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Table 2 Average Relationship between Net Competitive Effect and Competitor Size

From: The relative importance of competition to contagion: evidence from the digital currency market

 

(0,0)

(0,7)

(0,30)

(0,90)

Baseline

Contrast

Baseline

Contrast

Baseline

Contrast

Baseline

Contrast

Panel 1: Interact with rank

 Rankit

.00098*** (3.50)

.00104** (2.08)

.00720*** (7.77)

.00686*** (4.93)

.03679*** (9.42)

.03966*** (6.58)

.06507*** (15.55)

.22015*** (14.45)

 BTCRt, USD

−.08045 (−1.49)

.09562 (1.26)

.02606 (0.46)

.28892*** (4.38)

.06653 (0.76)

.14871 (1.24)

.45115** (2.29)

.91241*** (2.82)

 Rankit × BTCRt, USD

−.00339 (−0.78)

−.01121** (−2.05)

−.00776** (−1.96)

−.02090*** (−5.05)

−.01893** (− 2.48)

−.02010*** (− 2.59)

−.04709*** (− 4.76)

−.09621*** (− 7.56)

 Controls&FE

√

√

√

√

√

√

√

√

 R-squared

0.0262

0.0410

0.0606

0.1048

0.0883

0.1174

0.1149

0.2951

 # Obs.

13,072

6272

12,999

6233

12,474

5960

10,974

5180

Panel 2: Interact with Minor

 Minorit

.00314 (0.30)

−.00310 (−0.56)

.01122** (2.11)

−.03413** (−2.51)

.00208 (0.04)

−.17684*** (−3.04)

.53573*** (11.51)

.03429 (0.54)

 BTCRt, USD

−.14091*** (−4.91)

.03313 (0.48)

−.07499** (−2.13)

.12918*** (2.95)

−.16200** (−2.45)

.09299 (0.92)

−.07871 (−0.43)

.19147 (0.62)

 Minorit × BTCRt, USD

.04754 (0.88)

−.12249 (−1.50)

.01319 (0.26)

−.18140*** (−3.51)

.00392 (0.05)

−.25557** (−2.96)

−.04046 (− 0.37)

−.54270*** (− 4.72)

 Controls&FE

√

√

√

√

√

√

√

√

 R-squared

0.0252

0.0397

0.0580

0.1006

0.0809

0.1132

0.0913

0.2509

 # Obs.

13,072

6272

12,999

6233

12,474

5960

10,974

5180

  1. (1) The values in the parentheses are the standardized t-statistics of the corresponding coefficient estimates. (2) *** p < 0.01, ** p < 0.05, * p < 0.1. (3) The number of observations is slightly different across different model specifications because we need some extra days to calculate the 7-day, 30-day, and 90-day returns, and we lose some observations as a result