Table 12. The treatment effect of regulatory policies with the Donut Hole approach.
| Baseline RD estimator | Donut Hole Drop week 26 |
Donut Hole Drop weeks 25–26 |
Donut Hole Drop weeks 25–27 |
Donut Hole Drop weeks 24–27 |
Donut Hole Drop weeks 24–28 |
|
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Normative policies on Cultureis | 1.223*** (0.127) |
0.966*** (0.035) |
1.072*** (0.087) |
1.090*** (0.092) |
1.243*** (0.047) |
1.281*** (0.038) |
| Restrictive policies on Cultureis | 1.469*** (0.110) |
1.513*** (0.187) |
1.568*** (0.200) |
1.428*** (0.182) |
1.478*** (0.158) |
1.715*** (0.192) |
| Normative policies on Cultureif | -0.004 (0.008) |
-0.009 (0.008) |
-0.015 (0.011) |
-0.011 (0.011) |
0.004 (0.007) |
0.001 (0.007) |
| Restrictive policies on Cultureif | -0.003 (0.002) |
0.002 (0.004) |
-0.002 (0.004) |
0.005 (0.004) |
-0.002 (0.004) |
-0.002 (0.006) |
| Restrictive policies on Culturees | -0.135*** (0.021) |
-0.137*** (0.023) |
-0.179*** (0.047) |
-0.180*** (0.047) |
-0.229*** (0.070) |
-0.229*** (0.070) |
| Normative policies on Cultureef | 0.014 (0.025) |
-0.027 (0.031) |
-0.013 (0.038) |
-0.048 (0.040) |
-0.054 (0.063) |
-0.058 (0.067) |
| Restrictive policies on Cultureef | 0.386*** (0.105) |
0.513*** (0.046) |
0.525*** (0.047) |
0.472*** (0.083) |
0.496*** (0.085) |
0.532*** (0.035) |
| Polynomial | Linear | Linear | Linear | Linear | Linear | Linear |
| Bandwidth | MSE | MSE | MSE | MSE | MSE | MSE |
| Kernel function | triangular | triangular | triangular | triangular | triangular | triangular |
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.