Risk1

Risk2

AC

Risk1

Risk2

Treat × policy

0.00194***

0.00353***

−0.0426***

(3.4375)

(3.3471)

(−6.5797)

AC

0.00184***

0.00335***

(3.2117)

(3.1286)

Controls

Yes

Yes

Yes

Yes

Yes

Industry & year

Yes

Yes

Yes

Yes

Yes

R-squared

0.141

0.143

0.289

0.138

0.136