Table 4.

Matching into groups (1993).

Dependent variable:	Proportion of corporate subscribers
Groups partitioned by:	chit value			monthly contribution
Chit value/contribution:	Low	Medium	High	Low	Medium	High
	(1)	(2)	(3)	(4)	(5)	(6)
A. Duration measured by a binary variable
Long duration dummy	−0.007	−0.014	−0.098	−0.018	−0.024	−0.063
	(0.008)	(0.009)	(0.014)	(0.012)	(0.010)	(0.011)
Constant	0.179	0.141	0.208	0.190	0.150	0.173
	(0.007)	(0.005)	(0.013)	(0.012)	(0.006)	(0.009)
Number of observations	594	391	161	512	417	217
B. Duration measured as a continuous variable (in years)
Group duration	−0.004	−0.014	−0.015	−0.016	−0.026	−0.014
	(0.005)	(0.009)	(0.004)	(0.010)	(0.008)	(0.004)
Constant	0.185	0.173	0.191	0.227	0.210	0.185
	(0.017)	(0.024)	(0.018)	(0.031)	(0.020)	(0.014)
Number of observations	594	391	161	512	417	217

Note: Long duration dummy equals one if the group runs for at least 40 months, 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.Regressions use 1993 data only and the group is the unit of observation.Standard errors in parentheses.