|
Supplementary Table div_priv_int |
||||||||||||||||
|
The Impact of Liberalizations on Dividend Yields |
||||||||||||||||
|
with Privatization Variable Interacting with Control Variables |
||||||||||||||||
|
Privatization Definition: Market Capitization of Privitizations for Year divided by Last Years Market Capitalization of Index |
||||||||||||||||
|
Panel D: |
Official Liberalization |
|||||||||||||||
|
NUMC |
NUMC*PRIV |
STDL2 |
STDL2*PRIV |
CONCR |
CONCR*PRIV |
FLAT |
FXV |
XMGDP |
CCR |
PRE |
DURING |
POST |
AFTER |
WALD |
||
|
coefficient |
-0.284 |
-0.181 |
-0.960 |
1.044 |
-1.134 |
2.671 |
0.148 |
-3.221 |
-1.513 |
-0.102 |
-0.415 |
-0.554 |
-0.626 |
-0.765 |
2.590 |
|
|
t-stat |
-2.42 |
-0.53 |
-6.81 |
3.17 |
-1.56 |
0.63 |
1.75 |
-2.85 |
-3.19 |
-0.23 |
-3.76 |
-3.89 |
-3.79 |
-4.12 |
0.108 |
|
|
Panel E: |
First Sign |
|||||||||||||||
|
coefficient |
-0.266 |
-0.142 |
-0.970 |
1.056 |
-1.252 |
1.994 |
0.164 |
-3.105 |
-1.373 |
-0.183 |
-0.381 |
-0.547 |
-0.908 |
-1.020 |
8.620 |
|
|
t-stat |
-2.36 |
-0.42 |
-7.06 |
3.24 |
-1.78 |
0.47 |
1.98 |
-2.76 |
-3.17 |
-0.42 |
-2.28 |
-2.61 |
-3.92 |
-4.21 |
0.003 |
|
|
Panel F: |
Capital Flows |
|||||||||||||||
|
coefficient |
-0.376 |
-0.235 |
-1.026 |
1.129 |
-1.207 |
3.277 |
0.157 |
-3.449 |
-1.598 |
0.101 |
-0.033 |
-0.121 |
-0.121 |
-0.207 |
0.490 |
|
|
t-stat |
-3.20 |
-0.68 |
-7.12 |
3.39 |
-1.64 |
0.76 |
1.86 |
-3.19 |
-3.33 |
0.24 |
-0.31 |
-0.88 |
-0.77 |
-1.10 |
0.484 |
|
|
Privatization Definition: Total Number of Privitizations for Each Year |
||||||||||||||||
|
Panel D: |
Official Liberalization |
|||||||||||||||
|
NUMC |
NUMC*PRIV |
STDL2 |
STDL2*PRIV |
CONCR |
CONCR*PRIV |
FLAT |
FXV |
XMGDP |
CCR |
PRE |
DURING |
POST |
AFTER |
WALD |
||
|
coefficient |
-0.292 |
0.003 |
-0.906 |
0.033 |
-0.810 |
-0.063 |
0.146 |
-2.934 |
-1.478 |
-0.043 |
-0.416 |
-0.554 |
-0.625 |
-0.774 |
2.560 |
|
|
t-stat |
-2.48 |
1.13 |
-6.28 |
2.21 |
-1.11 |
-1.60 |
1.72 |
-2.60 |
-3.13 |
-0.10 |
-3.76 |
-3.89 |
-3.78 |
-4.16 |
0.110 |
|
|
Panel E: |
First Sign |
|||||||||||||||
|
coefficient |
-0.270 |
0.003 |
-0.919 |
0.033 |
-0.929 |
-0.062 |
0.153 |
-2.836 |
-1.339 |
-0.109 |
-0.372 |
-0.557 |
-0.936 |
-1.053 |
10.020 |
|
|
t-stat |
-2.37 |
1.08 |
-6.54 |
2.31 |
-1.32 |
-1.61 |
1.85 |
-2.53 |
-3.08 |
-0.25 |
-2.21 |
-2.65 |
-4.05 |
-4.36 |
0.002 |
|
|
Panel F: |
Capital Flows |
|||||||||||||||
|
coefficient |
-0.363 |
0.002 |
-0.971 |
0.036 |
-0.850 |
-0.055 |
0.145 |
-3.077 |
-1.575 |
0.077 |
-0.016 |
-0.094 |
-0.084 |
-0.171 |
0.290 |
|
|
t-stat |
-3.07 |
0.87 |
-6.59 |
2.40 |
-1.16 |
-1.39 |
1.74 |
-2.92 |
-3.28 |
0.19 |
-0.15 |
-0.68 |
-0.53 |
-0.91 |
0.590 |
|
|
Regession includes country specific intercepts and allows for panel specific heteroscedasticity and serial correlation. The PRIV variable is interacted with the level of concentration, the cross-sectional standard deviation and the number of firms. The PRIV variable is defined in two ways: the market capitization of privitizations for the year divided by last year's market capitalization of the country index (December 31); and a discrete 0,1 variable following the dates in Perotti and van Oijen (1998). The Wald test is whether the dividend yield declines from Pre to Post liberalization. |
||||||||||||||||