Table 10 Robustness check (January 1, 2010, to April 15, 2013)

  γ_{i, 11}

−0.061* (− 1.689)

−0.107*** (− 2.894)

−0.066* (− 1.784)

  γ_{i, 12}

0.298*** (9.377)

− 0.026 (− 1.046)

0.280*** (6.224)

  γ_{i, 21}

0.028 (− 0.888)

0.060 (1.626)

0.011 (0.476)

  γ_{i, 22}

6.856 × 10^− 3 (− 0.019)

−0.011 (− 0.280)

−0.012 (− 0.292)

  a_{i, 12}

−0.054 (− 1.087)

0.056 (1.168)

0.019 (0.432)

  a_{i, 21}

0.025 (0.366)

− 0.024 (− 0.909)

5.167 × 10^− 3 (0.053)

  b_{i, 12}

0.098*** (2.950)

0.023 (1.093)

0.075*** (3.614)

  b_{i, 21}

−0.035** (− 2.475)

−0.016* (− 1.926)

−0.056*** (− 2.659)

  d_{i, 12}

0.041 (0.817)

− 0.025 (− 0.502)

0.035 (0.859)

  d_{i, 21}

0.168*** (2.988)

− 0.054** (− 2.097)

0.248*** (3.168)

  The US to China

(a_{i, 21} = b_{i, 21} = d_{i, 21} = 0)

3.582*** [0.013]

2.268* [0.078]

4.037*** [0.007]

  China to the US

(a_{i, 12} = b_{i, 12} = d_{i, 12} = 0)

4.742*** [0.003]

0.658 [0.578]

5.730*** [0.000]