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Table 13 Heterogeneity test based on capital market performance

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

 

NCSKEWi,T

DUVOLi,T

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

TREATi,T × POSTi,T

0.060

− 0.248***

− 0.021

− 0.176***

− 0.227***

0.014

− 0.169***

− 0.069

− 0.128***

− 0.184***

 

(1.084)

(− 3.674)

(− 0.325)

(− 2.767)

(− 3.740)

(0.342)

(− 3.849)

(− 1.437)

(− 2.819)

(− 4.451)

BULLi,T × TREATi,T × POSTi,T

    

0.207***

    

0.164***

     

(4.033)

    

(4.683)

BULLi,T

    

− 0.032

    

− 0.034**

     

(− 1.439)

    

(− 2.077)

INFi,T × TREATi,T × POSTi,T

    

0.041

    

0.016

     

(0.742)

    

(0.402)

INFi,T

    

− 0.109***

    

− 0.048***

     

(− 4.299)

    

(− 2.704)

C

− 0.866

− 0.094

1.675

− 1.187

− 0.006

− 0.289

0.484

1.406**

− 0.435

0.480

 

(− 1.072)

(− 0.091)

(1.593)

(− 1.205)

(− 0.009)

(− 0.479)

(0.717)

(2.068)

(− 0.599)

(1.060)

Fixed effect

√

√

√

√

√

√

√

√

√

√

Year trend

√

√

√

√

√

√

√

√

√

√

Controls

√

√

√

√

√

√

√

√

√

√

Psm samples

√

√

√

√

√

√

√

√

√

√

N

2573

2110

1846

2321

4167

2573

2110

1846

2321

4167

ADJ. R2

0.029

0.058

0.051

0.023

0.034

0.031

0.063

0.059

0.025

0.036

  1. In this paper, ***, **, and * represent the significance levels of 1%, 5%, and 10%, respectively. The t-value is in parentheses. Columns (1) and (6) are the bull market condition group, columns (2) and (7) are the bear market condition group, columns (3) and (8) are the high informativeness group, columns (4) and (9) are the low informativeness group, and columns (5) and (10) are all samples