<?xml version="1.0" encoding="US-ASCII" standalone="yes"?><?

mso-application prog
id="Excel.Sheet"?><Workbook xmlns="urn:schemas-microsoft-com:office:spreadsheet"
xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:x="urn:schemas-microsof
t-com:office:excel" xmlns:ss="urn:schemas-microsoft-com:office:spreadsheet" xmln
s:html="http://www.w3.org/TR/REC-html40"><DocumentProperties xmlns="urn:schemasmicrosoft-com:office:office"><Author></Author><LastAuthor></LastAuthor><Created>
</Created><LastSaved></LastSaved><Company></Company><Version></Version></Documen
tProperties><ExcelWorkbook xmlns="urn:schemas-microsoft-com:office:excel"><Prot
ectStructure>False</ProtectStructure><ProtectWindows>False</ProtectWindows></Exc
elWorkbook><Styles><Style ss:ID="Default" ss:Name="Normal"><Alignment ss:Vertica
l="Bottom"/><Borders/><Font/><Interior/><NumberFormat/><Protection/></Style><Sty
le ss:ID="s1"><Font ss:Bold="1" ss:Size='12'/><NumberFormat/></Style><Style ss:I
D="s21"><Alignment ss:Horizontal="Center" ss:Vertical="Bottom"/><NumberFormat/><
Borders><Border ss:Position="Top" ss:LineStyle="Continuous" ss:Weight="1"/></Bor
ders></Style><Style ss:ID="s22"><Alignment ss:Horizontal="Center" ss:Vertical="B
ottom"/><NumberFormat/></Style><Style ss:ID="s23"><Alignment ss:Horizontal="Cent
er" ss:Vertical="Bottom"/><NumberFormat/><Borders><Border ss:Position="Bottom" s
s:LineStyle="Continuous" ss:Weight="1"/></Borders></Style><Style ss:ID="s24"><Nu
mberFormat/></Style><Style ss:ID="s31"><Borders><Border ss:Position="Top" ss:Lin
eStyle="Continuous" ss:Weight="1"/></Borders></Style><Style ss:ID="s32"><Borders
/></Style><Style ss:ID="s33"><Borders><Border ss:Position="Bottom" ss:LineStyle=
"Continuous" ss:Weight="1"/></Borders></Style></Styles><Names></Names><Worksheet
ss:Name="Sheet1"><Table ss:ExpandedColumnCount="3" ss:ExpandedRowCount="37" x:F
ullColumns="1" x:FullRows="1"><Row></Row><Row><Cell ss:StyleID="s31"><Data ss:Ty
pe="String"></Data></Cell><Cell ss:StyleID="s21"><Data ss:Type="String">(1)</Dat
a></Cell><Cell ss:StyleID="s21"><Data ss:Type="String">(2)</Data></Cell></Row><R
ow><Cell ss:StyleID="s32"><Data ss:Type="String">VARIABLES</Data></Cell><Cell ss
:StyleID="s22"><Data ss:Type="String">D.lnvacon</Data></Cell><Cell ss:StyleID="s
22"><Data ss:Type="String">D.lnvacon</Data></Cell></Row><Row><Cell ss:StyleID="s
31"><Data ss:Type="String"></Data></Cell><Cell ss:StyleID="s21"><Data ss:Type="S
tring"></Data></Cell><Cell ss:StyleID="s21"><Data ss:Type="String"></Data></Cell
></Row><Row><Cell ss:StyleID="s32"><Data ss:Type="String">D.lncontract</Data></C
ell><Cell ss:StyleID="s22"><Data ss:Type="String">0.0260*</Data></Cell><Cell ss:
StyleID="s22"><Data ss:Type="String">0.0260*</Data></Cell></Row><Row><Cell ss:St
yleID="s32"><Data ss:Type="String"></Data></Cell><Cell ss:StyleID="s22"><Data ss
:Type="String">(0.0137)</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="Strin
g">(0.0137)</Data></Cell></Row><Row><Cell ss:StyleID="s32"><Data ss:Type="String
">LD.lncontract</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">0.062
4***</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">0.0624***</Data>
</Cell></Row><Row><Cell ss:StyleID="s32"><Data ss:Type="String"></Data></Cell><C
ell ss:StyleID="s22"><Data ss:Type="String">(0.0150)</Data></Cell><Cell ss:Style
