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Table 4 Adaptive expectations – GMM

From: Do carrier expectations indicate industry structure in container shipping? An econometric analysis

SeriesConstantVtKt − 4ShocksWald Test (β = 1)Centered R-SquaredF-Statistic
Full Sample N = 75
 All Trades0.131 (0.25)0.134a (1.78)0.856c (11.35)−0.033 (−1.58)132.0c0.97334.6c
 ETP7.337c (3.50)0.336b (2.44)0.267 (1.15)0.004 (0.09)23.4c0.7528.5c
 WTA1.358 (0.99)0.190 (1.57)0.740c (7.27)−.081b (−1.94)45.1c0.8246.3c
Pre-Block Exemption (WTA, N = 41)
 WTA−0.606 (−0.32)−0.078 (− 0.59)1.115c (6.49)− 0.076a (−1.74)66.4c0.7423.8c
Post-Block Exemption (WTA, N = 29)
 WTA4.931a (1.72)0.331 (1.37)0.392b (1.96)−0.214b (− 2.16)7.7b0.658.66c
  1. aSignificant at the 10% level, bsignificant at the 5% level, csignificant at the 1% level