- Standard errors are in parentheses *p < 0.10; **p < 0.5; ***p < 0.01
- Remarks: Regressions include dummy variables to control for fixed and time effects of each state and quarter
- The estimated coefficients in the table have been multiplied by 100 to avoid dealing with too many decimals
- Heteroskedasticity robust standard errors are shown in parentheses in the case of fixed effect estimation