ID="s22"><Data ss:Type="String">(0.0150)</Data></Cell></Row><Row><Cell ss:StyleI
D="s32"><Data ss:Type="String">L2D.lncontract</Data></Cell><Cell ss:StyleID="s22
"><Data ss:Type="String">0.0830***</Data></Cell><Cell ss:StyleID="s22"><Data ss:
Type="String">0.0830***</Data></Cell></Row><Row><Cell ss:StyleID="s32"><Data ss:
Type="String"></Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">(0.014
9)</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">(0.0149)</Data></C
ell></Row><Row><Cell ss:StyleID="s32"><Data ss:Type="String">L3D.lncontract</Dat
a></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">0.0548***</Data></Cell><C
ell ss:StyleID="s22"><Data ss:Type="String">0.0548***</Data></Cell></Row><Row><C
ell ss:StyleID="s32"><Data ss:Type="String"></Data></Cell><Cell ss:StyleID="s22"
><Data ss:Type="String">(0.0194)</Data></Cell><Cell ss:StyleID="s22"><Data ss:Ty
pe="String">(0.0194)</Data></Cell></Row><Row><Cell ss:StyleID="s32"><Data ss:Typ
e="String">L4D.lncontract</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="Str
ing">0.0875***</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">0.0875
***</Data></Cell></Row><Row><Cell ss:StyleID="s32"><Data ss:Type="String"></Data
></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">(0.0191)</Data></Cell><Cel
l ss:StyleID="s22"><Data ss:Type="String">(0.0191)</Data></Cell></Row><Row><Cell
ss:StyleID="s32"><Data ss:Type="String">L5D.lncontract</Data></Cell><Cell ss:St
yleID="s22"><Data ss:Type="String">0.104***</Data></Cell><Cell ss:StyleID="s22">

<Data ss:Type="String">0.104***</Data></Cell></Row><Row><Cell ss:StyleID="s32"><

Data ss:Type="String"></Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String
">(0.0174)</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">(0.0174)</
Data></Cell></Row><Row><Cell ss:StyleID="s32"><Data ss:Type="String">L6D.lncontr
act</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">0.0900***</Data><
/Cell><Cell ss:StyleID="s22"><Data ss:Type="String">0.0900***</Data></Cell></Row
><Row><Cell ss:StyleID="s32"><Data ss:Type="String"></Data></Cell><Cell ss:Style
ID="s22"><Data ss:Type="String">(0.0161)</Data></Cell><Cell ss:StyleID="s22"><Da
ta ss:Type="String">(0.0161)</Data></Cell></Row><Row><Cell ss:StyleID="s32"><Dat
a ss:Type="String">L7D.lncontract</Data></Cell><Cell ss:StyleID="s22"><Data ss:T
ype="String">0.0796***</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String
">0.0796***</Data></Cell></Row><Row><Cell ss:StyleID="s32"><Data ss:Type="String
"></Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">(0.0157)</Data></C
ell><Cell ss:StyleID="s22"><Data ss:Type="String">(0.0157)</Data></Cell></Row><R
ow><Cell ss:StyleID="s32"><Data ss:Type="String">L8D.lncontract</Data></Cell><Ce
ll ss:StyleID="s22"><Data ss:Type="String">0.0659***</Data></Cell><Cell ss:Style
ID="s22"><Data ss:Type="String">0.0659***</Data></Cell></Row><Row><Cell ss:Style
ID="s32"><Data ss:Type="String"></Data></Cell><Cell ss:StyleID="s22"><Data ss:Ty
pe="String">(0.0170)</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">
(0.0170)</Data></Cell></Row><Row><Cell ss:StyleID="s32"><Data ss:Type="String">L
9D.lncontract</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">0.0315*
