DMonth_11 82.3261 36.4148 2.261 0.0253 ** DMonth_12 52.1579 36.4148 1.432 0.1542 quelfeb 45.0970 72.0080 0.6263 0.5321 blitz_plac −81.1977 116.256 −0.6984 0.4860 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1264158 S.E. of regression 94.02269 R-squared 0.510678 Adjusted R-squared 0.459350 F(15, 143) 9.949404 P-value(F) 7.44e-16 Log-likelihood −939.6017 Akaike criterion 1911.203 Schwarz criterion 1960.306 Hannan-Quinn 1931.143 rho 0.295800 Durbin-Watson 1.399592 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 39 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 55: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.269 26.4924 7.522 5.48e-12 *** MI −4.79926 18.3699 −0.2613 0.7943 GE 182.367 18.2765 9.978 4.02e-18 *** DMonth_2 8.64432 36.4386 0.2372 0.8128 DMonth_3 31.0509 34.9710 0.8879 0.3761 DMonth_4 34.8625 34.3547 1.015 0.3119 DMonth_5 24.8423 34.3547 0.7231 0.4708 DMonth_6 37.4909 36.4386 1.029 0.3053 DMonth_7 20.6351 36.4386 0.5663 0.5721 DMonth_8 82.7939 36.4386 2.272 0.0246 ** DMonth_9 6.53550 36.4386 0.1794 0.8579 DMonth_10 18.6284 36.4386 0.5112 0.6100 DMonth_11 82.3261 36.4386 2.259 0.0254 ** DMonth_12 52.1579 36.4386 1.431 0.1545 quelfeb 18.0311 60.7310 0.2969 0.7670 blitz_plac −53.7579 98.0492 −0.5483 0.5844 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1265810 S.E. of regression 94.08409 R-squared 0.510039 Adjusted R-squared 0.458644 F(15, 143) 9.923984 P-value(F) 8.11e-16 Log-likelihood −939.7055 Akaike criterion 1911.411 Schwarz criterion 1960.514 Hannan-Quinn 1931.351 rho 0.295782 Durbin-Watson 1.399705 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 40 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 56: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.200 26.4799 7.523 5.45e-12 *** MI −4.59356 18.3613 −0.2502 0.8028 GE 182.367 18.2679 9.983 3.91e-18 *** DMonth_2 8.64432 36.4215 0.2373 0.8127 DMonth_3 27.4670 34.3385 0.7999 0.4251 DMonth_4 39.1731 34.9546 1.121 0.2643 DMonth_5 24.8423 34.3385 0.7235 0.4706 DMonth_6 37.4909 36.4215 1.029 0.3050 DMonth_7 20.6351 36.4215 0.5666 0.5719 DMonth_8 82.7939 36.4215 2.273 0.0245 ** DMonth_9 6.53550 36.4215 0.1794 0.8578 DMonth_10 18.6284 36.4215 0.5115 0.6098 DMonth_11 82.3261 36.4215 2.260 0.0253 ** DMonth_12 52.1579 36.4215 1.432 0.1543 quelfeb 18.0311 60.7025 0.2970 0.7669 blitz_plac −64.6597 98.0032 −0.6598 0.5105 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1264621 S.E. of regression 94.03990 R-squared 0.510499 Adjusted R-squared 0.459152 F(15, 143) 9.942273 P-value(F) 7.62e-16 Log-likelihood −939.6308 Akaike criterion 1911.262 Schwarz criterion 1960.364 Hannan-Quinn 1931.202 rho 0.295635 Durbin-Watson 1.399964 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 41 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 57: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.252 26.4895 7.522 5.47e-12 *** MI −4.74891 18.3679 −0.2585 0.7964 GE 182.367 18.2746 9.979 