{\rtf1\fs24

\trowd\trgaph75\trleft-
75\intbl\trqc\clbrdrt\brdrs\cellx1872\clbrdrt\brdrs\cellx4176\clbrdrt\brdrs\cellx72
00\clbrdrt\brdrs\cellx9936\clbrdrt\brdrs\cellx13392\clbrdrt\brdrs\cellx16416\clbrdr
t\brdrs\cellx19152\clbrdrt\brdrs\cellx22608
\ql \cell\qc (1)\cell\qc (2)\cell\qc (3)\cell\qc (4)\cell\qc (5)\cell\qc
(6)\cell\qc (7)\cell\row
\trowd\trgaph75\trleft-
75\trqc\cellx1872\cellx4176\cellx7200\cellx9936\cellx13392\cellx16416\cellx19152\ce
llx22608
\trowd\trgaph75\trleft-
75\trqc\clbrdrb\brdrs\cellx1872\clbrdrb\brdrs\cellx4176\clbrdrb\brdrs\cellx7200\clb
rdrb\brdrs\cellx9936\clbrdrb\brdrs\cellx13392\clbrdrb\brdrs\cellx16416\clbrdrb\brdr
s\cellx19152\clbrdrb\brdrs\cellx22608
\ql VARIABLES\cell\qc Modelo 1: Prais\cell\qc Modelo 2: Prais acum\cell\qc Modelo
3: Cochrane\cell\qc Modelo 4: Cochrane acum\cell\qc Modelo 2: Prais acum\cell\qc
Modelo 3: Cochrane\cell\qc Modelo 4: Cochrane acum\cell\row
\trowd\trgaph75\trleft-
75\trqc\cellx1872\cellx4176\cellx7200\cellx9936\cellx13392\cellx16416\cellx19152\ce
llx22608
\ql \cell\qc \cell\qc \cell\qc \cell\qc \cell\qc \cell\qc \cell\qc \cell\row
\ql dif_IH0\cell\qc 0.503***\cell\qc 0.503***\cell\qc 0.503***\cell\qc
0.503***\cell\qc 0.503***\cell\qc 0.503***\cell\qc 0.503***\cell\row
\ql \cell\qc (0.0592)\cell\qc (0.0592)\cell\qc (0.0591)\cell\qc (0.0591)\cell\qc
(0.0592)\cell\qc (0.0591)\cell\qc (0.0591)\cell\row
\ql dif_IH1\cell\qc 0.172***\cell\qc 0.675***\cell\qc 0.172***\cell\qc
0.674***\cell\qc 0.675***\cell\qc 0.172***\cell\qc 0.674***\cell\row
\ql \cell\qc (0.0595)\cell\qc (0.0883)\cell\qc (0.0595)\cell\qc (0.0883)\cell\qc
(0.0883)\cell\qc (0.0595)\cell\qc (0.0883)\cell\row
\ql dif_IH2\cell\qc 0.0682\cell\qc 0.744***\cell\qc 0.0677\cell\qc 0.742***\cell\qc
0.744***\cell\qc 0.0677\cell\qc 0.742***\cell\row
\ql \cell\qc (0.0595)\cell\qc (0.111)\cell\qc (0.0595)\cell\qc (0.111)\cell\qc
(0.111)\cell\qc (0.0595)\cell\qc (0.111)\cell\row
\ql dif_IH3\cell\qc 0.0702\cell\qc 0.814***\cell\qc 0.0697\cell\qc 0.812***\cell\qc
0.814***\cell\qc 0.0697\cell\qc 0.812***\cell\row
\ql \cell\qc (0.0595)\cell\qc (0.130)\cell\qc (0.0595)\cell\qc (0.130)\cell\qc
(0.130)\cell\qc (0.0595)\cell\qc (0.130)\cell\row
\ql dif_IH4\cell\qc 0.0223\cell\qc 0.836***\cell\qc 0.0219\cell\qc 0.834***\cell\qc
0.836***\cell\qc 0.0219\cell\qc 0.834***\cell\row
\ql \cell\qc (0.0595)\cell\qc (0.147)\cell\qc (0.0595)\cell\qc (0.147)\cell\qc
