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Placebo tests.
| (1) | (2) | (3) | |
|---|---|---|---|
| One year in advance | Pseudo-treated group I | Pseudo-treated group II | |
| DFI*Post12 | −0.0187 | ||
| (0.0261) | |||
| DFIpseudo*Post13 | −0.0025 | −0.0404 | |
| (0.0045) | (0.0277) | ||
| Baseline controls | Yes | Yes | Yes |
| City FE | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes |
| Province-by-year FE | Yes | Yes | Yes |
| Adjusted R2 | 0.9774 | 0.9764 | 0.9765 |
| N | 1921 | 1921 | 1921 |
Parentheses indicate standard errors clustered at the city level. The baseline control variables are consistent with column (4) in Table 2.