3.99e-18 *** DMonth_2 8.64432 36.4347 0.2373 0.8128 DMonth_3 27.4670 34.3510 0.7996 0.4253 DMonth_4 34.8625 34.3510 1.015 0.3119 DMonth_5 28.6041 34.9672 0.8180 0.4147 DMonth_6 37.4909 36.4347 1.029 0.3052 DMonth_7 20.6351 36.4347 0.5664 0.5720 DMonth_8 82.7939 36.4347 2.272 0.0246 ** DMonth_9 6.53550 36.4347 0.1794 0.8579 DMonth_10 18.6284 36.4347 0.5113 0.6099 DMonth_11 82.3261 36.4347 2.260 0.0254 ** DMonth_12 52.1579 36.4347 1.432 0.1545 quelfeb 18.0311 60.7245 0.2969 0.7669 blitz_plac −56.4264 98.0387 −0.5756 0.5658 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1265539 S.E. of regression 94.07403 R-squared 0.510143 Adjusted R-squared 0.458760 F(15, 143) 9.928147 P-value(F) 7.99e-16 Log-likelihood −939.6885 Akaike criterion 1911.377 Schwarz criterion 1960.480 Hannan-Quinn 1931.317 rho 0.295159 Durbin-Watson 1.400698 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 42 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 58: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.142 26.4686 7.524 5.42e-12 *** MI −4.41818 18.3550 −0.2407 0.8101 GE 182.367 18.2600 9.987 3.81e-18 *** DMonth_2 8.64432 36.4057 0.2374 0.8127 DMonth_3 27.4670 34.3236 0.8002 0.4249 DMonth_4 34.8625 34.3236 1.016 0.3115 DMonth_5 24.8423 34.3236 0.7238 0.4704 DMonth_6 43.6538 37.3262 1.170 0.2441 DMonth_7 20.6351 36.4057 0.5668 0.5717 DMonth_8 82.7939 36.4057 2.274 0.0244 ** DMonth_9 6.53550 36.4057 0.1795 0.8578 DMonth_10 18.6284 36.4057 0.5117 0.6097 DMonth_11 82.3261 36.4057 2.261 0.0252 ** DMonth_12 52.1579 36.4057 1.433 0.1541 quelfeb 18.0311 60.6762 0.2972 0.7668 blitz_plac −73.9551 98.8596 −0.7481 0.4556 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1263526 S.E. of regression 93.99917 R-squared 0.510923 Adjusted R-squared 0.459621 F(15, 143) 9.959154 P-value(F) 7.20e-16 Log-likelihood −939.5620 Akaike criterion 1911.124 Schwarz criterion 1960.226 Hannan-Quinn 1931.064 rho 0.294510 Durbin-Watson 1.402174 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 43 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 59: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.244 26.4889 7.522 5.48e-12 *** MI −4.72619 18.3691 −0.2573 0.7973 GE 182.367 18.2740 9.980 3.99e-18 *** DMonth_2 8.64432 36.4337 0.2373 0.8128 DMonth_3 27.4670 34.3500 0.7996 0.4253 DMonth_4 34.8625 34.3500 1.015 0.3119 DMonth_5 24.8423 34.3500 0.7232 0.4707 DMonth_6 37.4909 36.4337 1.029 0.3052 DMonth_7 25.4377 37.3549 0.6810 0.4970 DMonth_8 82.7939 36.4337 2.272 0.0246 ** DMonth_9 6.53550 36.4337 0.1794 0.8579 DMonth_10 18.6284 36.4337 0.5113 0.6099 DMonth_11 82.3261 36.4337 2.260 0.0254 ** DMonth_12 52.1579 36.4337 1.432 0.1544 quelfeb 18.0311 60.7228 0.2969 0.7669 blitz_plac −57.6309 98.9355 −0.5825 0.5611 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1265468 S.E. of regression 94.07138 R-squared 0.510171 Adjusted R-squared 0.458790 F(15, 143) 9.929241 P-value(F) 7.96e-16 Log-likelihood −939.6841 Akaike