Table 2.

Estimated coefficients in the bias regression model (standard errors and t-values are corrected for heteroskedasticity using the heteroskedasticity consistent (HC3) estimator by MacKinnon and White (1985). Heteroskedasticity and autocorrelation consistent estimates are not reported but were of the same order of magnitude)

	Coefficient	Std. Error	t-value
Intercept	−0.74	0.15	−4.8
PBS 5 - 10 Years	1.07	0.09	12.4
PBS 10+ Years	1.30	0.10	13.3
Direct	−0.45	0.11	−4.0
Year - 1954	0.02	0.004	5.1