ABSTRACT

Tables 6-8 summarize the results of our panel regression. We use two sample periods, one excluding the recent crisis period (1992-2007) and one including the crisis years (1992-2010). Note that the high goodness of fit (adjusted R2 values of around 70%) is in part due to the inclusion of cross-section fixed effects, which because of size and nature of the data set explain a relatively large part of the variance.