Table 4.
Parallel trend test.
| (1) | (2) | |
|---|---|---|
| Variable Name | Lnpa | Lnino |
| before 6 | 0.0993 | 0.1001 |
| (0.0789) | (0.0995) | |
| before 5 | 0.4505 | 0.1382 |
| (0.3097) | (0.0876) | |
| before 4 | 0.0959 | 0.1218 |
| (0.0761) | (0.0818) | |
| before3 | 0.4505 | 0.2257 |
| (0.3097) | (0.2326) | |
| before 2 | 0.3340 | 0.3339 |
| (0.2790) | (0.2789) | |
| before 1 | 0.2531 | 0.2265 |
| (0.2691) | (0.2807) | |
| Current | 0.3225 *** | 0.1212 * |
| (0.0655) | (0.0728) | |
| after 1 | 0.3496 *** | 0.1813 ** |
| (0.0935) | (0.0792) | |
| after 2 | 0.2150 *** | 0.1637 ** |
| (0.0824) | (0.0673) | |
| Constant | 48.8976 *** | 20.3127 *** |
| (2.4132) | (0.6823) | |
| Observations | 14,762 | 14,762 |
| R-squared | 0.7641 | 0.7640 |
| Control variables | YES | YES |
| year FE | YES | YES |
| individual FE | YES | YES |
Notes: ***, ** and * denote significance levels of 1%, 5% and 10%, respectively; values in brackets are robust standard errors of clustering, and “YES” indicates controlling for firm and year fixed effects, as below.