Table 3.

Timing of winning bids by type of participant.

Dependent variable:	Timing
Chit value/contribution:	Low		Medium		High
Year:	1993	1994	1993	1994	1993	1994
	(1)	(2)	(3)	(4)	(5)	(6)
A. Groups partitioned by chit value
Corporate subscriber	−0.124	−0.124	−0.105	−0.144	−0.151	−0.118
	(0.005)	(0.006)	(0.007)	(0.006)	(0.010)	(0.008)
Constant	0.535	0.543	0.530	0.543	0.529	0.541
	(0.002)	(0.003)	(0.003)	(0.003)	(0.003)	(0.004)
Number of observations	21,400	14,635	14,300	13,411	7,555	6,750
B. Groups partitioned by contribution
Corporate subscriber	−0.122	−0.117	−0.114	−0.147	−0.134	−0.126
	(0.005)	(0.006)	(0.007)	(0.006)	(0.009)	(0.007)
Constant	0.534	0.540	0.532	0.544	0.529	0.543
	(0.002)	(0.003)	(0.003)	(0.003)	(0.003)	(0.003)
Number of observations	19,910	12,815	14,330	13,321	9,015	8,660

Note: Timing is measured as the winning month divided by the total duration of the group.Corporate subscriber equals one if finance company, zero otherwise.

Chit value: Low if chit value = 10,000; Medium if chit value 10,000–50,000; High if chit value ≥ 50,000.Contribution: Low if contribution < 500/month; Medium if contribution 500–1,000; High if contribution > 1,000.The individual subscriber is the unit of observation.Standard errors in parentheses.