Table 4: Estimation Results of Demand for Movie Attendance

(1)	(2)	(3)	(4)	(5)	(6)	(7)
α: Admissoin Price/CPI	-0.241 a	-0.265 a	-0.272 a	-0.165 a	-0.166 a	-0.179 a	-0.178 a
(0.041)	(0.043)	(0.042)	(0.030)	(0.028)	(0.061)	(0.033)
σ: ln(s jg), Within Share	0.416 a	0.398 a	0.375 a	0.496 a	0.480 a	0.509 a	0.468 a
(0.044)	(0.047)	(0.049)	(0.029)	(0.029)	(0.043)	(0.031)
γ: Density within 20 km	1.137 a	1.166 a	1.140 a	1.091 a
(0.086)	(0.084)	(0.230)	(0.093)
β:
No. of Screens	0.040 b	0.265 a	0.227 a	0.267 a	0.232 a	0.244 b	0.273 a
(0.017)	(0.034)	(0.032)	(0.025)	(0.023)	(0.104)	(0.025)
No. of Screens, Squared/100	-2.081 a	-1.680 a	-1.756 a	-1.414 a	-0.970	-1.596 a
(0.235)	(0.217)	(0.182)	(0.168)	(0.950)	(0.204)
No. of Seats/100	0.089 a	0.086 a	0.070 a	0.056 a	0.045 a	0.020	0.039 a
(0.007)	(0.007)	(0.006)	(0.005)	(0.004)	(0.033)	(0.006)
No. of Screened Films/100	-0.058 b	-0.064 b	0.078 a	-0.098 a	0.005	0.164	0.046 c
(0.025)	(0.027)	(0.030)	(0.023)	(0.020)	(0.453)	(0.025)
Japanese Film Ratio	-0.006 a	-0.006 a	-0.006 a	-0.004 a	-0.004 a	-0.005 a	-0.004 a
(0.001)	(0.001)	(0.001)	(0.001)	(0.000)	(0.001)	(0.001)
Vertical Integration (w)	0.341 a	0.212 a	0.917 a	0.769 a
(0.037)	(0.023)	(0.307)	(0.086)
Separate Location	-0.027	-0.041	-0.070	0.002
(0.042)	(0.027)	(0.084)	(0.036)
First-run Theater	0.579 a	0.434 a	0.462 a	0.439 a
(0.067)	(0.043)	(0.163)	(0.053)
-δ0+θ:
Tokyo	0.144	0.117	0.092	-0.043	-0.064	-0.717	-0.067
(0.090)	(0.095)	(0.098)	(0.071)	(0.071)	(0.531)	(0.076)
Aichi	-0.381 a	-0.348 a	-0.382 a	-0.348 a	-0.374 a	-0.673	-0.382 a
(0.089)	(0.091)	(0.092)	(0.060)	(0.059)	(0.559)	(0.068)
Osaka	-0.270 a	-0.284 a	-0.283 a	-0.478 a	-0.488 a	-0.735	-0.538 a
(0.084)	(0.088)	(0.088)	(0.066)	(0.066)	(0.831)	(0.073)
1994	0.047	0.037	0.038	0.014	0.013	0.079	0.012
(0.039)	(0.041)	(0.040)	(0.028)	(0.027)	(0.081)	(0.037)
1997	-0.026	-0.074 c	-0.061	-0.045	-0.038	-0.039	-0.036
(0.042)	(0.045)	(0.043)	(0.030)	(0.028)	(0.180)	(0.037)
2001	0.010	-0.049	-0.044	0.052	0.054	0.201 b	0.044
(0.050)	(0.054)	(0.053)	(0.035)	(0.033)	(0.101)	(0.044)
2004	0.017	-0.043	-0.079	0.074 b	0.047	0.164	0.010
(0.054)	(0.058)	(0.059)	(0.038)	(0.037)	(0.136)	(0.049)
ρ1: w(φ/Φ)	-0.434 a
(0.059)
ρ2: (1-w)(φ/(1-Φ))	0.114
(0.071)
Constant	7.431 a	7.411 a	6.918 a	5.969 a	5.566 a	5.704 a	5.600 a
(0.629)	(0.661)	(0.606)	(0.469)	(0.415)	(1.013)	(0.474)
Instruments:
Rivals' Mean of Characteristics	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Rivals' Mean of Density (20 km)	No	No	No	Yes	Yes	Yes	Yes
Ratio of VI Theaters in the Market	No	No	No	No	No	Yes	Yes
No. of observations	4,254	4,254	4,254	4,254	4,254	4,254	4,254
Uncentered R-squared	0.926	0.918	0.920	0.963	0.966	0.939	0.963
Hansen J statistic	2.010	1.262	1.388	0.537	0.821	0.554	2.064
p-value	0.366	0.532	0.500	0.764	0.664	0.758	0.356

NOTE: All models are estimated by the GMM. In the sixth model, the full model is estimated by adding the interaction terms of the vertical integration dummy and the mean deviation of other theater characteristics with the ratio of vertical integrated theaters, which are instrumented with the interaction terms of the ratio and the mean deviation of other theater characteristics. In the seventh model, the full model is estimated by adding the interaction terms of the vertical integration dummy and the mean deviation of other theater characteristics, $ w(\varphi/\Phi) $ and $ (1-w)(\varphi/(1-\Phi)) $ . $ \Phi $ and $ \varphi $ are computed from the probit estimation result. The estimated robust standard errors for the first to sixth models, and the bias-corrected bootstrap standard errors for the seventh model, are provided in parentheses. a, b, and c indicate statistical significance at 1%, 5%, and 10% levels, respectively.