Table 9.

Placebo tests: the impacts of FNA on the prices of land near coal-fired power plants.

Panel A	(1)	(2)	Panel B	(3)	(4)
Treatment group:	0–20 km	0–40 km	Treatment group:	0–20 km	0–40 km
Control group:	100–140 km	100–140 km	Control group:	100–140 km	100–140 km
IApr. 2011 × Itreatment	0.103	0.032	IApr. 2011 × Itreatment	0.103	0.032
	(0.077)	(0.059)		(0.077)	(0.059)
IMay 2011 × Itreatment	0.032	−0.031	IMay to Aug. 2011 × Itreatment	0.020	0.016
	(0.084)	(0.068)		(0.057)	(0.046)
IJun. 2011 × Itreatment	0.039	0.041	ISep. to Dec. 2011 × Itreatment	−0.021	−0.002
	(0.104)	(0.093)		(0.063)	(0.052)
IJul. 2011 × Itreatment	0.034	0.037
	(0.075)	(0.060)
IAug. 2011 × Itreatment	−0.022	0.017
	(0.073)	(0.064)
ISep. 2011 × Itreatment	0.048	0.014
	(0.073)	(0.066)
IOct. 2011 × Itreatment	−0.074	−0.059
	(0.098)	(0.070)
INov. 2011 × Itreatment	0.018	−0.011
	(0.094)	(0.065)
IDec. 2011 × Itreatment	−0.075	0.032
	(0.145)	(0.116)
Control variables	Yes	Yes		Yes	Yes
N	34,651	44,253		34,651	44,253
Adj. R2	0.689	0.673		0.689	0.673

Note: Using Eq. (2) as the regression model, this table shows the results of placebo tests of FNA on land prices around coal-fired power plants. The pre-treatment period in the DID estimations is from July 2010 to February 2011. We set two different distance bands for the treatment groups, while the control groups are all defined as 100–140 km distance bands around the coal-fired power plants. The core variables are products of a time dummy I_t and a treatment indicator I_treatment, the coefficients of them represent the time-varying false treatment effect estimates. 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.