Note(s): Robust standard errors in parentheses

^***p < 0.01, ^**p < 0.05, ^*p < 0.1

This table reports the second part of robustness check regression. A robustness check is conducted using the Dependent variable, SLOPE but with alternative proxies for Interest Expectation (INF vs CBRATE) and Fiscal condition variables (FIS_BAL vs GOV_DEBT) with instrument set I. Statistics presented are coefficients, standard error (in parentheses), type of estimators, number of observations, variance explained (by factors), number of factors, and the Overidentifying restriction test (Hansen test p-value). The significance levels at 0.01, 0.05, and 0.1 are denoted by ^***, ^**, and ^*, respectively

Source(s): Authors' calculation