(Insert Tables 5 about here)
Table 6 reports descriptive statistics for the variables included in the regressions. In order to limit
the effect of possible outliers in the inferential analysis, one could adopt different rules. In this paper,
extreme observations of each variable are winsorized: all data below the 5th percentile are set to the 5th
percentile, and data above the 95th percentile are set to the 95th percentile. This allows me not to drop
observations from a sample that is already small. I also replicate the analysis by eliminating
observations with studentized residuals above two (Belsley et al. 1980), but results (not reported) are
qualitatively similar.