Table 4.

Baseline regression results.

Dependent	$\theta$	$\theta$	$\theta$	$\theta$
Method	Panel Tobit	Panel Tobit	Panel Tobit	Panel Tobit
$x_2$	−0.079*** (−23.24)	−0.082*** (−22.06)	−0.075*** (−14.84)	−0.075*** (−14.77)
$z_1$		0.023* (1.88)	0.020* (1.65)	0.021* (1.71)
$z_2$			−0.009* (−1.96)	−0.009* (−1.92)
$z_3$				0.006* (1.79)
_cons	1.036*** (24.34)	1.039*** (24.48)	1.026*** (23.97)	1.003*** (22.50)
${\tau }_i$	Yes	Yes	Yes	Yes
N	486	486	486	486

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