criterion 1911.368 Schwarz criterion 1960.471 Hannan-Quinn 1931.308 rho 0.292285 Durbin-Watson 1.406656 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 44 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 60: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 198.798 26.3637 7.541 4.94e-12 *** MI −3.38821 18.2823 −0.1853 0.8532 GE 182.367 18.1877 10.03 3.01e-18 *** DMonth_2 8.64432 36.2615 0.2384 0.8119 DMonth_3 27.4670 34.1876 0.8034 0.4231 DMonth_4 34.8625 34.1876 1.020 0.3096 DMonth_5 24.8423 34.1876 0.7266 0.4686 DMonth_6 37.4909 36.2615 1.034 0.3029 DMonth_7 20.6351 36.2615 0.5691 0.5702 DMonth_8 93.5059 37.1783 2.515 0.0130 ** DMonth_9 6.53550 36.2615 0.1802 0.8572 DMonth_10 18.6284 36.2615 0.5137 0.6082 DMonth_11 82.3261 36.2615 2.270 0.0247 ** DMonth_12 52.1579 36.2615 1.438 0.1525 quelfeb 18.0311 60.4358 0.2984 0.7659 blitz_plac −128.544 98.4678 −1.305 0.1938 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1253532 S.E. of regression 93.62669 R-squared 0.514791 Adjusted R-squared 0.463895 F(15, 143) 10.11456 P-value(F) 4.28e-16 Log-likelihood −938.9307 Akaike criterion 1909.861 Schwarz criterion 1958.964 Hannan-Quinn 1929.801 rho 0.293645 Durbin-Watson 1.403692 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 45 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 61: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.316 26.5001 7.521 5.49e-12 *** MI −4.94165 18.3769 −0.2689 0.7884 GE 182.367 18.2818 9.975 4.09e-18 *** DMonth_2 8.64432 36.4491 0.2372 0.8129 DMonth_3 27.4670 34.3646 0.7993 0.4255 DMonth_4 34.8625 34.3646 1.014 0.3121 DMonth_5 24.8423 34.3646 0.7229 0.4709 DMonth_6 37.4909 36.4491 1.029 0.3054 DMonth_7 20.6351 36.4491 0.5661 0.5722 DMonth_8 82.7939 36.4491 2.271 0.0246 ** DMonth_9 10.3864 37.3707 0.2779 0.7815 DMonth_10 18.6284 36.4491 0.5111 0.6101 DMonth_11 82.3261 36.4491 2.259 0.0254 ** DMonth_12 52.1579 36.4491 1.431 0.1546 quelfeb 18.0311 60.7485 0.2968 0.7670 blitz_plac −46.2110 98.9774 −0.4669 0.6413 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1266540 S.E. of regression 94.11122 R-squared 0.509756 Adjusted R-squared 0.458332 F(15, 143) 9.912766 P-value(F) 8.42e-16 Log-likelihood −939.7514 Akaike criterion 1911.503 Schwarz criterion 1960.605 Hannan-Quinn 1931.443 rho 0.294134 Durbin-Watson 1.403010 Excluding the constant, p-value was highest for variable 34 (DMonth_2) loop: b = 46 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 62: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.220 26.4846 7.522 5.47e-12 *** MI −4.65370 18.3661 −0.2534 0.8003 GE 182.367 18.2711 9.981 3.95e-18 *** DMonth_2 8.64432 36.4277 0.2373 0.8128 DMonth_3 27.4670 34.3444 0.7998 0.4252 DMonth_4 34.8625 34.3444 1.015 0.3118 DMonth_5 24.8423 34.3444 0.7233 0.4707 DMonth_6 37.4909 36.4277 1.029 0.3051 DMonth_7 20.6351 36.4277 0.5665 0.5720 DMonth_8 82.7939 36.4277 2.273 0.0245 ** DMonth_9 6.53550 36.4277 0.1794 0.8579 DMonth_10 23.7511 