Financial Innovation

Table 10 Counterfactual tests based on non-heavily polluting industries

From: Carbon emission trading system and stock price crash risk of heavily polluting listed companies in China: based on analyst coverage mechanism

	NCSKEW_i,T		DUVOL_i,T
	(1)	(2)	(3)	(4)
TREAT_i,T × POST_i,T	0.038	− 0.000	0.033*	− 0.031
	(1.456)	(− 0.001)	(1.724)	(− 0.262)
C	0.282	1.582	0.407	1.967
	(0.733)	(0.841)	(1.408)	(1.429)
Fixed effect	√	√	√	√
Year trend	√	√	√	√
Controls	√	√	√	√
Psm samples	×	√	×	√
N	11,514	1613	11,514	1613
ADJ. R²	0.008	0.018	0.010	0.021

In this paper, ***, **, and * represent the significance levels of 1%, 5%, and 10%, respectively. The t-value is in parentheses. The t-value is in parentheses

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