Table 8: Model comparison using the conditional log-likelihood (ln L ), Akaike information criterion (AIC) and Bayesian information criterion (BIC) in the homeownership application. 25th quantile 50th quantile 75th quantile ( ln L , AIC, BIC) ( ln L , AIC, BIC) ( ln L , AIC, BIC) FBQROR ( − 1816 , 3671 , 3775) ( − 1815 , 3668 , 3772) ( − 1816 , 3671 , 3775) BQROR ( − 1824 , 3684 , 3783) ( − 1815 , 3665 , 3764) ( − 1818 , 3673 , 3772) In the above paragraphs, we have discussed the direction of covariate effects on the last outcome i.e., strongly agree that homeownership is the best long-term investment. The direction of covariate effect on the first outcome (strongly disagree or somewhat disagree) is the opposite, while the effect on the second outcome (somewhat agree) cannot be known a-priori . This is because the link function in ordinal models is non-linear and hence the regression coefficients do not give the covariate effects. To make it clear, we calculate the marginal effect for three variables: female, post-bachelors and worse financial condition. The change in predicted probabilities for the three response are reported in Table 7. We see that at the 25th quantile, individuals who are exposed to financial distress (i.e., financially worse- off) are 6.71% less likely to ‘strongly agree’, 2.19% more likely to ‘somewhat agree’ and 4.52% more likely to ‘strongly disagree or somewhat disagree’ that homeownership is the best long- term investment. The marginal effect of financial distress on the responses ‘strongly agree’ are more pronounced at the 50th and 75th quantiles. We can similarly interpret the change in predicted probabilities for female and post-bachelors education on the three responses for different quantiles. To assess model fitness across quantiles, we report the conditional log-likelihood, AIC and BIC in Table 8. The log-likelihood for the FBQROR model across quantiles are either lower or same to that obtained from the BQROR model. However, according to AIC there is strong (weak) evidence in favor of FBQROR model at the 25th (75th) quantiles, but weak evidence in favor of BQROR model at the 50th quantile. Based on BIC, there is strong evidence to prefer the FBQROR (BQROR) model at the 25th (50th) quantile, but positive evidence to prefer BQROR model at the 75th quantile. 25