</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">0.0315*</Data></Cell
></Row><Row><Cell ss:StyleID="s32"><Data ss:Type="String"></Data></Cell><Cell ss
:StyleID="s22"><Data ss:Type="String">(0.0162)</Data></Cell><Cell ss:StyleID="s2
2"><Data ss:Type="String">(0.0162)</Data></Cell></Row><Row><Cell ss:StyleID="s32
"><Data ss:Type="String">L10D.lncontract</Data></Cell><Cell ss:StyleID="s22"><Da
ta ss:Type="String">0.0236</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="St
ring">0.0236</Data></Cell></Row><Row><Cell ss:StyleID="s32"><Data ss:Type="Strin
g"></Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">(0.0177)</Data></
Cell><Cell ss:StyleID="s22"><Data ss:Type="String">(0.0177)</Data></Cell></Row><
Row><Cell ss:StyleID="s32"><Data ss:Type="String">L11D.lncontract</Data></Cell><
Cell ss:StyleID="s22"><Data ss:Type="String">0.00587</Data></Cell><Cell ss:Style
ID="s22"><Data ss:Type="String">0.00587</Data></Cell></Row><Row><Cell ss:StyleID
="s32"><Data ss:Type="String"></Data></Cell><Cell ss:StyleID="s22"><Data ss:Type
="String">(0.0153)</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">(0
.0153)</Data></Cell></Row><Row><Cell ss:StyleID="s32"><Data ss:Type="String">L12
D.lncontract</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">-0.0202*
</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">-0.0202*</Data></Cel
l></Row><Row><Cell ss:StyleID="s32"><Data ss:Type="String"></Data></Cell><Cell s
s:StyleID="s22"><Data ss:Type="String">(0.0119)</Data></Cell><Cell ss:StyleID="s
22"><Data ss:Type="String">(0.0119)</Data></Cell></Row><Row><Cell ss:StyleID="s3
2"><Data ss:Type="String">Constant</Data></Cell><Cell ss:StyleID="s22"><Data ss:
Type="String">0.00183</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String"
>0.00183</Data></Cell></Row><Row><Cell ss:StyleID="s32"><Data ss:Type="String"><
/Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">(0.00414)</Data></Cel
l><Cell ss:StyleID="s22"><Data ss:Type="String">(0.00414)</Data></Cell></Row><Ro
w><Cell ss:StyleID="s32"><Data ss:Type="String"></Data></Cell><Cell ss:StyleID="
s22"><Data ss:Type="String"></Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="
String"></Data></Cell></Row><Row><Cell ss:StyleID="s32"><Data ss:Type="String">O
bservations</Data></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">113</Data
></Cell><Cell ss:StyleID="s22"><Data ss:Type="String">113</Data></Cell></Row><Ro
w><Cell ss:StyleID="s33"><Data ss:Type="String">R-squared</Data></Cell><Cell ss:
StyleID="s23"><Data ss:Type="String">0.518</Data></Cell><Cell ss:StyleID="s23"><
Data ss:Type="String">0.518</Data></Cell></Row><Row><Cell ss:StyleID="s24"><Data
ss:Type="String">Robust standard errors in parentheses</Data></Cell><Cell ss:St
yleID="s24"><Data ss:Type="String"></Data></Cell><Cell ss:StyleID="s24"><Data ss
:Type="String"></Data></Cell></Row><Row><Cell ss:StyleID="s24"><Data ss:Type="St
ring">*** p&lt;0.01, ** p&lt;0.05, * p&lt;0.1</Data></Cell><Cell ss:StyleID="s24
"><Data ss:Type="String"></Data></Cell><Cell ss:StyleID="s24"><Data ss:Type="Str
ing"></Data></Cell></Row></Table><WorksheetOptions xmlns="urn:schemas-microsoft-

com:office:excel"><ProtectedObjects>False</ProtectedObjects><ProtectedScenarios>
False</ProtectedScenarios></WorksheetOptions></Worksheet></Workbook>