| FE | FE | FE | FE | FE | FE | FE | FE | FE | FE | FE | FE | FE |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Excluded Country | AUT | BEL | DNK | FIN | FRA | GER | IRL | ITA | NLD | PRT | SPA | SWE | UK |
EPL | 0.006 | 0.004 | 0.004 | 0.004 | 0.005 | 0.006 | 0.004 | 0.004 | 0.004 | 0.005 | 0.006 | 0.002 | 0.006 |
(0.002)*** | (0.002)** | (0.002)** | (0.001)*** | (0.002)** | (0.002)*** | (0.002)* | (0.002)** | (0.002)** | (0.002)** | (0.002)*** | (0.001)* | (0.002)*** | |
EPL*FJR | −0.087 | −0.076 | −0.079 | −0.071 | −0.082 | −0.101 | −0.059 | −0.082 | −0.056 | −0.105 | −0.106 | −0.025 | −0.072 |
(0.042)** | (0.041)* | (0.028)*** | (0.028)** | (0.042)** | (0.043)** | (0.040) | (0.041)** | (0.029)* | (0.041)** | (0.044)** | (0.028) | (0.029)*** | |
TE | −0.086 | −0.082 | −0.079 | −0.072 | −0.082 | −0.081 | −0.077 | −0.089 | −0.087 | −0.065 | −0.083 | −0.085 | −0.082 |
(0.009)*** | (0.009)*** | (0.009)*** | (0.009)*** | (0.009)*** | (0.009)*** | (0.009)*** | (0.009)*** | (0.009)*** | (0.007)*** | (0.016)*** | (0.009)*** | (0.009)*** | |
TUD | −0.003 | −0.001 | −0.002 | −0.003 | −0.003 | −0.001 | −0.001 | −0.001 | −0.001 | −0.002 | −0.003 | −0.002 | −0.002 |
(0.002) | (0.002) | (0.002) | (0.002) | (0.002) | (0.002) | (0.003) | (0.002) | (0.002) | (0.002) | (0.002) | (0.002) | (0.002) | |
Trend | 0.626 | 0.627 | 0.629 | 0.629 | 0.629 | 0.627 | 0.618 | 0.627 | 0.624 | 0.631 | 0.666 | 0.636 | 0.635 |
(0.007)*** | (0.007)*** | (0.006)*** | (0.006)*** | (0.008)*** | (0.007)*** | (0.009)*** | (0.007)*** | (0.006)*** | (0.006)*** | (0.024)*** | (0.017)*** | (0.017)*** | |
Sector dummies | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Country dummies | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Year dummies | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Observations | 1680 | 1680 | 1680 | 1680 | 1680 | 1680 | 1680 | 1680 | 1680 | 1680 | 1680 | 1680 | 1680 |
R-squared | 0.9993 | 0.9992 | 0.9993 | 0.9993 | 0.9992 | 0.9993 | 0.9993 | 0.9993 | 0.9992 | 0.9993 | 0.9992 | 0.9993 | 0.9992 |