Table 11. The treatment effect of regulatory policies with the placebo experiments.

	Pre-policy placebo cutoff		Post-policy placebo cutoff
	Cutoff at week 13	Cutoff at week 13	Cutoff at week 38	Cutoff at week 38
Normative policies on Cultureis	0.027 (0.075)	0.061 (0.084)	-0.073 (0.057)	-0.023 (0.082)
Restrictive policies on Cultureis	-0.165 (0.361)	-0.103 (0.327)	-0.284 (0.303)	-0.350 (0.305)
Normative policies on Cultureif	-0.007 (0.005)	-0.004 (0.006)	-0.003 (0.007)	-0.003 (0.007)
Restrictive policies on Cultureif	0.014 (0.010)	0.012 (0.009)	-0.003 (0.007)	-0.003 (0.007)
Restrictive policies on Culturees	0.025 (0.058)	0.062 (0.064)	0.000 (0.006)	0.000 (0.007)
Normative policies on Cultureef	0.031 (0.040)	0.010 (0.042)	0.012 (0.036)	0.018 (0.035)
Restrictive policies on Cultureef	-0.040 (0.031)	-0.024 (0.035)	0.068 (0.067)	0.096 (0.076)
			Cutoff at week 41	Cutoff at week 41
Normative policies on Culturees	-0.024 (0.048)	-0.033 (0.048)	0.035 (0.080)	0.055 (0.076)
Polynomial	Linear	Linear	Linear	Linear
Bandwidth	15	15	15	15
Kernel function	triangular	uniform	triangular	uniform

Cluster standard errors are adopted. Asterisks denote significance levels (* = 0.10, ** = 0.05, *** = 0.01). Each cell presents a separate estimate from a rdrobust analysis.