Appendix Table A2 (continued)

Independent variable, statistic	2001-2003	2004-2006	2001-2006
C Equation	H Equation	C Equation	H Equation	C Equation	H Equation
Value	P-val.	Value	P-val.	Value	P-val.	Value	P-val.	Value	P-val.	Value	P-val.
Lowly concentrated industries, contemporaneous estimates
LE_{ijt}	0.4860	0.00	0.4861	0.00	0.4458	0.00	0.4457	0.00	0.5587	0.00	0.5586	0.00
LK_{ijt}	0.1958	0.00	0.1977	0.00	0.1420	0.00	0.1420	0.00	0.1713	0.00	0.1712	0.00
LE_{ijt}^{2}	-0.0667	0.00	-0.0676	0.00	-0.0104	0.44	-0.0103	0.45	-0.0236	0.03	-0.0235	0.03
LK_{ijt}^{2}	0.0175	0.06	0.0177	0.06	0.0036	0.41	0.0036	0.41	0.0072	0.04	0.0071	0.04
LELK_{ijt}	0.0033	0.87	0.0039	0.84	-0.0110	0.33	-0.0110	0.33	0.0018	0.84	0.0019	0.83
SS_{ijt}	0.9788	0.01	0.9934	0.01	0.4508	0.00	0.4500	0.00	0.1285	0.29	0.1138	0.35
SM_{ijt}	-0.4310	0.22	-0.3465	0.33	-0.0743	0.60	-0.0722	0.62	-0.4308	0.00	-0.4564	0.00
SJ_{ijt}	0.6263	0.45	1.1620	0.15	0.0895	0.92	0.1074	0.90	-0.3132	0.53	-0.4123	0.41
C_{jt}, H_{jt}	1.1115	0.00	2.7328	0.00	-0.1302	0.47	-0.7776	0.61	0.0304	0.81	0.7179	0.09
Constant	-0.9235	0.00	-0.7775	0.00	-0.1961	0.01	-0.2074	0.00	-0.3307	0.00	-0.3375	0.00
Obs., Eq.	11,608	3	11,608	4	19,526	3	19,526	4	31,134	3	31,134	4
Groups	6,177	-	6,177	-	10,461	-	10,461	-	12,549	-	12,549	-
R^{2}-within	0.408	-	0.408	-	0.162	-	0.162	-	0.258	-	0.259	-
R^{2}-between	0.406	-	0.402	-	0.487	-	0.487	-	0.456	-	0.456	-
R^{2}-overall	0.444	-	0.441	-	0.511	-	0.511	-	0.493	-	0.493	-
T,CD	5.08	0.00	5.19	0.00	0.92	0.43	0.91	0.44	3.11	0.03	3.07	0.03
T,DS=DM	17.41	0.00	15.65	0.00	8.67	0.43	8.53	0.00	15.76	0.00	16.34	0.00
T,DS=DJ	0.19	0.66	0.05	0.83	0.02	0.68	0.16	0.69	0.79	0.37	1.13	0.29
T,DM=DJ	1.65	0.20	3.45	0.06	0.04	0.84	0.05	0.83	0.06	0.81	0.01	0.93
Lowly concentrated industries, lagged estimates
LE_{ijt-1}	0.1423	0.00	0.1428	0.00	0.1247	0.00	0.1244	0.00	0.2457	0.00	0.2455	0.00
LK_{ijt-1}	0.0944	0.00	0.0959	0.00	0.0984	0.00	0.0987	0.00	0.1166	0.00	0.1164	0.00
LE_{ijt-1}^{2}	0.0076	0.73	0.0072	0.74	0.0404	0.00	0.0406	0.00	0.0218	0.04	0.0222	0.03
LK_{ijt-1}^{2}	0.0090	0.22	0.0093	0.20	0.0145	0.00	0.0145	0.00	0.0157	0.00	0.0156	0.00
LELK_{ijt-1}	0.0125	0.49	0.0129	0.48	-0.0274	0.01	-0.0274	0.01	-0.0010	0.91	-0.0010	0.91
SS_{ijt-1}	-0.3624	0.23	-0.2772	0.36	0.2240	0.12	0.2472	0.11	0.0019	0.99	-0.0220	0.87
SM_{ijt-1}	-1.4284	0.00	-1.3483	0.00	0.2902	0.17	0.2972	0.16	-0.2211	0.16	-0.2847	0.07
SJ_{ijt-1}	-5.8651	0.00	-5.6223	0.00	-0.8434	0.34	-0.8114	0.36	-2.2444	0.00	-2.4550	0.00
C_{jt-1}, H_{jt-1}	0.7383	0.00	2.1934	0.00	-0.6440	0.01	-5.1562	0.05	-0.2314	0.04	0.0218	0.94
Constant	0.4444	0.01	0.5100	0.00	0.1389	0.11	0.0983	0.24	0.2282	0.00	0.1954	0.01
Obs., Eq.	6,956	3	6,956	4	12,342	3	0	4	19,298	3	19,298	4
Groups	3,666	-	3,666	-	5,775	-	0	-	6,757	-	6,757	-
R^{2}-within	0.334	-	0.335	-	0.051	-	0.051	-	0.190	-	0.189	-
R^{2}-between	0.302	-	0.306	-	0.521	-	0.518	-	0.502	-	0.504	-
R^{2}-overall	0.298	-	0.303	-	0.505	-	0.502	-	0.481	-	0.483	-
T,CD	1.14	0.33	1.20	0.31	6.43	0.00	6.44	0.00	11.79	0.00	11.72	0.00
T,DS=DM	11.89	0.00	11.86	0.00	0.09	0.76	0.05	0.82	1.86	0.17	2.57	0.11
T,DS=DJ	40.37	0.00	38.48	0.00	1.55	0.21	1.52	0.22	19.79	0.00	23.60	0.00
T,DM=DJ	25.98	0.00	24.25	0.00	1.91	0.17	1.83	0.18	15.73	0.00	18.36	0.00

Note: T,CD is a Wald test for Cobb-Douglas technology (i.e., a test that coefficients on LE, LK, and LELK are all 0); $ T,D_{_}=D_{_} $ are Wald tests that coefficients on the ownership dummies specified are equal. Full results including coefficients on year and industry dummies are available from the authors.