--------------------------------------------------------------------------------
                          (1)             (2)             (3)             (4)   
                         lcn1            lcn1            lcn1            lcn1   

ly0_h                   0.138***        0.144***        0.200***        0.213***
                     (0.0167)        (0.0177)        (0.0425)        (0.0438)   
_Iwave_2                0.049                           0.043                   
                     (0.0397)                        (0.0397)                   
_Iwave_3                0.089**                         0.086**                 
                     (0.0363)                        (0.0363)                   
_Iwave_4                0.091***                        0.081**                 
                     (0.0320)                        (0.0323)                   
_Iwave_5                0.149***                        0.141***                
                     (0.0260)                        (0.0264)                   
_Iwave_6                0.136***                        0.126***                
                     (0.0232)                        (0.0239)                   
_Iwave_7                0.148***                        0.138***                
                     (0.0211)                        (0.0216)                   
_Iwave_8                0.221***                        0.217***                
                     (0.0226)                        (0.0226)                   
_Iwave_9                0.000                           0.000                   
                          (.)                             (.)                   
t_2r                                   -0.015***                       -0.014***
                                     (0.0040)                        (0.0044)   
t_3r                                   -0.004                          -0.003   
                                     (0.0046)                        (0.0047)   
t_4r                                    0.001                           0.001   
                                     (0.0016)                        (0.0016)   
t_5r                                    0.001                           0.001   
                                     (0.0010)                        (0.0010)   
t_6r                                    0.001                           0.001   
                                     (0.0008)                        (0.0008)   
t_7r                                    0.001                           0.000   
                                     (0.0004)                        (0.0004)   
t_8r                                    0.001***                        0.001***
                                     (0.0003)                        (0.0003)   
controls                  Yes             Yes             Yes             Yes   

R-squared               0.210           0.166           0.198           0.151   
N. of cases          3836.000        3836.000        3836.000        3836.000   
N. of groups          875.000         875.000         875.000         875.000   
Avg n. of T             4.384           4.384           4.384           4.384   
frac of var du~i                                                                
A.-Bond test A~e                                                                
Cragg-Donald W~F                                      184.093         186.327   
Sargan p value                                                                  
Hansen J p value                                        0.069           0.200   
Hansen J p value                                                                
Endogeneity te~l                                        0.066           0.048   

