Table 6 IV Estimator Analysis for the U-shaped Relationship
From: The relative importance of competition to contagion: evidence from the digital currency market
| Â | (0,7) | (0,30) | (0,90) | |||
|---|---|---|---|---|---|---|
Original | IV | Original | IV | Original | IV | |
Rankit | .00200 (0.80) | .00183 (0.71) | .01341 (1.11) | .01237 (0.99) | −.11734*** (−4.4) | −.12140*** (− 4.48) |
\( {Rank}_{it}^2 \) | .00019* (1.82) | .00020* (1.91) | .00086* (1.72) | .00095* (1.84) | .01028*** (8.68) | .01061*** (8.76) |
BTCRt, USD | −.20667*** (−2.82) | −.20739*** (− 2.82) | −.37810*** (−3.83) | −.37314*** (− 3.77) | .10498 (0.58) | .19056 (1.04) |
Rankit × BTCRt, USD | .04348*** (3.05) | .04397*** (3.07) | .08211*** (3.51) | .08302*** (3.53) | .11481*** (4.14) | .09550*** (3.51) |
\( {Rank}_{it}^2\times {BTCR}_{t, USD} \) | −.00201*** (−3.44) | −.00204*** (− 3.47) | −.00401*** (− 3.68) | −.00410*** (− 3.71) | −.00849*** (−6.13) | −.00775*** (−5.73) |
FE & Controls | √ | √ | √ | √ | √ | √ |
R-squared | 0.0703 | 0.0705 | 0.0890 | 0.0893 | 0.2343 | 0.2344 |
# Obs. | 12,999 | 12,999 | 12,474 | 12,474 | 10,974 | 10,974 |