|
| Overinvestment | Underinvestment | ||
| Alternative model | Placebo test | Alternative model | Placebo test | |
| (1) | (2) | (3) | (4) | |
| Reform |
| 0.039 |
| 0.012 |
|
|
| (0.106) |
| (0.143) |
| Time |
| −0.006 |
| −0.003 |
|
|
| (0.450) |
| (0.596) |
| Reform*Time | −0.038* | −0.002 | 0.014*** | 0.0002 |
|
| (0.065) | (0.908) | (0.000) | (0.352) |
| Controls | Yes | Yes | Yes | Yes |
| Year FE | Yes | No | Yes | No |
| Firm FE | Yes | No | Yes | No |
| Std. Err | clustered | clustered | clustered | clustered |
| N | 9656 | 5557 | 14,933 | 6784 |
| R2_within | 0.012 | − | 0.027 | − |
| Adj. R2 | − | 0.059 | − | 0.044 |