Table 5. The RAE by quarter, on natural logarithm of salaries; quantile regression.

Variables	North Am.a Ln_Salary 25%	North Am. Ln_Salary 50%	North Am. Ln_Salary 75%	North Am. Ln_Salary 90%
April-June	-0.019	0.042	0.041	0.064
	(0.043)b	(0.060)	(0.091)	(0.083)
July-September	0.064	0.194**	0.217**	0.166*
	(0.050)	(0.077)	(0.093)	(0.086)
October-December	0.149**d	0.289***	0.392***	0.414***
	(0.066)	(0.083)	(0.112)	(0.110)
Control variables	Y	Y	Y	Y
Can. Jr. Hockey	N	N	N	N
Observations	4,447c	4,447	4,447	4,447
Pseudo R-squared	0.125	0.172	0.158	0.128

^a Only North American players are investigated.

^b Standard errors in parenthesis are clustered on players.

^c Repeated observations per player are used.

^d *** p<0.01,** p<0.05,* p<0.1.