|||Oral|**Table**<br>**Savings**|**4. Transpare**<br>Printed|**ncy Index**<br>material||Oral|**Credit**|Printed|material|
|---|---|---|---|---|---|---|---|---|---|---|
||Documentation||TI|Provided|TI|Documentation||TI|Provided|TI|
||required|All|Voluntary|(1=yes)||required|All|Voluntary|(1=yes)||
||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|(9)|(10)|
|HL * HI|0.007|0.247***|-0.049|0.065|-0.080|-0.023|0.255***|-0.074|-0.025|0.104|
||(0.048)|(0.085)|(0.077)|(0.068)|(0.087)|(0.065)|(0.079)|(0.057)|(0.067)|(0.070)|
|HL * LI|0.037|0.143|-0.054|0.022|-0.054|0.034|0.289***|-0.018|0.049|0.122*|
||(0.043)|(0.101)|(0.084)|(0.065)|(0.077)|(0.065)|(0.060)|(0.060)|(0.063)|(0.065)|
|Investment|0.001|0.325***|0.402***|0.031|0.076||||||
||(0.039)|(0.080)|(0.082)|(0.058)|(0.076)||||||
|High indebtedness||||||-0.094*|-0.064|-0.014|-0.071|0.086|
|||||||(0.053)|(0.054)|(0.052)|(0.057)|(0.064)|
|Formal dress|-0.009|-0.001|-0.051|-0.053|0.091|0.022|0.084|-0.020|0.045|-0.016|
||(0.024)|(0.069)|(0.072)|(0.044)|(0.079)|(0.045)|(0.052)|(0.039)|(0.059)|(0.059)|
|R-squared|0.083|0.229|0.291|0.173|0.136|0.041|0.190|0.238|0.049|0.180|
|**Observations**|392|215|215|392|104|435|261|261|435|116|
|Peru|121|107|107|121|88|150|150|150|150|67|
|Mexico|105|78|78|105|4|115|54|54|115|22|
|Ghana|166|30|30|166|12|170|57|57|170|27|
|**Means for control auditors**|||||||||||
|Dep. Variable|0.866|0.302|0.292|0.515|0.345|0.752|0.439|0.182|0.475|0.202|
|Peru|0.944|0.329|0.329|0.889|0.424|0.763|0.347|0.000|0.579|0.192|
|Mexico|0.962|0.289|0.268|0.462|.|0.697|0.468|0.468|0.485|0.319|
|Ghana|0.792|0.273|0.273|0.415|.|0.800|0.655|0.330|0.333|0.104|
|**P-value of test**|||||||||||
|_HL * HI = HL * LI_|0.306|0.304|0.925|0.535|0.793|0.432|0.697|0.396|0.312|0.803|
|_HL = 0_|0.461|0.025|0.805|0.633|0.590|0.729|0.000|0.435|0.574|0.138|
|**Panel A: Means**|||||||||||
|Commercial Banks|0.922|0.571|0.407|0.602|0.532|0.548|0.569|0.112|0.376|0.343|
|Peru|1.000|0.537|0.322|0.880|0.571|0.667|0.555|0.092|0.479|0.396|
|Mexico|0.939|0.654|0.569|0.515|1.000|0.211|0.470|0.220|0.368|0.439|
|Ghana|0.822|0.559|0.453|0.356|0.000|0.577|0.692|0.176|0.192|0.000|
|Other Financial Inst.|0.913|0.720|0.615|0.598|0.470|0.683|0.585|0.184|0.488|0.293|
|Peru|0.986|0.603|0.470|0.859|0.347|0.657|0.428|0.013|0.598|0.231|
|Mexico|0.972|0.800|0.695|0.625|1.000|0.807|0.830|0.543|0.474|0.715|
|Ghana|0.835|0.845|0.833|0.430|0.974|0.653|0.759|0.314|0.417|0.142|
|**Panel B: P-values of difference in me**|**ans**||||||||||
|Mexico-Peru|0.129|0.005|0.000|0.000|0.025|0.220|0.003|0.000|0.110|0.005|
|Mexico-Ghana|0.001|0.752|0.825|0.004|0.178|0.115|0.338|0.092|0.188|0.000|
|Peru-Ghana|0.000|0.100|0.006|0.000|0.186|0.726|0.000|0.000|0.001|0.029|
|Commercial Banks - Other Fin. Inst.|0.764|0.018|0.002|0.954|0.512|0.004|0.934|0.109|0.055|0.466|
|_Commercial Banks_|||||||||||
|Mexico-Peru|0.080|0.320|0.037|0.000|.|0.001|0.729|0.372|0.419|0.878|
|Mexico-Ghana|0.130|0.576|0.507|0.163|.|0.013|0.421|0.831|0.195|0.178|
|Peru-Ghana|0.002|0.886|0.400|0.000|0.020|0.451|0.409|0.381|0.015|0.040|
|_Other Financial Inst._|||||||||||
|Mexico-Peru|0.571|0.015|0.012|0.001|0.019|0.004|0.001|0.000|0.094|0.002|
