		(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
VARIABLES	LABELS	rat_cht	rat_stay	rat_stay_diff	rat_leave	rat_leave_diff	rat_stay_noninv	rat_stay_inv	gap_stayers_inv
									
postW_nQ5	postW_nQ5	0.34	2.48	1.48	0.90	-3.87	2.03	0.58	-2.78
		(1.18)	(1.59)	(1.63)	(1.39)	(2.40)	(1.26)	(6.31)	(6.91)
postW_Q5	postW_Q5	3.96*	7.78***	6.50**	-1.54	2.77	5.75***	17.41	9.27
		(2.29)	(2.93)	(3.10)	(1.94)	(5.65)	(1.72)	(11.21)	(8.35)
post_nQ5	post_nQ5	-0.98**	-1.27**	-1.21**	-0.27	-1.66	-0.63	-2.12	-0.85
		(0.49)	(0.52)	(0.58)	(0.59)	(1.35)	(0.49)	(2.19)	(2.12)
post_Q5	post_Q5	2.87***	3.03**	3.11**	1.08	-3.44	2.49**	12.48**	9.77*
		(1.07)	(1.37)	(1.51)	(0.88)	(2.29)	(1.06)	(5.88)	(5.55)
									
Observations		151,892	99,558	99,558	109,169	109,169	94,909	47,063	42,640
R-squared		0.822	0.815	0.575	0.832	0.654	0.832	0.807	0.806
Art-App-Cal Yr FE		YES	YES	YES	YES	YES	YES	YES	YES
N/A		NO	NO	NO	NO	NO	NO	NO	NO
EIN FEs		YES	YES	YES	YES	YES	YES	YES	YES
Mean dep var		57.39	72.56	1.176	50.57	-18.66	64.37	156	91.85
Elasticity		0.0690	0.107	5.522	-0.0304	-0.148	0.0893	0.112	0.101
Robust standard errors in parentheses									
*** p<0.01, ** p<0.05, * p<0.1									
