Table 1 U-Shaped Relationship between Net Competitive Effect and Competitor Size
From: The relative importance of competition to contagion: evidence from the digital currency market
| Â | (0,0) | (0,7) | (0,30) | (0,90) | ||||
|---|---|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
Rankit | −.00061 (− 0.67) | −.00079 (− 1.22) | .00200 (0.80) | −.00129 (− 0.83) | .01341 (1.11) | −.00237 (− 0.32) | −.11734*** (− 4.4) | −.13737*** (− 9.89) |
\( {Rank}_{it}^2 \) | .00006 (1.60) | .00004* (1.78) | .00019* (1.82) | .00015** (2.44) | .00086* (1.72) | .00080*** (2.67) | .01028*** (8.68) | .00826*** (12.12) |
BTCRt, USD | −.20467** (−2.28) | −.20828** (− 2.31) | −.20667*** (− 2.82) | −.22243*** (− 3.06) | −.37810*** (− 3.83) | −.49454*** (− 5.33) | .10498 (0.58) | −.99156*** (− 5.18) |
Rankit × BTCRt, USD | .02397 (1.40) | .02445 (1.42) | .04348*** (3.05) | .04609*** (3.29) | .08211*** (3.51) | .10659*** (4.75) | .11481*** (4.14) | .29660*** (10.05) |
\( {Rank}_{it}^2\times {BTCR}_{t, USD} \) | −.00108 (− 1.53) | −.00109 (− 1.54) | −.00201*** (− 3.44) | −.00210*** (− 3.69) | −.00401*** (− 3.68) | −.00494*** (− 4.89) | −.00849*** (− 6.13) | −.01402*** (− 9.66) |
Controls | √ | √ | √ | √ | √ | √ | √ | √ |
Rival FE | √ |  | √ |  | √ |  | √ |  |
Time FE | √ | √ | √ | √ | √ | √ | √ | √ |
R-squared | 0.0267 | 0.0249 | 0.0703 | 0.0617 | 0.0890 | 0.0640 | 0.2343 | 0.1413 |
# Obs. | 13,072 | 13,072 | 12,999 | 12,999 | 12,474 | 12,474 | 10,974 | 10,974 |