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Gambling on Conflict: Profiling Investments in Conflict Countries
Unformatted Document Text:  Andreea Mihalache Updated: March 20, 2008 Table 6 Ordered Probit models, PVthreat2 as dependent variable Model ORD3-1 Model ORD3-2 Model ORD3-3 (PVthreat2) (PVthreat2) (PVthreat2) Knowledge capital tertiary -0.128 -0.168 -0.185 (1.06) (2.32)*** (2.33)*** Physical capital tertiary -0.520 -0.585 -0.618 (1.24)* (1.54)* (1.54)* Change in risk 0.370 0.422 0.428 (2.58)*** (3.12)*** (3.04)*** Environment 0.014 0.004 (0.12) (0.03) Revenue category -0.053 (0.80) Asia-Pacific 0.294 0.303 0.323 (4.14)*** (4.04)*** (3.95)*** Latin America -0.177 -0.172 -0.171 (9.60)*** (9.88)*** (9.65)*** Eastern Europe 0.672 0.690 0.726 (6.60)*** (6.84)*** (6.40)*** Western Europe -0.041 0.044 0.042 (2.03)** (1.77)** (1.42)* Africa & Middle East 0.109 0.212 0.241 (3.80)*** (5.00)*** (4.77)*** cut1 -0.39 -0.37 -0.51 (3.84)*** (1.38)* (1.72)** cut2 0.35 0.39 0.26 (2.68)*** (1.66)** (0.87) Observations 138 136 136 Robust z-statistics in parentheses Note: For investment categories, Primary is the base; for respondent’s region, North America is the base category. 46

Authors: Mihalache, Andreea.
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background image
Andreea Mihalache
Updated: March 20, 2008
Table 6 Ordered Probit models, PVthreat2 as dependent variable


Model ORD3-1
Model ORD3-2
Model ORD3-3
(PVthreat2)
(PVthreat2)
(PVthreat2)
Knowledge capital tertiary
-0.128
-0.168
-0.185
(1.06)
(2.32)***
(2.33)***
Physical capital tertiary
-0.520
-0.585
-0.618
(1.24)*
(1.54)*
(1.54)*
Change in risk
0.370
0.422
0.428
(2.58)***
(3.12)***
(3.04)***
Environment
0.014
0.004
(0.12)
(0.03)
Revenue category
-0.053
(0.80)
Asia-Pacific
0.294
0.303
0.323
(4.14)***
(4.04)***
(3.95)***
Latin America
-0.177
-0.172
-0.171
(9.60)***
(9.88)***
(9.65)***
Eastern Europe
0.672
0.690
0.726
(6.60)***
(6.84)***
(6.40)***
Western Europe
-0.041
0.044
0.042
(2.03)**
(1.77)**
(1.42)*
Africa & Middle East
0.109
0.212
0.241
(3.80)***
(5.00)***
(4.77)***
cut1
-0.39
-0.37
-0.51
(3.84)***
(1.38)*
(1.72)**
cut2
0.35
0.39
0.26
(2.68)***
(1.66)**
(0.87)
Observations
138
136
136
Robust z-statistics in parentheses
Note: For investment categories, Primary is the base; for respondent’s region, North
America
is the base category.
46


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