Fig. 12

Estimates for \(\tau\) at Alternative Cut-offs. Figure shows the coefficients for \(\tau\) estimated for varying alternative cut-offs c, using the global polynomial regression specification. The gray area indicates the 95% confidence bands from bootstrapped standard errors (500 iterations). Confidence bands are below zero, mostly only at \(c=100\%\). Compared to alternative cut-offs, the specification with \(c=100\%\)appears to yield the estimate that is most significantly different from zero in almost all years. The sample includes only private and public funds without state guarantees, and includes only funds with a funding ratio between 81.5 and 152.3% (0.5th–95th percentile range)