--------------------------------------------------------------------------------
                          (1)             (2)             (3)             (4)   
                          vcn             vcn             vcn             vcn   

vy0_h                   0.210***        0.215***        0.160**         0.215***
                     (0.0234)        (0.0240)        (0.0750)        (0.0728)   
_Iwave_2                0.203***                        0.208***                
                     (0.0444)                        (0.0444)                   
_Iwave_3                0.245***                        0.250***                
                     (0.0419)                        (0.0420)                   
_Iwave_4                0.219***                        0.222***                
                     (0.0367)                        (0.0366)                   
_Iwave_5                0.221***                        0.226***                
                     (0.0336)                        (0.0337)                   
_Iwave_6                0.182***                        0.186***                
                     (0.0281)                        (0.0281)                   
_Iwave_7                0.202***                        0.204***                
                     (0.0283)                        (0.0282)                   
_Iwave_8                0.252***                        0.251***                
                     (0.0289)                        (0.0290)                   
_Iwave_9                0.000                           0.000                   
                          (.)                             (.)                   
t_2r                                   -0.014***                       -0.014***
                                     (0.0042)                        (0.0042)   
t_3r                                    0.011*                          0.011*  
                                     (0.0060)                        (0.0060)   
t_4r                                    0.009                           0.009   
                                     (0.0056)                        (0.0057)   
t_5r                                    0.000                           0.000   
                                     (0.0012)                        (0.0012)   
t_6r                                    0.001                           0.001   
                                     (0.0018)                        (0.0018)   
t_7r                                    0.000                           0.000   
                                     (0.0011)                        (0.0011)   
t_8r                                    0.001                           0.001   
                                     (0.0006)                        (0.0006)   
Constant               -0.170***        0.048          -0.169***        0.047   
                     (0.0558)        (0.0496)        (0.0557)        (0.0499)   
controls                  Yes             Yes             Yes             Yes   

R-squared               0.142           0.101           0.138           0.101   
N. of cases          3111.000        3111.000        3111.000        3111.000   
N. of groups                                                                    
Avg n. of T                                                                     
frac of var du~i                                                                
A.-Bond test A~e                                                                
Cragg-Donald W~F                                      133.510         136.131   
Sargan p value                                                                  
Hansen J p value                                        0.553           0.977   
Hansen J p value                                                                
Endogeneity te~l                                        0.494           0.996   

