TABLE 5.
Results of empirical analysis.
| Model 1 | Model 2 | Model 3 | |
| Observations | 522 | 522 | 522 |
| Adjusted R2 | 0.3622 | 0.3399 | 0.3201 |
| F-statistic | 36.72 | 36.94 | 21.30 |
| Prob | 0 | 0 | 0 |
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