Table 2.
Baseline regression results.
| Variables | (1)Inflow | (2)Inflow | (3)Inflow | (4)Outflow | (5)Outflow | (6)Outflow |
|---|---|---|---|---|---|---|
| CRexpress × time | 87.167∗∗∗ | 100.014∗∗∗ | 65.570∗∗∗ | 29.157∗∗∗ | 42.686∗∗∗ | 61.831∗∗∗ |
| (10.299) | (19.804) | (18.565) | (5.636) | (13.900) | (15.435) | |
| Controls | No | Yes | Yes | No | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Country FE | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 1785 | 1713 | 1713 | 1785 | 1713 | 1713 |
| R2 | 0.777 | 0.821 | 0.837 | 0.776 | 0.808 | 0.836 |
Note: Standard errors in parentheses; ∗∗∗, ∗∗, and ∗ indicate significance levels of 1 %, 5 %, and 10 %, respectively, throughout.