PMP 0.001 0.001 1.68 0.094 Islstate 0.238 0.062 3.86 0.000 Constant 0.028 0.026 1.07 0.285 Year Dummies Yes Observations 4,680 Notes: This table presents first stage results for instrumental random effects, where Coeff represents coefficient estimates, Std. Err shows the standard error term, and...