37.3488 0.6359 0.5258 DMonth_11 82.3261 36.4277 2.260 0.0253 ** DMonth_12 52.1579 36.4277 1.432 0.1544 quelfeb 18.0311 60.7129 0.2970 0.7669 blitz_plac −61.4725 98.9193 −0.6214 0.5353 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1265054 S.E. of regression 94.05601 R-squared 0.510331 Adjusted R-squared 0.458967 F(15, 143) 9.935605 P-value(F) 7.80e-16 Log-likelihood −939.6581 Akaike criterion 1911.316 Schwarz criterion 1960.419 Hannan-Quinn 1931.256 rho 0.292811 Durbin-Watson 1.405598 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 47 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 63: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 198.766 26.3508 7.543 4.87e-12 *** MI −3.29100 18.2734 −0.1801 0.8573 GE 182.367 18.1788 10.03 2.92e-18 *** DMonth_2 8.64432 36.2438 0.2385 0.8118 DMonth_3 27.4670 34.1710 0.8038 0.4228 DMonth_4 34.8625 34.1710 1.020 0.3093 DMonth_5 24.8423 34.1710 0.7270 0.4684 DMonth_6 37.4909 36.2438 1.034 0.3027 DMonth_7 20.6351 36.2438 0.5693 0.5700 DMonth_8 82.7939 36.2438 2.284 0.0238 ** DMonth_9 6.53550 36.2438 0.1803 0.8572 DMonth_10 18.6284 36.2438 0.5140 0.6081 DMonth_11 93.4674 37.1602 2.515 0.0130 ** DMonth_12 52.1579 36.2438 1.439 0.1523 quelfeb 18.0311 60.4063 0.2985 0.7658 blitz_plac −133.695 98.4198 −1.358 0.1765 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1252310 S.E. of regression 93.58106 R-squared 0.515264 Adjusted R-squared 0.464417 F(15, 143) 10.13372 P-value(F) 4.02e-16 Log-likelihood −938.8532 Akaike criterion 1909.706 Schwarz criterion 1958.809 Hannan-Quinn 1929.646 rho 0.287744 Durbin-Watson 1.415418 Excluding the constant, p-value was highest for variable 17 (MI) loop: b = 48 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 64: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 198.965 26.4218 7.530 5.23e-12 *** MI −3.88927 18.3226 −0.2123 0.8322 GE 182.367 18.2278 10.00 3.43e-18 *** DMonth_2 8.64432 36.3414 0.2379 0.8123 DMonth_3 27.4670 34.2630 0.8017 0.4241 DMonth_4 34.8625 34.2630 1.017 0.3106 DMonth_5 24.8423 34.2630 0.7250 0.4696 DMonth_6 37.4909 36.3414 1.032 0.3040 DMonth_7 20.6351 36.3414 0.5678 0.5711 DMonth_8 82.7939 36.3414 2.278 0.0242 ** DMonth_9 6.53550 36.3414 0.1798 0.8575 DMonth_10 18.6284 36.3414 0.5126 0.6090 DMonth_11 82.3261 36.3414 2.265 0.0250 ** DMonth_12 60.6569 37.2603 1.628 0.1057 quelfeb 18.0311 60.5690 0.2977 0.7664 blitz_plac −101.988 98.6850 −1.033 0.3031 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1259067 S.E. of regression 93.83316 R-squared 0.512649 Adjusted R-squared 0.461528 F(15, 143) 10.02819 P-value(F) 5.71e-16 Log-likelihood −939.2809 Akaike criterion 1910.562 Schwarz criterion 1959.664 Hannan-Quinn 1930.502 rho 0.288352 Durbin-Watson 1.414335 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 49 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 65: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ----------------------------------------------------------- const 