Table 9.
Results for Parallel Trends Assumption
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Don_Dum | Don_Amt | Don_Dum | Don_Amt | |
| Confirmed[−3,−1] | − 0.000* | − 0.003* | − 0.001** | − 0.004** |
| (− 1.69) | (− 1.80) | (− 2.15) | (− 2.37) | |
| Confirmed[0] | − 0.000 | − 0.002 | − 0.000 | − 0.002 |
| (− 0.96) | (− 0.88) | (− 1.14) | (− 1.04) | |
| Confirmed[1,3] | − 0.000 | − 0.002 | ||
| (− 0.57) | (− 0.92) | |||
| Confirmed[1] | 0.000 | − 0.000 | ||
| (0.03) | (− 0.00) | |||
| Confirmed[2] | 0.000 | 0.002 | ||
| (0.93) | (0.92) | |||
| Confirmed[3] | − 0.000 | − 0.002 | ||
| (− 0.59) | (− 0.82) | |||
| Constant | 0.007*** | 0.048*** | 0.007*** | 0.046*** |
| (8.94) | (9.27) | (8.47) | (8.75) | |
| Firm fixed effects | Yes | Yes | Yes | Yes |
| Date fixed effects | Yes | Yes | Yes | Yes |
| Obs | 176,645 | 176,645 | 176,645 | 176,645 |
| Adj. R2 | 0.010 | 0.011 | 0.010 | 0.011 |
The t-values (in parentheses) are based on heteroscedasticity-consistent standard errors clustered by firm
***, **, and * indicate significance at the 1%, 5%, and 10% levels, respectively (two-tailed)
Variables of interest are marked in bold