|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
|
| Basic_id | Basic_ind | Basic_season_id | Basic_year_id | Control _season_id | Control _year_id | Control _season_ind | Control _year_ind |
| treat | −0.249*** | −0.384*** | −0.396*** | −0.403*** | −0.214** | −0.256*** | −0.273** | −0.307** |
|
| (−5.01) | (−4.97) | (−6.20) | (−6.55) | (−2.30) | (−2.81) | (−2.14) | (−2.33) |
| price |
|
|
|
| 0.055** | 0.055** | 0.055* | 0.056* |
|
|
|
|
|
| (2.07) | (2.08) | (1.90) | (1.91) |
| lnmv |
|
|
|
| 0.115 | 0.140 | 0.154 | 0.172 |
|
|
|
|
|
| (0.35) | (0.43) | (0.48) | (0.54) |
| lntravol |
|
|
|
| 2.875*** | 2.874*** | 2.953*** | 2.950*** |
|
|
|
|
|
| (84.94) | (85.52) | (22.67) | (22.44) |
| control variables | no | no | no | no | yes | yes | yes | yes |
| fix effect | no | no | yes | yes | yes | yes | yes | yes |
| cluster standard error | id | industry | id | id | id | id | industry | industry |
| N | 4,115,475 | 3,732,586 | 4,115,475 | 4,115,475 | 3,088,502 | 3,088,502 | 3,079,906 | 3,079,906 |