ah. Well Thenpic.twitter.com/GS0YbMmFEU
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the other issue is that unless you're being extremely aggressive about model specification and didn't mention it, your RE panel is not going to pick up the full plausible explanatory power of your variables in the way that a more flexible model class would
there's also the overfitting that comes with trad econometric methods that don't take advantage of modern regularization techniques, but that's a problem in the other direction anyway I guess my message is something like "be very careful interpreting R^2 and changes thereof"
I think this is the crux right here. Many of these things are (partially) downstream of IQ.
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