Dependent Variable: I?

Method: Pooled Least  Squares

Date: 05/25/13   Time: 02:11

Sample: 2005 2012

Included observations:  8

Cross-sections  included: 995

Total pool  (unbalanced) observations: 7953

Variable

Coefficient

Std. Error

t-Statistic

Prob.  

C

0.084167

0.036940

2.278457

0.0227

I?(-1)

0.535588

0.010159

52.72010

0.0000

G?(-1)

0.000563

0.001060

0.531701

0.5949

L?(-1)

-0.023051

0.005250

-4.390248

0.0000

C?(-1)

0.208616

0.017496

11.92342

0.0000

A?(-1)

0.000279

0.000586

0.476178

0.6340

S?(-1)

-0.003075

0.001626

-1.890677

0.0587

R?(-1)

0.006252

0.002561

2.441163

0.0147

IA?

-0.015253

0.016222

-0.940306

0.3471

IB?

-0.008532

0.013621

-0.626370

0.5311

IC?

-0.029984

0.011431

-2.623032

0.0087

ID?

-0.028923

0.012558

-2.303245

0.0213

IE?

-0.009437

0.039290

-0.240193

0.8102

IF?

-0.020142

0.017350

-1.160913

0.2457

IG?

-0.012106

0.010199

-1.186998

0.2353

IH?

-0.006928

0.012555

-0.551791

0.5811

II?

-0.005139

0.010553

-0.486942

0.6263

IJ?

-0.026053

0.009691

-2.688331

0.0072

IK?

-0.014629

0.010813

-1.352902

0.1761

IL?

-0.003946

0.028366

-0.139124

0.8894

IM?

0.004592

0.011608

0.395632

0.6924

IN?

-0.026166

0.015846

-1.651239

0.0987

IO?

0.000373

0.011899

0.031378

0.9750

IP?

-0.027379

0.011809

-2.318449

0.0205

IQ?

-0.022161

0.010329

-2.145433

0.0319

IR?

-0.007219

0.010237

-0.705214

0.4807

IS?

-0.007577

0.013056

-0.580349

0.5617

IT?

-0.021881

0.018478

-1.184145

0.2364

Fixed Effects (Period)

2005--C

-0.017501

2006--C

0.005312

2007--C

0.008838

2008--C

-0.009562

2009--C

-0.001691

2010--C

-0.002566

2011--C

0.010686

2012--C

0.006392

Effects Specification

Period fixed (dummy  variables)

R-squared

0.290444

    Mean dependent var

0.061825

Adjusted R-squared

0.287398

    S.D. dependent var

0.181309

S.E. of regression

0.153053

    Akaike info criterion

-0.911669

Sum squared resid

185.4818

    Schwarz criterion

-0.880945

Log likelihood

3660.252

    Hannan-Quinn criter.

-0.901150

F-statistic

95.32643

    Durbin-Watson stat

1.934827

Prob(F-statistic)

0.000000

Dependent Variable: I?

Method: Pooled Least  Squares

Date: 05/25/13   Time: 02:12

Sample: 2005 2008

Included observations:  4

Cross-sections  included: 995

Total pool  (unbalanced) observations: 3975

Variable

Coefficient

Std. Error

t-Statistic

Prob.  

C

0.052444

0.052532

0.998339

0.3182

I?(-1)

0.665557

0.014562

45.70389

0.0000

G?(-1)

-0.001425

0.001731

-0.823029

0.4105

L?(-1)

-0.012340

0.005716

-2.158694

0.0309

C?(-1)

0.207995

0.024455

8.505142

0.0000

A?(-1)

0.001237

0.000795

1.555899

0.1198

S?(-1)

-0.003582

0.002373

-1.509666

0.1312

R?(-1)

0.005000

0.002854

1.751946

0.0799

IA?

0.007126

0.021952

0.324629

0.7455

IB?

0.009740

0.018320

0.531669

0.5950

IC?

-0.002667

0.015384

-0.173367

0.8624

ID?

-0.015078

0.016910

-0.891645

0.3726

IE?

-0.000148

0.052910

-0.002798

0.9978

IF?

0.000977

0.023369

0.041804

0.9667

IG?

0.011129

0.013739

0.810023

0.4180

IH?

-0.003889

0.016914

-0.229907

0.8182

II?

