| D.V. = Probability of submarket exit . | (1) . | (2) . |
|---|---|---|
| DPSS producer | −0.161** (0.0719) | 0.124 (0.1058) |
| Number of submarkets | −0.015** (0.0061) | 0.004 (0.0079) |
| DPSS producer * Number of submarkets | −0.043* (0.0119) | |
| Dummy_Dye | 0.259** (0.1226) | 0.246** (0.1221) |
| Dummy_Excimer | −0.172 (0.1474) | −0.215 (0.1471) |
| Dummy_GasOther | 0.116 (0.1143) | 0.101 (0.1139) |
| Dummy_HeNe | −0.377* (0.1314) | −0.361* (0.1309) |
| Dummy_Ion | 0.056 (0.1112) | 0.035 (0.1108) |
| Dummy_Semiconductor | −0.09 (0.0920) | −0.078 (0.0917) |
| Dummy_Solidstate | −0.034 (0.0852) | −0.064 (0.0853) |
| Industry Clock | 0.001 (0.0026) | 0.001 (0.0026) |
| Constant | −0.885* (0.1018) | −0.945* (0.1028) |
| Observations | 11,570 | 11,570 |
| Number of Submarket-years | 3,218 | 3,218 |
| Wald χ2 | 42.71 | 54.31 |
| Log-likelihood | −6377 | −6371 |
| P > χ2 | 5.59E-06 | 1.03E-07 |
| D.V. = Probability of submarket exit . | (1) . | (2) . |
|---|---|---|
| DPSS producer | −0.161** (0.0719) | 0.124 (0.1058) |
| Number of submarkets | −0.015** (0.0061) | 0.004 (0.0079) |
| DPSS producer * Number of submarkets | −0.043* (0.0119) | |
| Dummy_Dye | 0.259** (0.1226) | 0.246** (0.1221) |
| Dummy_Excimer | −0.172 (0.1474) | −0.215 (0.1471) |
| Dummy_GasOther | 0.116 (0.1143) | 0.101 (0.1139) |
| Dummy_HeNe | −0.377* (0.1314) | −0.361* (0.1309) |
| Dummy_Ion | 0.056 (0.1112) | 0.035 (0.1108) |
| Dummy_Semiconductor | −0.09 (0.0920) | −0.078 (0.0917) |
| Dummy_Solidstate | −0.034 (0.0852) | −0.064 (0.0853) |
| Industry Clock | 0.001 (0.0026) | 0.001 (0.0026) |
| Constant | −0.885* (0.1018) | −0.945* (0.1028) |
| Observations | 11,570 | 11,570 |
| Number of Submarket-years | 3,218 | 3,218 |
| Wald χ2 | 42.71 | 54.31 |
| Log-likelihood | −6377 | −6371 |
| P > χ2 | 5.59E-06 | 1.03E-07 |
S.E. in brackets; **P < 0.01, *P < 0.05, ***P < 0.1
The method of estimation is maximum likelihood for complementary log–log regression with random effects. The dependent variable is set to 1 if a firm exits the submarket at the end of the year and 0 otherwise. DPSS Producer is 1 for firms producing a DPSS laser type in a given year and 0 otherwise. Industry Clock measures the number of years elapsed since 1961, the birth of the laser industry. Number of Submarkets measures the number of submarkets a firm participates in a given year. Dummies control for broad laser material types.
| D.V. = Probability of submarket exit . | (1) . | (2) . |
|---|---|---|
| DPSS producer | −0.161** (0.0719) | 0.124 (0.1058) |
| Number of submarkets | −0.015** (0.0061) | 0.004 (0.0079) |
| DPSS producer * Number of submarkets | −0.043* (0.0119) | |
| Dummy_Dye | 0.259** (0.1226) | 0.246** (0.1221) |
| Dummy_Excimer | −0.172 (0.1474) | −0.215 (0.1471) |
| Dummy_GasOther | 0.116 (0.1143) | 0.101 (0.1139) |
| Dummy_HeNe | −0.377* (0.1314) | −0.361* (0.1309) |
| Dummy_Ion | 0.056 (0.1112) | 0.035 (0.1108) |
| Dummy_Semiconductor | −0.09 (0.0920) | −0.078 (0.0917) |
| Dummy_Solidstate | −0.034 (0.0852) | −0.064 (0.0853) |
| Industry Clock | 0.001 (0.0026) | 0.001 (0.0026) |
| Constant | −0.885* (0.1018) | −0.945* (0.1028) |
| Observations | 11,570 | 11,570 |
| Number of Submarket-years | 3,218 | 3,218 |
| Wald χ2 | 42.71 | 54.31 |
| Log-likelihood | −6377 | −6371 |
| P > χ2 | 5.59E-06 | 1.03E-07 |
| D.V. = Probability of submarket exit . | (1) . | (2) . |
|---|---|---|
| DPSS producer | −0.161** (0.0719) | 0.124 (0.1058) |
| Number of submarkets | −0.015** (0.0061) | 0.004 (0.0079) |
| DPSS producer * Number of submarkets | −0.043* (0.0119) | |
| Dummy_Dye | 0.259** (0.1226) | 0.246** (0.1221) |
| Dummy_Excimer | −0.172 (0.1474) | −0.215 (0.1471) |
| Dummy_GasOther | 0.116 (0.1143) | 0.101 (0.1139) |
| Dummy_HeNe | −0.377* (0.1314) | −0.361* (0.1309) |
| Dummy_Ion | 0.056 (0.1112) | 0.035 (0.1108) |
| Dummy_Semiconductor | −0.09 (0.0920) | −0.078 (0.0917) |
| Dummy_Solidstate | −0.034 (0.0852) | −0.064 (0.0853) |
| Industry Clock | 0.001 (0.0026) | 0.001 (0.0026) |
| Constant | −0.885* (0.1018) | −0.945* (0.1028) |
| Observations | 11,570 | 11,570 |
| Number of Submarket-years | 3,218 | 3,218 |
| Wald χ2 | 42.71 | 54.31 |
| Log-likelihood | −6377 | −6371 |
| P > χ2 | 5.59E-06 | 1.03E-07 |
S.E. in brackets; **P < 0.01, *P < 0.05, ***P < 0.1
The method of estimation is maximum likelihood for complementary log–log regression with random effects. The dependent variable is set to 1 if a firm exits the submarket at the end of the year and 0 otherwise. DPSS Producer is 1 for firms producing a DPSS laser type in a given year and 0 otherwise. Industry Clock measures the number of years elapsed since 1961, the birth of the laser industry. Number of Submarkets measures the number of submarkets a firm participates in a given year. Dummies control for broad laser material types.
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