Table 4 Only firms hiring subsidized and unsubsidized workers: Mean daily wages and wage differences over time for subsidized workers  (S) and unsubsidized workers  (U) and wage difference  \( (\Delta ) \) before and after matching (standard deviations in parentheses)

1a)  Daily wage directly after taking up the job

Before

58.7

54.9

3.8^∗∗

49.7

44.6

5.1^∗∗

51.8

49.0

2.8^∗∗

39.9

38.0

1.9^∗

(19.5)

(20.5)

(0.8)

(17.5)

(17.2)

(1.3)

(13.6)

(14.5)

(0.5)

(13.1)

(12.8)

(0.8)

After

58.6

57.7

0.9

49.9

47.4

2.5

51.8

51.0

0.8

39.8

39.8

0.0

(19.3)

(20.4)

(1.0)

(17.5)

(18.4)

(1.9)

(13.6)

(13.9)

(0.6)

(13.2)

(12.2)

(1.1)

1b)  Average of daily wages, conditional on working, during the  3.5  years after taking up the job

Before

60.8

59.1

1.7^∗

52.5

48.4

4.1^∗∗

53.4

51.3

2.0^∗∗

41.5

40.0

1.6

(19.4)

(20.7)

(0.8)

(18.7)

(18.5)

(1.4)

(14.5)

(14.7)

(0.5)

(14.0)

(14.0)

(0.9)

After

60.8

60.2

0.6

52.8

50.1

2.7

53.4

52.6

0.8

41.4

41.2

0.2

(19.3)

(20.4)

(1.0)

(18.7)

(19.5)

(2.0)

(14.5)

(14.3)

(0.6)

(13.9)

(13.5)

(1.2)

1c)  Average of daily wages during the  3.5  years after taking up the job

Before

41.5

39.8

1.7

37.7

30.8

6.9^∗∗

38.0

34.5

3.5^∗∗

30.8

27.3

3.5^∗∗

(26.8)

(28.1)

(1.1)

(24.1)

(24.1)

(1.8)

(21.3)

(20.7)

(0.7)

(18.0)

(18.6)

(1.1)

After

41.6

38.6

3.0^∗

38.2

30.1

8.1^∗∗

38.2

34.1

4.1^∗∗

30.9

27.7

3.1^∗

(26.7)

(28.6)

(1.3)

(24.3)

(24.4)

(2.6)

(21.1)

(20.8)

(0.8)

(17.7)

(19.1)

(1.5)

2a)  Difference  1a) and latest daily wage observed in the three years preceding the job

Before

4.9

−3.2

8.1^∗∗

5.0

−1.4

6.4^∗∗

2.9

−0.8

3.7^∗∗

6.9

1.2

5.8^∗∗

(27.9)

(24.1)

(1.0)

(26.2)

(23.8)

(1.8)

(21.3)

(18.4)

(0.7)

(21.9)

(17.8)

(1.2)

After

4.4

2.9

1.5

4.0

1.9

2.1

2.7

1.5

1.1

6.1

6.2

−0.1

(27.6)

(27.1)

(1.3)

(26.1)

(25.7)

(2.7)

(21.2)

(20.0)

(0.8)

(21.3)

(21.3)

(1.6)

2b)  Difference  1b) and average of daily wages, conditional on working, during the  3  preceding years

Before

5.5

0.8

4.7^∗∗

8.2

2.9

5.3^∗∗

4.5

2.3

2.3^∗∗

8.2

3.7

4.5^∗∗

(25.6)

(21.3)

(0.9)

(25.5)

(20.1)

(1.6)

(18.8)

(16.0)

(0.6)

(21.3)

(16.8)

(1.2)

After

5.1

5.7

−0.6

7.3

6.1

1.2

4.4

4.0

0.5

7.4

8.4

−1.0

(25.2)

(25.6)

(1.1)

(25.3)

(21.4)

(2.4)

(18.6)

(17.7)

(0.7)

(20.5)

(19.4)

(1.5)

2c)  Difference  1c) and average of daily wages during the  3  years preceding the job

Before

10.7

1.7

9.0^∗∗

13.2

1.4

11.8^∗∗

9.4

3.0

6.4^∗∗

14.4

5.0

9.4^∗∗

(27.9)

(26.7)

(1.0)

(27.1)

(24.3)

(1.8)

(21.7)

(20.9)

(0.7)

(21.3)

(19.1)

(1.2)

After

10.5

8.1

2.4

12.5

5.7

6.7^∗

9.3

5.5

3.8^∗∗

13.9

10.4

3.5^∗

(27.5)

(28.7)

(1.3)

(26.9)

(26.4)

(2.7)

(21.6)

(21.3)

(0.9)

(21.0)

(19.9)

(1.6)

Observations

MSB        

Observations

MSB        

Observations

MSB    

Observations

MSB  

Before

953

2,277

10.5

253

681

13.5

1,274

2,397

8.9

414

672

12.9

After

932

2,277

2.6

227

670

4.6

1,236

2,383

1.4

382

610

3.7