(0.147)\cell\qc (0.0595)\cell\qc (0.147)\cell\row
\ql dif_IH5\cell\qc 0.0268\cell\qc 0.863***\cell\qc 0.0276\cell\qc 0.861***\cell\qc
0.863***\cell\qc 0.0276\cell\qc 0.861***\cell\row
\ql \cell\qc (0.0595)\cell\qc (0.163)\cell\qc (0.0595)\cell\qc (0.163)\cell\qc
(0.163)\cell\qc (0.0595)\cell\qc (0.163)\cell\row
\ql dif_IH6\cell\qc 0.0310\cell\qc 0.894***\cell\qc 0.0327\cell\qc 0.894***\cell\qc
0.894***\cell\qc 0.0327\cell\qc 0.894***\cell\row
\ql \cell\qc (0.0587)\cell\qc (0.178)\cell\qc (0.0586)\cell\qc (0.178)\cell\qc
(0.178)\cell\qc (0.0586)\cell\qc (0.178)\cell\row
\ql dif_IH7\cell\qc 0.0151\cell\qc 0.909***\cell\qc 0.0184\cell\qc 0.912***\cell\qc
0.909***\cell\qc 0.0184\cell\qc 0.912***\cell\row
\ql \cell\qc (0.0579)\cell\qc (0.192)\cell\qc (0.0579)\cell\qc (0.192)\cell\qc
(0.192)\cell\qc (0.0579)\cell\qc (0.192)\cell\row
\ql dif_IH8\cell\qc -0.0421\cell\qc 0.867***\cell\qc -0.0428\cell\qc
0.870***\cell\qc 0.867***\cell\qc -0.0428\cell\qc 0.870***\cell\row
\ql \cell\qc (0.0577)\cell\qc (0.205)\cell\qc (0.0577)\cell\qc (0.205)\cell\qc
(0.205)\cell\qc (0.0577)\cell\qc (0.205)\cell\row
\ql dif_IH9\cell\qc -0.0102\cell\qc 0.857***\cell\qc -0.0111\cell\qc
0.858***\cell\qc 0.857***\cell\qc -0.0111\cell\qc 0.858***\cell\row
\ql \cell\qc (0.0577)\cell\qc (0.218)\cell\qc (0.0577)\cell\qc (0.218)\cell\qc
(0.218)\cell\qc (0.0577)\cell\qc (0.218)\cell\row
\ql dif_IH10\cell\qc -0.116**\cell\qc 0.741***\cell\qc -0.117**\cell\qc
0.741***\cell\qc 0.741***\cell\qc -0.117**\cell\qc 0.741***\cell\row
\ql \cell\qc (0.0577)\cell\qc (0.231)\cell\qc (0.0577)\cell\qc (0.231)\cell\qc
(0.231)\cell\qc (0.0577)\cell\qc (0.231)\cell\row
\ql dif_IH11\cell\qc -0.0662\cell\qc 0.674***\cell\qc -0.0669\cell\qc
0.675***\cell\qc 0.674***\cell\qc -0.0669\cell\qc 0.675***\cell\row
\ql \cell\qc (0.0579)\cell\qc (0.242)\cell\qc (0.0579)\cell\qc (0.242)\cell\qc
(0.242)\cell\qc (0.0579)\cell\qc (0.242)\cell\row
\ql dif_IH12\cell\qc -0.142**\cell\qc 0.532**\cell\qc -0.143**\cell\qc
0.532**\cell\qc 0.532**\cell\qc -0.143**\cell\qc 0.532**\cell\row
\ql \cell\qc (0.0586)\cell\qc (0.250)\cell\qc (0.0586)\cell\qc (0.250)\cell\qc
(0.250)\cell\qc (0.0586)\cell\qc (0.250)\cell\row
\ql dif_IH13\cell\qc -0.0819\cell\qc 0.450*\cell\qc -0.0825\cell\qc 0.449*\cell\qc
0.450*\cell\qc -0.0825\cell\qc 0.449*\cell\row
\ql \cell\qc (0.0595)\cell\qc (0.256)\cell\qc (0.0594)\cell\qc (0.256)\cell\qc
