Table 8

Prenatal Cortisol and Prenatal and Postnatal Child Investments

	Weight Gain		Smoker		Prenatal Visits		Mother Unresponsive		Unfavorable Emotional Environment		Nursery School
	1 OLS	2 FE	3 OLS	4 FE	5 OLS	6 FE	7 OLS	8 FE	9 OLS	10 FE	11 OLS	12 FE
Panel A: Quintiles of Cortisol
Top quintile prenatal cortisol	−1.102 [0.975]	−0.562 [2.440]	0.0648 [0.0642]	0.0456 [0.0327]	−0.105 [0.419]	−0.630 [0.823]	−0.00300 [0.0265]	−0.0951 [0.0640]	−0.0292 [0.0324]	−0.0272 [0.0725]	0.0241 [0.0430]	0.0743 [0.0740]
Bottom quintile prenatal cortisol	−0.260 [1.031]	3.030 [2.664]	0.0263 [0.0682]	0.0725 [0.0669]	0.101 [0.445]	−0.0369 [0.796]	0.00492 [0.0271]	−0.00853 [0.0700]	−0.0143 [0.0168]	0.0178 [0.0689]	−0.0235 [0.0343]	0.0254 [0.0455]
Observations	358	368	376	386	375	385	376	386	376	386	346	355
R-squared	0.122	0.775	0.049	0.957	0.195	0.846	0.063	0.686	0.202	0.737	0.101	0.840
Panel B: Linear Cortisol
Free cortisol	0.000986 [0.0279]	−0.0426 [0.0548]	0.00143 [0.00136]	0.000511 [0.000724]	−0.00271 [0.0119]	−0.00784 [0.0181]	0.000570 [0.000889]	−0.000163 [0.00238]	−0.000560 [0.000442]	−0.000644 [0.000792]	0.00109 [0.000919]	0.00130 [0.00165]
Observations	358	368	376	386	375	385	376	386	376	386	346	355
R-squared	0.119	0.771	0.048	0.957	0.194	0.845	0.065	0.678	0.201	0.737	0.102	0.839
Sample	Sibling	Sibling	Sibling	Sibling	Sibling	Sibling	Sibling	Sibling	Sibling	Sibling	Sibling	Sibling
Full controls	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y
Maternal FE included	N	Y	N	Y	N	Y	N	Y	N	Y	N	Y

Notes: Robust standard errors in brackets.
Full controls include all controls listed in Table 3, Panel A.
Maternal responsiveness is measured at four months of age and is an aggregate of maternal responsiveness to the child, maternal focus on the child, child’s appearance (neat to unkempt), and attention paid to child.
Unfavorable emotional environment is measured at age one and is the interviewer’s positive response to the question of whether there is an unfavorable emotional environment at home.
Nervous condition is whether the mother reports a nervous condition any time from the birth of the child to age seven.
Weight gain is maternal weight gain during pregnancy.