Financial Innovation

Table 16 Analyst coverage mechanism test

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

	PANEL A			PANEL B
	ALY_i,T	NCSKEW_i,T	DUVOL_i,T	REP_i,T	NCSKEW_i,T	DUVOL_i,T
	(1)	(2)	(3)	(4)	(5)	(6)
ALY_i,T		0.006***	0.010***
		(4.841)	(5.640)
REP_i,T					0.002***	0.004***
					(4.382)	(5.367)
TREAT_i,T × POST_i,T	− 1.727**	− 0.081**	− 0.074	− 3.321**	− 0.085**	− 0.078
	(− 2.425)	(− 2.280)	(− 1.497)	(− 2.028)	(− 2.391)	(− 1.586)
C	− 91.912***	0.540	0.322	− 219.275***	0.490	0.249
	(− 8.042)	(0.917)	(0.379)	(− 8.366)	(0.837)	(0.303)
Fixed effect	√	√	√	√	√	√
Year trend	√	√	√	√	√	√
Controls	√	√	√	√	√	√
Psm samples	√	√	√	√	√	√
N	3496	3496	3496	3553	3553	3553
ADJ. R²	0.146	0.022	0.027	0.134	0.021	0.026

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

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