		(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)
VARIABLES	LABELS	posemp	emp_cop	rev_emp	va_emp	ebitd_emp	wb_emp	s1_emp	lcomp_emp	rat_broad	tot_inc_emp	granted	rat_stay	lnemp_cop	rat_ent
															
postW_nQ5_nSM	postW_nQ5_nSM	0.01	-8.87*	1.71	4.78	-0.03	-0.18	0.25	2.10	-0.46	3.55	0.40***	-1.48	-0.07	0.40
		(0.02)	(5.07)	(11.48)	(5.13)	(2.64)	(1.15)	(3.08)	(1.79)	(1.32)	(5.28)	(0.02)	(2.32)	(0.05)	(0.93)
postW_Q5_nSM	postW_Q5_nSM	0.05	19.74	39.36**	14.04**	8.89	2.16	10.67*	1.69	1.98	11.22	0.36***	6.81**	0.20***	-1.02
		(0.03)	(11.95)	(17.51)	(6.95)	(5.38)	(2.73)	(6.26)	(3.74)	(2.10)	(7.80)	(0.03)	(3.13)	(0.07)	(1.76)
postW_nQ5_SM	postW_nQ5_SM	-0.02	5.21**	-22.21	-3.57	-2.93	1.81	-0.89	0.49	1.48	-7.44	0.39***	6.88***	0.13**	0.01
		(0.02)	(2.10)	(14.07)	(5.57)	(1.95)	(1.26)	(2.36)	(2.35)	(0.98)	(6.66)	(0.03)	(2.23)	(0.06)	(1.24)
postW_Q5_SM	postW_Q5_SM	-0.10	8.76	19.59	16.56**	8.82**	5.15*	13.28**	7.37*	2.99	21.05**	0.31***	7.52	0.28*	3.92
		(0.08)	(8.52)	(25.06)	(7.68)	(4.03)	(3.08)	(5.18)	(4.41)	(3.69)	(8.60)	(0.03)	(6.68)	(0.15)	(2.75)
post_nQ5_nSM	post_nQ5_nSM	0.00	1.51	12.45**	4.54**	1.25	1.44***	2.70**	1.12	1.08**	4.19**	0.03**	0.94	-0.05**	1.36***
		(0.01)	(1.57)	(4.85)	(1.81)	(1.15)	(0.50)	(1.35)	(0.74)	(0.45)	(1.95)	(0.01)	(0.67)	(0.02)	(0.50)
post_Q5_nSM	post_Q5_nSM	0.01	10.78**	10.39	1.98	0.58	2.94***	4.50**	0.40	1.75	0.86	0.10***	4.89***	0.00	0.71
		(0.01)	(4.14)	(7.99)	(3.30)	(1.72)	(1.00)	(1.90)	(1.52)	(1.06)	(3.41)	(0.02)	(1.61)	(0.03)	(0.81)
post_nQ5_SM	post_nQ5_SM	-0.03***	-5.29***	-6.75	-3.02*	-0.00	-1.23***	-1.98*	0.37	-1.98***	-1.84	0.03***	-3.23***	-0.02	-0.52
		(0.01)	(1.76)	(4.70)	(1.54)	(1.14)	(0.46)	(1.13)	(0.74)	(0.50)	(1.72)	(0.01)	(0.64)	(0.02)	(0.60)
post_Q5_SM	post_Q5_SM	-0.01	-8.29*	-18.97	-6.09	-1.51	-2.37*	-4.03	-4.56**	-2.63**	-10.51*	0.08***	-1.83	-0.01	-0.33
		(0.02)	(4.61)	(11.71)	(4.91)	(1.94)	(1.32)	(2.67)	(2.08)	(1.03)	(5.33)	(0.02)	(1.96)	(0.04)	(1.02)
															
Observations		155,646	103,437	103,437	103,437	103,437	103,437	103,437	103,437	107,789	103,437	155,646	99,558	103,437	70,079
R-squared		0.686	0.850	0.811	0.754	0.692	0.841	0.721	0.798	0.796	0.768	0.768	0.816	0.902	0.749
Art-App-Cal Yr FE		YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES
N/A		NO	NO	NO	NO	NO	NO	NO	NO	NO	NO	NO	NO	NO	NO
EIN FEs		YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES
Mean dep var (Big)		0.722	106.6	278.1	103.9	7.095	57.91	65.28	52.21	52.61	115.1	0.288	73.47	4.021	34.13
Mean dep var (SM)		0.662	10.24	335	135.1	12.12	55.58	69.66	59.99	45.74	150.7	0.282	71.08	1.765	30.38
Elasticity (Big)		0.0747	0.185	0.142	0.135	1.252	0.0373	0.163	0.0323	0.0377	0.0975	1.259	0.0927	0.0500	-0.0299
Elasticity (SM)		-0.154	0.856	0.0585	0.123	0.728	0.0926	0.191	0.123	0.0655	0.140	1.088	0.106	0.156	0.129
Robust standard errors in parentheses															
*** p<0.01, ** p<0.05, * p<0.1															