202.326 27.1472 7.453 7.98e-12 *** MI −4.96395 18.3757 −0.2701 0.7874 GE 182.367 18.2822 9.975 4.09e-18 *** DMonth_2 5.64237 37.0319 0.1524 0.8791 DMonth_3 24.4651 34.9819 0.6994 0.4855 DMonth_4 31.8605 34.9819 0.9108 0.3639 DMonth_5 21.8403 34.9819 0.6243 0.5334 DMonth_6 34.4889 37.0319 0.9313 0.3533 DMonth_7 17.6331 37.0319 0.4762 0.6347 DMonth_8 79.7920 37.0319 2.155 0.0329 ** DMonth_9 3.53355 37.0319 0.09542 0.9241 DMonth_10 15.6264 37.0319 0.4220 0.6737 DMonth_11 79.3241 37.0319 2.142 0.0339 ** DMonth_12 49.1560 37.0319 1.327 0.1865 quelfeb 18.0311 60.7501 0.2968 0.7670 blitz_plac −45.0293 98.0800 −0.4591 0.6469 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1266604 S.E. of regression 94.11359 R-squared 0.509731 Adjusted R-squared 0.458305 F(15, 143) 9.911788 P-value(F) 8.45e-16 Log-likelihood −939.7554 Akaike criterion 1911.511 Schwarz criterion 1960.613 Hannan-Quinn 1931.451 rho 0.295288 Durbin-Watson 1.400338 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 50 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 66: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.249 26.4897 7.522 5.48e-12 *** MI −4.74008 18.3697 −0.2580 0.7967 GE 182.367 18.2746 9.979 3.99e-18 *** DMonth_2 13.3855 37.3560 0.3583 0.7206 DMonth_3 27.4670 34.3510 0.7996 0.4253 DMonth_4 34.8625 34.3510 1.015 0.3119 DMonth_5 24.8423 34.3510 0.7232 0.4707 DMonth_6 37.4909 36.4348 1.029 0.3052 DMonth_7 20.6351 36.4348 0.5664 0.5720 DMonth_8 82.7939 36.4348 2.272 0.0246 ** DMonth_9 6.53550 36.4348 0.1794 0.8579 DMonth_10 18.6284 36.4348 0.5113 0.6099 DMonth_11 82.3261 36.4348 2.260 0.0254 ** DMonth_12 52.1579 36.4348 1.432 0.1545 quelfeb 13.2899 61.2818 0.2169 0.8286 blitz_plac −56.8945 98.9385 −0.5750 0.5662 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1265544 S.E. of regression 94.07422 R-squared 0.510141 Adjusted R-squared 0.458758 F(15, 143) 9.928068 P-value(F) 8.00e-16 Log-likelihood −939.6888 Akaike criterion 1911.378 Schwarz criterion 1960.480 Hannan-Quinn 1931.318 rho 0.295609 Durbin-Watson 1.400040 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 51 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 67: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.118 26.4621 7.525 5.39e-12 *** MI −4.34801 18.3489 −0.2370 0.8130 GE 182.367 18.2556 9.990 3.75e-18 *** DMonth_2 8.64432 36.3969 0.2375 0.8126 DMonth_3 32.6453 34.9310 0.9346 0.3516 DMonth_4 34.8625 34.3154 1.016 0.3114 DMonth_5 24.8423 34.3154 0.7239 0.4703 DMonth_6 37.4909 36.3969 1.030 0.3047 DMonth_7 20.6351 36.3969 0.5669 0.5716 DMonth_8 82.7939 36.3969 2.275 0.0244 ** DMonth_9 6.53550 36.3969 0.1796 0.8578 DMonth_10 18.6284 36.3969 0.5118 0.6096 DMonth_11 82.3261 36.3969 2.262 0.0252 ** DMonth_12 52.1579 36.3969 1.433 0.1540 quelfeb 18.0311 60.6615 0.2972 0.7667 blitz_plac −77.6740 97.9371 −0.7931 0.4290 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1262915 S.E. of regression 