TABLE 14.

Robust test by PSM.

Variable	Radius match (r = 0.01)			Nearest neighbor match (1:1)			Nuclear match
	ATT	Standard error	T value	ATT	Standard error	T value	ATT	Standard error	T value
Panel A: Current effect
BA	0.8718	0.007	3.12***	0.026	0.008	3.22***	0.8719	0.007	3.40***
SM	0.2839	0.006	23.47***	0.154	0.010	15.26***	0.2849	0.006	24.34***
VM	0.3301	0.006	22.79***	0.160	0.010	15.66***	0.3310	0.006	23.74***
SMI	0.9390	0.005	6.79***	0.023	0.007	2.51**	0.9290	0.005	5.92***
CHI	0.1590	0.006	6.59***	0.038	0.009	4.46***	0.1593	0.006	6.99***
PP	0.8374	0.007	2.88***	0.019	0.008	2.35**	0.8276	0.007	3.17***
CC	0.3781	0.008	7.92***	0.067	0.011	6.04***	0.3788	0.007	8.79***
Panel B: Long-term effect
BA	0.9728	0.0045	6.96***	0.029	0.006	4.76***	0.9727	0.0044	7.14***
SM	0.2278	0.0065	19.44***	0.136	0.010	13.16***	0.2281	0.0064	20.19***
VM	0.2637	0.0069	19.68***	0.149	0.010	14.99***	0.2641	0.0069	20.43***
SMI	0.9501	0.0046	1.89*	0.005	0.006	0.81	0.9501	0.0045	1.98**
CHI	0.1357	0.0058	7.20***	0.041	0.009	4.40***	0.1360	0.0058	7.54***
PP	0.8976	0.0066	3.36***	0.010	0.009	1.14	0.8977	0.0065	3.62***
CC	0.3862	0.0086	12.52***	0.092	0.013	7.19***	0.3862	0.0085	13.04***
Panel C: Dynamic effect
BA	0.0925	0.0091	2.28**	0.023	0.011	2.07**	0.0926	0.0088	2.41**
SM	0.0534	0.0060	5.50***	0.043	0.011	4.09***	0.0532	0.0059	5.79***
VM	0.0662	0.0068	5.71***	0.047	0.011	4.36***	0.0659	0.0067	5.95***
SMI	0.0017	0.0066	1.61	−0.010	0.008	−1.19	0.0017	0.0064	−1.60
CHI	0.0370	0.0072	1.92*	0.007	0.010	0.65	0.0368	0.0070	1.88*
PP	0.0474	0.0086	2.30**	0.029	0.011	2.75***	0.4748	0.0083	2.52**
CC	0.0462	0.0088	2.25**	0.037	0.014	2.02**	0.0380	0.0086	2.02**

Figures in brackets are heteroskedasticity-consistent t-statistics. *, **, and *** indicate significance at the 10, 5, and 1% levels, respectively.