(0.256)\cell\qc (0.0594)\cell\qc (0.256)\cell\row
\ql dif_IH14\cell\qc -0.0568\cell\qc 0.393\cell\qc -0.0573\cell\qc 0.392\cell\qc
0.393\cell\qc -0.0573\cell\qc 0.392\cell\row
\ql \cell\qc (0.0595)\cell\qc (0.261)\cell\qc (0.0594)\cell\qc (0.261)\cell\qc
(0.261)\cell\qc (0.0594)\cell\qc (0.261)\cell\row
\ql dif_IH15\cell\qc -0.0316\cell\qc 0.362\cell\qc -0.0321\cell\qc 0.360\cell\qc
0.362\cell\qc -0.0321\cell\qc 0.360\cell\row
\ql \cell\qc (0.0595)\cell\qc (0.267)\cell\qc (0.0594)\cell\qc (0.267)\cell\qc
(0.267)\cell\qc (0.0594)\cell\qc (0.267)\cell\row
\ql dif_IH16\cell\qc -0.00545\cell\qc 0.356\cell\qc -0.00614\cell\qc 0.354\cell\qc
0.356\cell\qc -0.00614\cell\qc 0.354\cell\row
\ql \cell\qc (0.0595)\cell\qc (0.273)\cell\qc (0.0594)\cell\qc (0.273)\cell\qc
(0.273)\cell\qc (0.0594)\cell\qc (0.273)\cell\row
\ql dif_IH17\cell\qc 0.00294\cell\qc 0.359\cell\qc 0.00186\cell\qc 0.355\cell\qc
0.359\cell\qc 0.00186\cell\qc 0.355\cell\row
\ql \cell\qc (0.0595)\cell\qc (0.280)\cell\qc (0.0594)\cell\qc (0.279)\cell\qc
(0.280)\cell\qc (0.0594)\cell\qc (0.279)\cell\row
\ql dif_IH18\cell\qc 0.00273\cell\qc \cell\qc 0.00117\cell\qc \cell\qc \cell\qc
0.00117\cell\qc \cell\row
\ql \cell\qc (0.0591)\cell\qc \cell\qc (0.0591)\cell\qc \cell\qc \cell\qc
(0.0591)\cell\qc \cell\row
\ql IH18frzdys\cell\qc \cell\qc 0.362\cell\qc \cell\qc 0.357\cell\qc
0.362\cell\qc \cell\qc 0.357\cell\row
\ql \cell\qc \cell\qc (0.286)\cell\qc \cell\qc (0.286)\cell\qc (0.286)\cell\qc
\cell\qc (0.286)\cell\row
\ql Constant\cell\qc -0.342\cell\qc -0.342\cell\qc -0.325\cell\qc -0.325\cell\qc
-0.342\cell\qc -0.325\cell\qc -0.325\cell\row
\ql \cell\qc (0.278)\cell\qc (0.278)\cell\qc (0.278)\cell\qc (0.278)\cell\qc
(0.278)\cell\qc (0.278)\cell\qc (0.278)\cell\row
\ql \cell\qc \cell\qc \cell\qc \cell\qc \cell\qc \cell\qc \cell\qc \cell\row
\ql Observations\cell\qc 594\cell\qc 594\cell\qc 593\cell\qc 593\cell\qc
594\cell\qc 593\cell\qc 593\cell\row
\trowd\trgaph75\trleft-
75\trqc\trbrdrb\brdrs\clbrdrb\brdrs\cellx1872\clbrdrb\brdrs\cellx4176\clbrdrb\brdrs
\cellx7200\clbrdrb\brdrs\cellx9936\clbrdrb\brdrs\cellx13392\clbrdrb\brdrs\cellx1641
6\clbrdrb\brdrs\cellx19152\clbrdrb\brdrs\cellx22608
\ql R-squared\cell\qc 0.131\cell\qc 0.131\cell\qc 0.131\cell\qc 0.131\cell\qc
0.131\cell\qc 0.131\cell\qc 0.131\cell\row
\pard\qc
Standard errors in parentheses\par
*** p<0.01, ** p<0.05, * p<0.1\par
}