93.97647 R-squared 0.511159 Adjusted R-squared 0.459882 F(15, 143) 9.968575 P-value(F) 6.98e-16 Log-likelihood −939.5235 Akaike criterion 1911.047 Schwarz criterion 1960.150 Hannan-Quinn 1930.987 rho 0.293093 Durbin-Watson 1.404983 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 52 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 68: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.060 26.4472 7.527 5.33e-12 *** MI −4.17208 18.3386 −0.2275 0.8204 GE 182.367 18.2454 9.995 3.63e-18 *** DMonth_2 8.64432 36.3765 0.2376 0.8125 DMonth_3 27.4670 34.2961 0.8009 0.4245 DMonth_4 40.6624 34.9114 1.165 0.2461 DMonth_5 24.8423 34.2961 0.7243 0.4700 DMonth_6 37.4909 36.3765 1.031 0.3045 DMonth_7 20.6351 36.3765 0.5673 0.5714 DMonth_8 82.7939 36.3765 2.276 0.0243 ** DMonth_9 6.53550 36.3765 0.1797 0.8577 DMonth_10 18.6284 36.3765 0.5121 0.6094 DMonth_11 82.3261 36.3765 2.263 0.0251 ** DMonth_12 52.1579 36.3765 1.434 0.1538 quelfeb 18.0311 60.6276 0.2974 0.7666 blitz_plac −86.9987 97.8822 −0.8888 0.3756 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1261502 S.E. of regression 93.92385 R-squared 0.511706 Adjusted R-squared 0.460487 F(15, 143) 9.990432 P-value(F) 6.48e-16 Log-likelihood −939.4345 Akaike criterion 1910.869 Schwarz criterion 1959.971 Hannan-Quinn 1930.809 rho 0.291644 Durbin-Watson 1.407834 Excluding the constant, p-value was highest for variable 41 (DMonth_9) loop: b = 53 ? blitz_plac = const - const ? smpl MI --replace --restrict Full data set: 371 observations Current sample: 53 observations ? blitz_plac = (time == b) ? smpl Cit < 4 --replace --restrict Full data range: 1:01 - 7:53 (n = 371) Current sample: 1:01 - 3:53 (n = 159) ? ols deb_risc const MI GE DMonth_2 DMonth_3 DMonth_4 DMonth_5 DMonth_6 \ DMonth_7 DMonth_8 DMonth_9 DMonth_10 DMonth_11 DMonth_12 quelfeb \ blitz_plac Model 69: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value ---------------------------------------------------------- const 199.120 26.4625 7.525 5.39e-12 *** MI −4.35430 18.3492 −0.2373 0.8128 GE 182.367 18.2559 9.989 3.76e-18 *** DMonth_2 8.64432 36.3976 0.2375 0.8126 DMonth_3 27.4670 34.3160 0.8004 0.4248 DMonth_4 34.8625 34.3160 1.016 0.3114 DMonth_5 29.9984 34.9316 0.8588 0.3919 DMonth_6 37.4909 36.3976 1.030 0.3047 DMonth_7 20.6351 36.3976 0.5669 0.5716 DMonth_8 82.7939 36.3976 2.275 0.0244 ** DMonth_9 6.53550 36.3976 0.1796 0.8578 DMonth_10 18.6284 36.3976 0.5118 0.6096 DMonth_11 82.3261 36.3976 2.262 0.0252 ** DMonth_12 52.1579 36.3976 1.433 0.1540 quelfeb 18.0311 60.6627 0.2972 0.7667 blitz_plac −77.3408 97.9389 −0.7897 0.4310 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1262963 S.E. of regression 93.97824 R-squared 0.511141 Adjusted R-squared 0.459862 F(15, 143) 9.967841 P-value(F) 7.00e-16 Log-likelihood −939.5265 Akaike criterion 1911.053 Schwarz criterion 1960.156 Hannan-Quinn 1930.993 rho 0.295181 Durbin-Watson 1.402430 Excluding the constant, p-value was