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Mechanism test—capital market effect.
| yrr | tv | |
|---|---|---|
| (1) | (2) | |
| Treati×Timet |
0.024*
(1.69) |
0.021*
(1.89) |
| Control variables | Controlled | Controlled |
| Entity fixed effects | Yes | Yes |
| Time fixed effects | Yes | Yes |
| N | 6,567 | 6,554 |
| R 2 | 0.322 | 0.206 |
represent the 1%, 5%, and 10% levels of significance, respectively. The bold values mean regression coefficients.
