|**Variable Dependiente**|**Whole**<br>**Sample**<br>**Trends of**|**Decile 1**<br>**the Excess**|**Decile 2**<br>**Savings, Gro**<br>Two-wa|**Decile 3**<br>**Tabl**<br>**ss Savings an**<br>y fixed effect|**Decile 4**<br>**e 4**<br>**d Gross Cap**<br>s with a linea|**Decile 5**<br>**ital Formati**<br>r trend|**Decile 6**<br>**on, by decile**|**Decile 7**<br>**of size.**|**Decile 8**|**Decile 9**|**Decile 10**|
|---|---|---|---|---|---|---|---|---|---|---|---|
|**Panel A. Excess Savings**||||||||||||
|Trend|0.00247***<br>(0000261)|0.0193***<br>(000538)|0.00235<br>(000285)|0.00685**<br>(000325)|0.00480***<br>(000162)|0.00308***<br>(000119)|0.00199**<br>(0000809)|0.00138*<br>(0000750)|0.000617<br>(0000878)|0.00272***<br>(0000473)|0.00263***<br>(0000265)|
|C|.<br>004***|.<br>0266***|.<br>0123***|.<br>0015***|.<br>0005***|.<br>00455***|.<br>0038***|.<br>0020**|.<br>00226*|.<br>0022***|.<br><br>00232***|
|onstant|-.99<br>(0.00286)|-.<br>(0.0315)|-.<br>(0.0159)|-.9<br>(0.0182)|-.7<br>(0.00829)|-.<br>(0.00645)|-.9<br>(0.00813)|-.9<br>(0.0106)|-.<br>(0.0123)|-.9<br>(0.00602)|-.<br>(0.00311)|
|Number of observations<br>|72,496<br>|2,742<br>|4,444<br>|5,427<br>|6,360<br>|7,263<br>|6,672<br>|8,143<br>|9,328<br>|10,531<br>|11,586<br>|
|R-squared<br>Number of firms|0.022<br>9,153|0.052<br>650|0.025<br>847|0.019<br>916|0.041<br>934|0.043<br>936|0.022<br>925|0.025<br>983|0.021<br>974|0.045<br>992|0.072<br>996|
|**Panel B. Gross Capital Formation**||||||||||||
|Trend|-0.00363***|-0.00518|-0.00261|-0.00764***|-0.00607***|-0.00547***|-0.00493***|-0.00292***|-0.00211***|-0.00248**|* -0.00212***|
||(0.000197)|(0.00371)|(0.00220)|(0.00177)|(0.00150)|(0.00108)|(0.000672)|(0.000702)|(0.000545)|(0.000385)|(0.000256)|
|Ctt|00989***|0154***|0125***|0142***|0139***|0129***|0112***|00745***|00696***|00718***|00679***|
|onsan|.<br>(0.00216)|.<br>(0.0213)|.<br>(0.0122)|.<br>(0.00986)|.<br>(0.00760)|.<br>(0.00590)|.<br>(0.00689)|.<br>(0.00994)|.<br>(0.00764)|.<br>(0.00491)|.<br>(0.00299)|
|Number of observations<br>|73,733<br>|2,836<br>|4,598<br>|5,559<br>|6,473<br>|7,364<br>|6,900<br>|8,328<br>|9,426<br>|10,613<br>|11,636<br>|
|R-squared<br>Number of firms|0.069<br>9,233|0.041<br>669|0.050<br>864|0.097<br>922|0.091<br>942|0.097<br>938|0.080<br>945|0.071<br>988|0.088<br>975|0.096<br>993|0.127<br>997|
|**Panel C. Gross Savings**||||||||||||
|Trend|-0.00106***|0.0140***|-0.000241|-0.000610|-0.00104|-0.00199**|-0.00298***|-0.00139**|-0.00146*|0.000230|0.000490***|
||(0.000217)|(0.00497)|(0.00250)|(0.00299)|(0.00121)|(0.000825)|(0.000663)|(0.000556)|(0.000750)|(0.000346)|(0.000159)|
|Constant|0.0478***<br>|-0.111***<br>|-0.000221<br>|0.0478***<br>|0.0651***<br>|0.0812***<br>|0.0743***<br>|0.0531***<br>|0.0469***<br>|0.0426***<br>|0.0448***<br>|
||(0.00238)|(0.0291)|(0.0140)|(0.0168)|(0.00620)|(0.00448)|(0.00667)|(0.00787)|(0.0105)|(0.00440)|(0.00186)|
|Number of observations<br>|72,496<br>|2,742<br>|4,444<br>|5,427<br>|6,360<br>|7,263<br>|6,672<br>|8,143<br>|9,328<br>|10,531<br>|11,586<br>|
|R-squared<br>Number of firms|0.008<br>9,153|0.045<br>650|0.021<br>847|0.009<br>916|0.023<br>934|0.033<br>936|0.028<br>925|0.030<br>983|0.006<br>974|0.012<br>992|0.050<br>996|
|**Panel D. Excess Savings**||||||||||||
|Trend|0.00300***|0.0166***|0.00175|0.00644*|0.00405**|0.00294**|0.00201**|0.00191**|0.00183*|0.00430***|0.00282***|
||(0.000268)|(0.00565)|(0.00294)|(0.00329)|(0.00165)|(0.00122)|(0.000808)|(0.000785)|(0.00106)|(0.000830)|(0.000747)|
|Dummy Recession|0.0149***<br>|0.0390<br>|0.00955<br>|0.0106<br>|0.0144**<br>|0.00289<br>|0.00318<br>|0.0165***<br>|0.0210**<br>|0.0231**<br>|0.00271<br>|