highest for variable 41 (DMonth_9) Number of iterations: 53 # Equazione buona senza interacting e quelfeb per grafico: ? ols deb_risc const TO GE dummify(Month) Model 70: Pooled OLS, using 159 observations Included 3 cross-sectional units Time-series length = 53 Dependent variable: deb_risc coefficient std. error t-ratio p-value --------------------------------------------------------- const 193.793 26.3376 7.358 1.28e-11 *** TO 5.81356 18.1747 0.3199 0.7495 GE 188.181 18.1747 10.35 3.75e-19 *** DMonth_2 12.2506 34.1632 0.3586 0.7204 DMonth_3 27.4670 34.1632 0.8040 0.4227 DMonth_4 34.8625 34.1632 1.020 0.3092 DMonth_5 24.8423 34.1632 0.7272 0.4683 DMonth_6 37.4909 36.2356 1.035 0.3026 DMonth_7 20.6351 36.2356 0.5695 0.5699 DMonth_8 82.7939 36.2356 2.285 0.0238 ** DMonth_9 6.53550 36.2356 0.1804 0.8571 DMonth_10 18.6284 36.2356 0.5141 0.6080 DMonth_11 82.3261 36.2356 2.272 0.0246 ** DMonth_12 52.1579 36.2356 1.439 0.1522 Mean dependent var 290.5218 S.D. dependent var 127.8718 Sum squared resid 1269251 S.E. of regression 93.55990 R-squared 0.508707 Adjusted R-squared 0.464660 F(13, 145) 11.54918 P-value(F) 8.26e-17 Log-likelihood −939.9214 Akaike criterion 1907.843 Schwarz criterion 1950.807 Hannan-Quinn 1925.290 rho 0.300117 Durbin-Watson 1.391224 Excluding the constant, p-value was highest for variable 41 (DMonth_9) ? epsilon = $uhat Generated series epsilon (ID 56) #smpl --restrict MI ? gnuplot epsilon --time-series --with-lines wrote /home/pietro/gpttmp01.plt #smpl --full ? diffdeb_risc = deb_risc - deb_risc(-12) Generated series diffdeb_risc (ID 57) ? ols diffdeb_risc const TO GE dummify(Month) Model 71: Pooled OLS, using 123 observations Included 3 cross-sectional units Time-series length = 41 Dependent variable: diffdeb_risc coefficient std. error t-ratio p-value --------------------------------------------------------- const −9.77442 41.1376 −0.2376 0.8126 TO 12.8990 28.7903 0.4480 0.6550 GE 32.6359 28.7903 1.134 0.2595 DMonth_2 −1.06716 53.2167 −0.02005 0.9840 DMonth_3 −20.6547 53.2167 −0.3881 0.6987 DMonth_4 −26.2829 53.2167 −0.4939 0.6224 DMonth_5 −20.1314 53.2167 −0.3783 0.7060 DMonth_6 −20.8600 57.4806 −0.3629 0.7174 DMonth_7 −27.3309 57.4806 −0.4755 0.6354 DMonth_8 −102.182 57.4806 −1.778 0.0782 * DMonth_9 −7.44336 57.4806 −0.1295 0.8972 DMonth_10 −5.74832 57.4806 −0.1000 0.9205 DMonth_11 −26.4004 57.4806 −0.4593 0.6469 DMonth_12 −6.56286 57.4806 −0.1142 0.9093 Mean dependent var −15.62364 S.D. dependent var 126.4347 Sum squared resid 1852140 S.E. of regression 130.3538 R-squared 0.050311 Adjusted R-squared -0.062954 F(13, 109) 0.444190 P-value(F) 0.949496 Log-likelihood −766.1390 Akaike criterion 1560.278 Schwarz criterion 1599.649 Hannan-Quinn 1576.270 rho 0.296560 Durbin-Watson 1.400303 Excluding the constant, p-value was highest for variable 34 (DMonth_2) #smpl --restrict MI ? gnuplot epsilon --time-series --with-lines wrote /home/pietro/gpttmp02.plt #smpl --full