\begin{tabular}{lcccc} \hline
 & (1) & (2) & (3) & (4) \\
VARIABLES & srate & srate & srate & srate \\ \hline
 &  &  &  &  \\
jd & 0.582*** &  &  &  \\
 & (0.0687) &  &  &  \\
jd\_cont &  & 0.774*** &  &  \\
 &  & (0.0909) &  &  \\
jd\_deaths &  &  & 1.886*** &  \\
 &  &  & (0.240) &  \\
jr &  &  &  & 0.277*** \\
 &  &  &  & (0.0511) \\
 &  &  &  &  \\
Observations & 48 & 48 & 48 & 48 \\
 R-squared & 0.969 & 0.970 & 0.955 & 0.956 \\ \hline
\multicolumn{5}{c}{ Robust standard errors in parentheses} \\
\multicolumn{5}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
\multicolumn{5}{c}{ Replication of Davis et al. (2010).} \\
\multicolumn{5}{c}{ Data in 3-yr periods from 1993-2018.} \\
\multicolumn{5}{c}{ Includes time and sector fixed effects, with seven industry sectors.} \\
\end{tabular}
