Risk1

Risk2

SA

Risk1

Risk2

Treat × policy

0.00194***

0.00353***

−0.0185***

(3.4375)

(3.3471)

(−8.3024)

SA

0.00153***

0.00275**

(2.6993)

(2.6059)

Controls

Yes

Yes

Yes

Yes

Yes

Industry & year

Yes

Yes

Yes

Yes

Yes

R-squared

0.141

0.143

0.803

0.145

0.147