Table A2.

The results of heterogeneity analysis

Variable	Inflow		Outflow
	Neighbor	Non-neighbor	Neighbor	Non-neighbor
CRexpress × time	−40.291∗∗	110.112∗∗∗	−4.644	96.600∗∗∗
	(14.610)	(27.005)	(7.575)	(21.291)
Controls	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
Country FE	Yes	Yes	Yes	Yes
N	265	1448	265	1448
R2	0.737	0.848	0.775	0.843

Note: Standard errors in parentheses; ∗∗∗, ∗∗, and ∗ indicate significance levels of 1 %, 5 %, and 10 %, respectively.