Table 7.

Heterogeneous effects by nuclear power plant construction year and capacity.

	(1)	(2)	(3)	(4)	(5)
IApr. 2011 × Itreatment	−0.158*	−0.180*	−0.383***	−0.288**	−0.249
	(0.087)	(0.095)	(0.104)	(0.134)	(0.174)
IMay to Aug. 2011 × Itreatment	−0.057	−0.127	−0.146	0.221	0.281
	(0.087)	(0.119)	(0.134)	(0.243)	(0.351)
ISep. to Dec. 2011 × Itreatment	−0.052	−0.163	−0.187	0.179	0.118
	(0.078)	(0.101)	(0.143)	(0.217)	(0.268)
IApr. 2011 × Itreatment × y_gap	−0.009*	−0.005			−0.005
	(0.005)	(0.006)			(0.008)
IMay to Aug. 2011 × Itreatment × y_gap	−0.011	0.003			−0.006
	(0.016)	(0.009)			(0.011)
ISep. to Dec. 2011 × Itreatment × y_gap	−0.006	0.013*			0.007
	(0.012)	(0.007)			(0.009)
IApr. 2011 × Itreatment × capacity			0.074***	0.038	0.030
			(0.020)	(0.049)	(0.059)
IMay to Aug. 2011 × Itreatment × capacity			0.020	−0.154	−0.167
			(0.030)	(0.130)	(0.154)
ISep. to Dec. 2011 × Itreatment × capacity			0.059	−0.134	−0.119
			(0.038)	(0.103)	(0.116)
IApr. 2011 × Itreatment × capacity × y_gap		−0.005		−0.004	−0.002
		(0.005)		(0.006)	(0.006)
IMay to Aug. 2011 × Itreatment × capacity × y_gap		−0.016		−0.023	−0.021
		(0.017)		(0.020)	(0.018)
ISep. to Dec. 2011 × Itreatment × capacity × y_gap		−0.022*		−0.023*	−0.025*
		(0.013)		(0.014)	(0.013)
Control variables	Yes	Yes	Yes	Yes	Yes
N	28,629	28,629	34,203	28,629	28,629
Adj. R2	0.579	0.580	0.560	0.580	0.580

Note: Using Eq. (4) as the regression model, this table shows the time-varying treatment effects of FNA on land prices by plant capacity and construction year. The pre-treatment period in the DID estimations is from July 2010 to February 2011, while the post-treatment period is divided into three parts: April 2011, May to August 2011 and September to December 2011. These regressions use land parcels in 0–40 km to the nearest nuclear power plant as treatment group and land parcels in the 100–140 km distance band as control group. The coefficients represent the treatment effects of FNA on land prices in different periods by plant operating status. The core variables are products of a time dummy I_t, a treatment indicator I_treatment, plant capacity (in 1000 MWe), and the gap between 2011 and plant construction year (y_gap = 2011 − construction_year). Therefore, the coefficients of them represent the treatment effect estimates of different periods by plant characteristics. Control variables include land characteristics defined in Table 1, city-distance band fixed effects, and year-months fixed effects. Robust standard errors clustered at group-level (city-distance band combinations) are in parentheses.

^***Significant at the 1 percent level.

^**Significant at the 5 percent level.

^*Significant at the 10 percent level.