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{\rtf1\fs24

\trowd\trgaph75\trleft-75\intbl\trqc\clbrdrt\brdrs\cellx1872\clbrdrt\brdrs\
cellx3456
\ql \cell\qc (1)\cell\row
\trowd\trgaph75\trleft-75\trqc\cellx1872\cellx3456
\trowd\trgaph75\trleft-75\trqc\clbrdrb\brdrs\cellx1872\clbrdrb\brdrs\cellx3456
\ql VARIABLES\cell\qc y\cell\row
\trowd\trgaph75\trleft-75\trqc\cellx1872\cellx3456
\ql \cell\qc \cell\row
\ql apf\cell\qc -0.000509\cell\row
\ql \cell\qc (0.000895)\cell\row
\ql roa\cell\qc 0.173*\cell\row
\ql \cell\qc (0.104)\cell\row
\ql roe\cell\qc -0.0318*\cell\row
\ql \cell\qc (0.0180)\cell\row
\ql nim\cell\qc 0.00390\cell\row
\ql \cell\qc (0.0344)\cell\row
\ql ldr\cell\qc 0.00239\cell\row
\ql \cell\qc (0.00308)\cell\row
\ql car\cell\qc -0.0140\cell\row
\ql \cell\qc (0.00958)\cell\row
\ql \cell\qc \cell\row
\trowd\trgaph75\trleft-75\trqc\trbrdrb\brdrs\clbrdrb\brdrs\cellx1872\clbrdrb\brdrs\
cellx3456
\ql Observations\cell\qc 50\cell\row
\pard\qc
Standard errors in parentheses\par
*** p<0.01, ** p<0.05, * p<0.1\par
}

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