|Mexico-Ghana|0.003|0.668|0.243|0.009|0.568|0.002|0.404|0.135|0.342|0.001|
|Peru-Ghana|0.001|0.044|0.005|0.000|0.000|0.947|0.000|0.000|0.005|0.275|

This table reports the estimation of the following specificaiton: _y ij = β 1 HL i * HI ij + β 2 HL i * LI ij + β 3 INV i + β 4 F ij + β 5 L i + β 6 C i + γ G i + ε ij_ , where _i_ indexes the auditor, _j_ indexes the visiting institution, _HL i_ is an indicator for high literacy or experience, _HI ij_ takes value 1 if auditor _i_ visiting institution _j_ quotes a high interest rate (high competition in case of savings), while _LI ij_ is an indicator for a low interest rate quote (low competition). In addition, _INV i_ is a dummy that takes the value of 1 if auditor _i_ has a preference for an investment account or fixed term deposit (0 if transaction account), for credit auditor-branch pairs it is replaced with the dummy _HD i_ that takes the value of 1 if the auditor asked for a loan amounting to 70 percent of its household income (0 if asked for a loan of 20 percent of its household income). The dummy _F ij_ takes value 1 if auditor _i_ visiting institution _j_ was dressed formally. An observation in the regression is an auditor-branch pair, each pair during credit audits could have multiple visits. Dependant variable in columns (1) and (6) is a dummy indicating whether the staff asked for auditor's official ID to open an account and take out a loan, respectively. Columns (2), (3), (5) report the transparency index for savings products; columns (7), (8), and (10) for credit products. Transparency index (TI) indicates the percentage of total product cost that is disclosed to the auditor by staff, either voluntarily or after being prompted by the auditor when the staff failed to disclose it. Dependent variable in columns (4) and (9) is a dummy that takes the value of 1 if auditor was provided with any printed material related to the product offered (brochure, key fact statement, etc). Columns (5) and (10) report the transparency index, based on cost information disclosed in printed materials. Costs for savings accounts include: opening fee, management fee, debit card fee, membership fee, fees for 2 monthly account inquiries and 2 monthly withdrawals either at the branch or ATM, debit card replacement fee, account inactivity penalty and penalty for falling below the required minimum account balance. Costs for investment accounts include, in addition, an early withdrawal fee for withdrawal before contracted date. Costs for credit products include: life and default insurance, administration fee, credit acquisition fee, membership fee, interest rate and a penalty for late payment. All regressions include country fixed effects, auditor's gender, dummies for visits to commercial institutions and provincial areas. Control auditors were assigned the script without experience (neophyte) and had preference for a transaction account for savings audits or a loan size of 20 percent of household income (low indebtedness) for credit audits. Standard errors are clustered at the auditor level and are reported in parenthesis under coefficient estimates. Levels of significance * p<0.10 ** p<0.05 *** p<0.01.