Table 3. Addressing Reverse Causality Concerns Modeling the Timing of the State’s Reform Implementation

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Notes: This regression includes a constant term and state fixed effects. Reform timing is the dependent variable. All regressors refer to values in the year 2000 (before the reform). Estimates are weighted by the municipality population’s size, and standard errors are clustered at the municipality level. Means reported correspond to municipality-year cells before the reform’s implementation. The outcome is the month-year date of the reform’s implementation. ***p < 0.001, **p <0.01, *p <0.05, ⁺ p<0.10.

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