0.014399

0.014231

1.011810

0.3117

IJ?

-0.005843

0.013057

-0.447491

0.6545

IK?

0.000167

0.014545

0.011515

0.9908

IL?

0.017671

0.038205

0.462541

0.6437

IM?

0.027351

0.015603

1.752915

0.0797

IN?

-0.010387

0.021322

-0.487168

0.6262

IO?

0.025541

0.016020

1.594345

0.1109

IP?

-0.008650

0.015924

-0.543194

0.5870

IQ?

-0.001558

0.013912

-0.111995

0.9108

IR?

0.021172

0.013792

1.535122

0.1248

IS?

0.005160

0.017580

0.293511

0.7691

IT?

0.000887

0.024869

0.035681

0.9715

Fixed Effects (Period)

2005--C

-0.016041

2006--C

0.009231

2007--C

0.012950

2008--C

-0.006220

Effects Specification

Period fixed (dummy  variables)

R-squared

0.374959

    Mean dependent var

0.058850

Adjusted R-squared

0.370204

    S.D. dependent var

0.183654

S.E. of regression

0.145747

    Akaike info criterion

-1.006116

Sum squared resid

83.77960

    Schwarz criterion

-0.957079

Log likelihood

2030.655

    Hannan-Quinn criter.

-0.988728

F-statistic

78.86612

    Durbin-Watson stat

2.127634

Prob(F-statistic)

0.000000

Dependent Variable: I?

Method: Pooled Least  Squares

Date: 05/25/13   Time: 02:12

Sample: 2009 2012

Included observations:  4

Cross-sections  included: 995

Total pool  (unbalanced) observations: 3978

Variable

Coefficient

Std. Error

t-Statistic

Prob.  

C

0.112346

0.052492

2.140223

0.0324

I?(-1)

0.427783

0.014078

30.38734

0.0000

G?(-1)

0.001336

0.001346

0.993182

0.3207

L?(-1)

-0.059696

0.011552

-5.167730

0.0000

C?(-1)

0.206146

0.024834

8.300889

0.0000

A?(-1)

-0.000345

0.000850

-0.406050

0.6847

S?(-1)

-0.001512

0.002282

-0.662435

0.5077

R?(-1)

0.006340

0.005332

1.189021

0.2345

IA?

-0.042190

0.023502

-1.795138

0.0727

IB?

-0.033092

0.019921

-1.661123

0.0968

IC?

-0.063655

0.016690

-3.813881

0.0001

ID?

-0.049220

0.018309

-2.688288

0.0072

IE?

-0.027344

0.057186

-0.478166

0.6326

IF?

-0.052070

0.025265

-2.060927

0.0394

IG?

-0.043491

0.014869

-2.924974

0.0035

IH?

-0.017777

0.018317

-0.970519

0.3318

II?

-0.032245

0.015376

-2.097142

0.0360

IJ?

-0.049170

0.014113

-3.484102

0.0005

IK?

-0.038050

0.015818

-2.405548

0.0162

IL?

-0.023671

0.041269

-0.573587

0.5663

IM?

-0.025711

0.016942

-1.517529

0.1292

IN?

-0.047797

0.023090

-2.070049

0.0385

IO?

-0.039830

0.017422

-2.286180

0.0223

IP?

-0.053300

0.017199

-3.098979

0.0020

IQ?

-0.045838

0.015039

-3.047846

0.0023

IR?

-0.038473

0.014905

-2.581247

0.0099

IS?

-0.033266

0.019064

-1.744978

0.0811

IT?

-0.052944

0.026928

-1.966145

0.0494

Fixed Effects (Period)

2009--C

-0.005499

2010--C

-0.007137

2011--C

0.007522

2012--C

0.005102

Effects Specification

Period fixed (dummy  variables)

R-squared

0.231340

    Mean dependent var

0.064797

Adjusted R-squared

0.225498

    S.D. dependent var

0.178908

S.E. of regression

0.157450

    Akaike info criterion

-0.851657

Sum squared resid

97.84793

    Schwarz criterion

-0.802652

Log likelihood

1724.946

    Hannan-Quinn criter.

-0.834281

F-statistic

39.59702

    Durbin-Watson stat

1.698049

Prob(F-statistic)

0.000000