Table 3b:

Evaluation of Operational and Failure Rate

	Operational Rate		Failure Rate
	(1)	(2)	(3)	(4)
	Standard	IV	Standard	IV
Disclosure Law	0.464 (2.39)**	0.513 (2.25)**	−0.427 (2.48)**	−0.421 (1.83)*
Population	0.001 (0.02)	0.006 (0.20)	−0.000 (0.00)	0.001 (0.02)
Population Squared	−0.000 (0.15)	−0.000 (0.28)	0.001 (1.04)	0.000 (0.89)
Per Capita GDP	0.001 (0.34)	−0.002 (0.25)	−0.002 (0.56)	−0.002 (0.22)
Observations	313	313	313	313

^*significant at 10%;

^**significant at 5%;

^***significant at 1% Standard error in brackets. Control variables not reported.