The name is absent



Table 5: Estimation Results including Interaction Terms

3 SLS
log(term. rate)_______________

(1 a)

(2 a)

(За)

log(cape×)

-0.068 *

ɪæi

-0.049 *

( 0.035 )

( 0.015 )

( 0.028 )

log (weighted av. capex)

-0.086 “

-0.035

-0.055 *

( 0.039 )

( 0.016 )

( 0.030 )

log(market share)

-0.155 *“

-0.119 *“

-0.148 *“

( 0.035 )

( 0.015 )

( 0.027 )

log(market size)

0.702 *“

-0.032

0.171

( 0.270 )

( 0.091 )

( 0.171 )

log(share urban pop.)

19.534 **

-14.156 *“

-8.646 *

( 9.028 )

( 2.292 )

( 4.424 )

cb. reg. × log(cape×)

-0.086 “

-0.074

( 0.062 )

( 0.053 )

inc. reg. × log(cape×)

-0.002

0.014

(0.018 )

( 0.035 )

netm. reg. × log(cape×)

0.037

0.052 “

0.071

( 0.059 )

( 0.025 )

( 0.049 )

cb. reg. ×

0.108 *

0.079

log(weighted av. capex)

( 0.061 )

( 0.053 )

inc. reg. ×

0.008

-0.002

log(weighted av. capex)

( 0.018 )

( 0.035 )

netm. reg. ×

-0.048

-0.078 *“

-0.092

log(weighted av.capex)

( 0.061 )

( 0.026 )

( 0.050 )

GSM 1800

0.239 *“

0.109 *“

0 122 ***

(0.066 )

( 0.020 )

( 0.039 )

constant

-27.266 *“

( 9.066 )

country dummies included

#Ôbsï

318

421

500

Chi2 (df)

3672.04 (26)

145092.42 (27)

46628.15 (30)

"R2"___________________

0.920

0.988

0.951

3SLS
log(MOU inc.)

(1 b)

(2 b)

(3 b)

Iog(cape×)

Ô"ÔÔ2

-0.007

√Γ∞8

( 0.012 )

( 0.011 )

(0.015 )

log (weighted av. capex)

0.040 *“

0.025 “

0.034 “

( 0.014 )

( 0.012 )

(0.016 )

log(term. rate)

-0.380 *“

-0.150 *“

-0.252

( 0.130 )

( 0.045 )

(0.156 )

log(market share)

0.939 *“

0.928 *“

0.944 *“

( 0.020 )

( 0.018 )

(0.025 )

log(market size)

-0.004

0.333 *“

0.120

( 0.075 )

( 0.071 )

(0.078 )

log(share urban pop.)

-10.987 ***

-5.712 *“

-9.042 *“

( 1.767 )

(2.143 )

(1.582 )

post paid

0.000 *“

0.000 *“

0.000 *“

( 0.000 )

( 0.000 )

(0.000 )

cb. reg. × log(cape×)

-0.028

-0.020

( 0.019 )

(0.027 )

inc. reg. × log(cape×)

-0.004

0.002

( 0.015 )

(0.016 )

netm. reg. × log(cape×)

0.015

-0.016

0.012

( 0.021 )

( 0.017 )

(0.025 )

cb. reg. ×

0.023

0.019

log(weighted av. capex)

( 0.019 )

(0.027 )

inc. reg. ×

0.014

0.007

log(weighted av. capex)

( 0.015 )

(0.167 )

netm. reg. ×

-0.007

0.016

-0.000

log(weighted av.cape×)

( 0.023 )

(0.018 )

(0.027 )

constant

1.646 “

-0.944 *

( 0.685 )

(1.219 )

country dummies included

___________year dummies included___________

#Ôbsï

500

318

421

Chi2 (df)

12866.44 (30)

1050000(28)

12571.74 (27)

"R2"___________________

0.963

0.983

0.963

*** ** * sjg∩a the 1,5 and 10 percent significance levels.
Std. errors are provided in brackets.



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