Financial Innovation

Table 12 CETS impact on the stock price crash risk

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	− 0.306***	− 0.271***	− 0.144**	− 0.130**
	(− 4.466)	(− 3.678)	(− 2.481)	(− 2.123)
C	− 0.328	− 0.546	0.184	− 0.013
	(− 0.674)	(− 0.786)	(0.515)	(− 0.029)
Fixed effect	√	√	√	√
Year trend	√	√	√	√
Controls	√	√	√	√
Psm samples	×	√	×	√
N	6366	3980	6366	3980
ADJ. R²	0.025	0.025	0.028	0.027

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

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