Table 3.

Baseline regression results.

Dependent	$\theta$	$\theta$	$\theta$	$\theta$
Method	Panel Tobit	Panel Tobit	Panel Tobit	Panel Tobit
$x_1$	−0.023*** (−14.87)	−0.022*** (−13.51)	−0.014*** (−7.23)	−0.014*** (−7.25)
$z_1$		−0.022 (−1.53)	−0.022 (−1.60)	−0.020 (−1.49)
$z_2$			−0.037*** (−7.57)	−0.037*** (−7.45)
$z_3$				0.008** (2.18)
_cons	0.259*** (16.77)	0.283*** (12.95)	0.474*** (14.53)	0.447*** (12.79)
${\tau }_i$	Yes	Yes	Yes	Yes
N	486	486	486	486

Notes: The parentheses in the table are z-statistic values, and ***, **, and * indicate passing significance tests at the 1%, 5%, and 10% levels, respectively.