Table 3: Estimated equations (Model (5)).

Equation (1)Equation (2)Equation (3)Equation (4)

1.41 ( )    −0.13 0.37
(6.45)**(−0.86)(−2.37)**(7.13)**
         −1.36 ( )
( )(−2.09)**(0.47)(−5.11)**
1.46 ( )       −0.19 ( )
(2.24)**(−0.21)(0.70)(−1.37)
−0.54 ( ) 1.29   
(−1.80)*(−14.37)**(2.32)**(−0.72)
1.58
(.59)(34.24)**(1.27)(−3.43)**
−0.17 0.26
(−1.90)*(−4.84)**(8.03)**
0.18
(55.02)**

Notes: -ratios are in parentheses, indicates scientific notation.
**Significant at the 95 percent level.
*Significant at the 90 percent level.