\begin{table}[!ht]
\caption{Summary statistics: Treatment vs Comparison (neighbour-year)}\label{table:descstats_up}
\centering
\begin{tabular}{lccccc}\hline\hline
 & \multicolumn{2}{c}{\textbf{Comparison}} & \multicolumn{2}{c}{\textbf{Treatment}} & \textbf{Difference} \\
\cline{2-3} \cline{4-5} \cline{6-6}
Variable & Mean & SD & Mean & SD & (p-value) \\ \hline
Population &  17057.55 &   9489.87 &  17743.92 &   9593.57 &    686.37 (0.0000) \\
Pop. growth (\%) &      0.99 &      4.51 &      1.13 &      4.71 &      0.14 (0.0151) \\
Current expenditure p.c. &    485.98 &    261.92 &    488.27 &    220.05 &      2.29 (0.4620) \\
Education expenditure p.c. &    177.82 &     87.87 &    179.14 &     82.82 &      1.32 (0.2297) \\
Federal transfers ex-FPM p.c. &     78.08 &    110.31 &     75.33 &     65.87 &     -2.75 (0.0191) \\
Public-sector employment &    517.11 &    320.68 &    537.45 &    334.95 &     20.34 (0.0000) \\
Private-sector employment &   1399.61 &   1942.96 &   1539.10 &   2070.20 &    139.49 (0.0000) \\
Number of firms &    196.43 &    223.18 &    202.18 &    218.97 &      5.76 (0.0424) \\
Services firms &    122.66 &    151.52 &    123.94 &    149.61 &      1.28 (0.5066) \\
\hline Observations & \multicolumn{2}{c}{15488} & \multicolumn{2}{c}{14176} & \\ \hline\hline
\end{tabular}\par
\begin{tablenotes}\footnotesize
\item Neighbour-year averages (one observation per neighbour and year so that a neighbour bordering several focals is not double-counted). The \emph{Comparison} group consists of neighbour-years whose focal partners never experienced a qualifying upevent; the \emph{Treatment} group consists of neighbour-years whose focal partners had exactly one qualifying upevent.
\end{tablenotes}\end{table}