Table 5.

Replace the measurement of the explanatory variable.

	(1)	(2)	(3)	(4)
	GIPT	GIPT	GUPT	GUPT
ESER	0.0985***	0.0707***	0.1548***	0.1028***
	(0.0098)	(0.0089)	(0.0176)	(0.0157)
Control variables		√		√
City fixed effects	√	√	√	√
Year fixed effects	√	√	√	√
N	3920	3920	3920	3920
R2	0.3141	0.4515	0.5230	0.6325

Note Standard errors are in parentheses, ***, **, and * indicate significance at the 1%, 5%, and 10% level, respectively.