Policy Effectiveness Analysis of China’s Circuit Breaker Mechanism

Table 2

The optimal bandwidth for all observations.

Material industry		Telecommunications industry		Industry
Optimal bandwidth		Optimal bandwidth		Optimal bandwidth
hv5	4.27	hv5	4.02	hv5	4.04
hv15	3.22	hv15	2.98	hv15	2.90
hv30	2.83	hv30	2.77	hv30	2.84
hv50	3.16	hv50	3.27	hv50	3.26
Public industry		Finance industry		Energy industry
Optimal bandwidth		Optimal bandwidth		Optimal bandwidth
hv5	3.93	hv5	3.87	hv5	4.16
hv15	2.86	hv15	2.19	hv15	3.23
hv30	2.47	hv30	2.53	hv30	2.66
hv50	2.98	hv50	2.86	hv50	3.09
Consumption industry		Information industry		Pharmaceutical industry
Optimal bandwidth		Optimal bandwidth		Optimal bandwidth
hv5	3.80	hv5	4.08	hv5	3.80
hv15	3.05	hv15	3.40	hv15	3.20
hv30	2.46	hv30	3.00	hv30	2.84
hv50	2.86	hv50	3.32	hv50	3.08