Financial Innovation

Table 6 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	− 0.094**	− 0.087**	− 0.076***	− 0.076**
	(− 2.348)	(− 2.061)	(− 2.750)	(− 2.580)
C	− 0.403	− 0.243	0.127	0.152
	(− 0.826)	(− 0.387)	(0.353)	(0.355)
Fixed effect	√	√	√	√
Year trend	√	√	√	√
Controls	√	√	√	√
Psm samples	×	√	×	√
N	6366	4683	6366	4683
ADJ. R²	0.026	0.025	0.029	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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