|Constant|(0.00178)<br>-0.0575***|(0.0250)<br>-0.261***|(0.0115)<br>-0.122***|(0.0131)<br>-0.0906***|(0.00637)<br>-0.0692***|(0.00499)<br>-0.0453***|(0.00514)<br>-0.0390***|(0.00615)<br>-0.0294***|(0.0104)<br>-0.0417***|(0.00996)<br>-0.0543***|(0.00987)<br><br>-0.0262**|
||(0.00300)|(0.0317)|(0.0160)|(0.0183)|(0.00831)|(0.00647)|(0.00813)|(0.0112)|(0.0155)|(0.0124)|(0.0116)|
|Number of observations|72,450|2,742|4,444|5,421|6,360|7,255|6,668|8,115|9,328|10,531|11,586|
|R-squared|0.023|0.054|0.025|0.019|0.042|0.043|0.022|0.026|0.022|0.045|0.072|
|Number of firms|9,144|650|847|913|934|933|924|981|974|992|996|
|**Panel E. Gross Capital Formation**||||||||||||
|Trend|-0.00429***|-0.00448|-0.00133|-0.00708***|-0.00514***|-0.00472***|-0.00501***|-0.00353***|-0.00315***|-0.00377**|*-0.00226***|
||(0.000202)|(0.00387)|(0.00226)|<br>(0.00179)|<br>(0.00153)|<br>(0.00111)|<br>(0.000672)|<br>(0.000734)|<br>(0.000661)|<br>(0.000676)|<br>(0.000720)|
|Dummy Recession|-0.0187***<br>(0.00134)|-0.0100<br>(0.0159)|-0.0206**<br>(0.00859)|-0.0147**<br>(0.00700)|-0.0176***<br>(0.00585)|-0.0137***<br>(0.00458)|-0.0123***<br>(0.00438)|-0.0184***<br>(0.00576)|-0.0181***<br>(0.00648)|-0.0188**<br>(0.00812)|-0.00194<br>(0.00952)|
|C|0108***|0153***|0122***|0141***|0137***|0128***|0113***|00838***|00862***|00922***|00701***|
|onstant|.<br>(0.00226)|.<br>(0.0214)|.<br>(0.0122)|.<br>(0.00986)|.<br>(0.00762)|.<br>(0.00592)|.<br>(0.00689)|.<br>(0.0105)|.<br>(0.00965)|.<br>(0.0101)|.<br>(0.0111)|
|Number of observations<br>|73,687<br>|2,836<br>|4,598<br>|5,553<br>|6,473<br>|7,356<br>|6,896<br>|8,300<br>|9,426<br>|10,613<br>|11,636<br>|
|R-squared|0.072|0.041|0.052|0.098|0.093|0.098|0.081|0.072|0.089|0.097|0.127|
|Number of firms|9,224|669|864|919|942|935|944|986|975|993|997|
|**Panel F. Gross Savings**||||||||||||
|Trend|-0.00120***|0.0119**|0.000559|-0.000347|-0.000959|-0.00141*|-0.00303***|-0.00148**|-0.00131|0.000541|0.000532|
||(0.000224)|(0.00522)|(0.00258)|(0.00303)|(0.00124)|(0.000845)|(0.000663)|(0.000582)|(0.000909)|(0.000607)|(0.000447)|
|Dummy Recession|-0.00388***<br>|0.0306<br>|-0.0129<br>|-0.00711<br>|-0.00149<br>|-0.0104***<br>|-0.00857**<br>|-0.00248<br>|0.00249<br>|0.00455<br>|0.000600<br>|
||(0.00148)|(0.0231)|(0.0101)|(0.0120)|(0.00476)|(0.00346)|(0.00422)|(0.00456)|(0.00890)|(0.00728)|(0.00591)|
|Constant|0.0498***<br>(0.00250)|-0.107***<br>(0.0293)|-0.00153<br>(0.0140)|0.0479***<br>(0.0168)|0.0650***<br>(0.00622)|0.0799***<br>(0.00449)|0.0750***<br>(0.00667)|0.0542***<br>(0.00831)|0.0447***<br>(0.0133)|0.0377***<br>(0.00904)|0.0441***<br>(0.00693)|
|Number of observations|72,450|2,742|4,444|5,421|6,360|7,255|6,668|8,115|9,328|10,531|11,586|
|R-squared<br>Nb f fi|0.008<br>9144|0.046<br>650|0.022<br>847|0.009<br>913|0.023<br>934|0.035<br>933|0.029<br>924|0.029<br>981|0.006<br>974|0.012<br>992|0.050<br>996|
|umer o rms<br>Table 4 shows the linear trend of the main vari<br>for the whole sample and for every decile of si<br>(falling aggregate investment) in the country wh|,<br>ables of interest (Exc<br>ze. Panels A, B, and<br>ere the firm is based.|ess Savings, Gr<br>C show the res<br>Standard deviat|oss Capital For<br>ults of regressio<br>ions are reporte|mation, and Gro<br>ns including a c<br>d between bracke|ss Savings) in a<br>onstant and a lin<br>ts. *, **, ***, sh|two-way fixed-e<br>ear trend only. <br>ow significance|ffect model with<br>Panels D, E, y F<br>at the 10, 5 and|firm-specific a<br>include a dumm<br>1% respectively.|nd year-specific<br>y variable ident<br>|effects. The res<br>ifying periods o|ults are presented<br>f economic crisis|