ATM and POS transactions are included in a second specification while debit and credit POS transactions are considered separately in a third specification.
In a third specification, returns to schooling are allowed to vary by immigration cohort and in a fourth specification by occupational skill level (skilled and un-skilled).
Additionally, a fourth specification controls for the intensity of cash (or alternative, cards) usage across sectors.
A second specification only included the alumni who completed their schooling at the Bachelor's degree.
The average number of ATM and POS transactions is included in a second specification in Table 4 (column II).
As a final check on the robustness of the results, we also use as a third specification the estimator proposed by Imbens and Kalyanaraman (2009; henceforth IK) that uses weighted local linear regression and a data-driven bandwidth choice.
Concerning the results related to grades, note that we add a second specification which includes an interaction term between the lower secondary school track and the relevant grade (columns 3 and 4).
For example, in a second specification, immigrants whose age at immigration was less than 30 years, instead of 24, are excluded to reduce further any bias that may result from taking education in Canada.
In order to capture differences in "quality" of previous labour market experience, we include in a second specification of our empirical model controls for the former home country as well.
In a third specification, we add together those variables that were significant in the first stage and also add other proxies for economic conditions, namely per capita GDP, deficit, debt, and GDP growth, in order to check the robustness of the results.
