| Variables | Risk | Risk | Risk |
| (1) | (2) | (3) | |
| Treat × Post | 0.164*** |
|
|
| (7.975) |
|
| |
| Treat × Year2016 |
| 0.024 | 0.049* |
|
| (0.786) | (1.659) | |
| Treat × Year2017 |
| 0.142*** | 0.166*** |
|
| (4.737) | (5.584) | |
| Treat × Year2018 |
| 0.264*** | 0.276*** |
|
| (8.808) | (9.302) | |
| Constant | −1.091 | 0.775*** | −1.113 |
| (−1.535) | (64.192) | (−1.569) | |
| Control/Year/Firm | Yes | Yes | Yes |
| N | 9723 | 9723 | 9723 |
| R2 | 0.045 | 0.016 | 0.050 |