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Table 3 Regression results

From: Price distortions and municipal bonds premiums: evidence from Switzerland

Variable

MGIV2SLS

MGIVFE

M1IV2SLS

M1IVFE

M2IV2SLS

M2IVFE

t_yield

2.5159***

2.5107***

33.8708***

32.1012***

− 17.8684***

− 18.5987***

matur

0.3109***

(omitted)

0.4575***

(omitted)

0.1871***

(omitted)

rank

− 10.7560***

(omitted)

− 9.2982***

(omitted)

− 11.4888***

(omitted)

liqdty

48.1404**

32.5865**

(omitted)

(omitted)

49.8798**

34.3906***

_cons

1.3050

15.2251

44.5415***

45.8749***

− 6.1609

5.2306

  1. This table displays the coefficients of the variables in the models proposed. The models considered are the Instrumental Variables, Two Stage Least Squares Cross-Sectional (IV2SLS) and the Fixed Effects (IVFE) approaches, tested for the entire data period (16jan2012–15jan2018), before the currency shock (16jan2012–15jan2015) and after the currency shock (16jan2015–15jan2018) periods, labeled MGIV2SLS, M1IV2SLS, M2IV2SLS, MGIVFE, M1IVFE and M2IVFE, respectively. All approaches use the currency price as control variable
  2. ***, **, * Coefficients are significant at the 1%, 5%, 10% level. Source: Own estimations
  3. *p < 0.05; **p < 0.01; ***p < 0.001
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