Variables

Risk

IF

Risk

OF

Risk

(1)

(2)

(3)

(4)

(5)

Treat × Post

0.096***

0.003

0.088***

0.001

0.095***

(3.749)

(0.849)

(3.516)

(0.171)

(3.684)

IF

1.922***

(21.791)

OF

−0.312***

(−5.147)

DE

0.019***

0.0001

0.018***

0.0004

0.019***

(4.015)

(0.177)

(3.987)

(0.4847)

(3.928)

Treat × Post × DE

0.021***

0.001*

0.017***

0.0005

0.021***

(3.762)

(1.768)

(3.208)

(0.477)

(3.715)

DE × IF

0.118***

(5.405)

DE × OF

−0.050***

(−3.080)

Constant

−1.321*

0.038

−1.009

−1.290***

−1.707**

(−1.857)

(0.419)

(−1.412)

(−9.573)

(−2.304)

Control/Year/Firm

Yes

Yes

Yes

Yes

Yes

N

9723

9499

9499

9471

9471

R²

0.051

0.018

0.106

0.115

0.055