Financial Innovation

Table 9 Placebo robustness test

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	0.013	0.056	− 0.008	− 0.058
	(0.245)	(1.475)	(− 0.039)	(− 0.431)
C	− 1.118	− 0.649	1.947	0.541
	(− 1.007)	(− 0.767)	(0.607)	(0.250)
Fixed effect	√	√	√	√
Year trend	√	√	√	√
Controls	√	√	√	√
Psm samples	×	√	×	√
N	2380	2380	527	527
ADJ. R²	0.045	0.044	0.065	0.081

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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