Table 3. Panel data analysis of transfers.
| |
| |
|
Equation |
Measure |
Constant |
Variable Treatment † |
Rating Treatment ‡ |
Partner duration § |
Partner change | |
Multiplier |
Wald Statistic |
| |
|
|
|
|
|
|
|
|
|
|
|
1a: Both treatments |
First Mover Transfer |
65.25
(5.81)** |
17.23
(6.42)** |
-4.26
(6.40) |
0.63
(0.52) |
-6.35
(1.58)** |
|
41.10** |
|
1b: Fixed only |
First Mover Transfer |
58.26
(7.93)** |
|
-0.82
(10.08) |
2.76
(1.17)* |
-4.92
(2.70) |
|
23.79** |
1c: Variable
only |
First Mover Transfer |
87.21
(5.36)** |
|
-8.58
(7.10) |
-0.18
(0.44) |
-5.82
(1.87)** |
|
12.36* |
|
|
|
|
|
|
|
|
|
|
|
2a: Both treatments |
Second Mover Transfer |
34.04 (4.60)** |
18.21 (4.10)** |
-2.89
(4.01) |
-0.48
(0.74) |
-12.34
(3.19)** |
|
45.62** |
|
2b:Fixed only |
Second Mover Transfer |
29.00
(4.38)** |
|
-1.69
(4.81) |
0.58
(0.79) |
-8.95
(2.51)** |
|
26.97** |
2c:
Variable only |
Second Mover Transfer |
48.14
(9.38)** |
|
-4.12
(6.21) |
-0.26
(1.11) |
-14.67
(5.88)* |
1.21
(1.45) |
9.26 |
|
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† 0 = fixed; 1 = variable
‡ 0 = no rating; 1 = rating
§ number of
consecutive interactions with same
partner
| 1 = not the
same partner as in previous round
* significant at
0.05; ** significant at 0.01; Standard errors in
brackets
|