Research Article
Policy Effectiveness Analysis of China’s Circuit Breaker Mechanism
Table 3
RDD results for nine industries under the optimal bandwidths.
| | Material industry | Telecommunications industry | Industry | | Hv5 | hv5 | hv5 |
| | Lwald(tri) | 0.369 (0.044) | Lwald(tri) | 0.171 (0.007) | Lwald(tri) | 0.305 (0.024) | | Lwald(rec) | 0.360 (0.060) | Lwald(rec) | 0.164 (0.012) | Lwald(rec) | 0.289 (0.040) | | Lwald’ | 0.430 (0.041) | Lwald’ | 0.226 (0.005) | Lwald’ | 0.392 (0.025) | | hv15 | hv15 | hv15 | | Lwald(tri) | 0.164 (0.026) | Lwald(tri) | 0.103 (0.001) | Lwald(tri) | 0.177 (0.010) | | Lwald(rec) | 0.163 (0.037) | Lwald(rec) | 0.102 (0.002) | Lwald(rec) | 0.174 (0.017) | | Lwald’ | 0.207 (0.059) | Lwald’ | 0.102 (/) | Lwald’ | 0.175 (/) | | hv30 | hv30 | hv30 | | Lwald(tri) | 0.087 (0.008) | Lwald(tri) | 0.064 (0.001) | Lwald(tri) | 0.083 (0.002) | | Lwald(rec) | 0.084 (0.014) | Lwald(rec) | 0.064 (0.001) | Lwald(rec) | 0.083 (0.003) | | Lwald’ | 0.085 (/) | Lwald’ | 0.064 (/) | Lwald’ | 0.083 (/) | | hv50 | hv50 | hv50 | | Lwald(tri) | 0.066 (0.010) | Lwald(tri) | 0.035 (0.003) | Lwald(tri) | 0.060 (0.006) | | Lwald(rec) | 0.060 (0.009) | Lwald(rec) | 0.035 (0.001) | Lwald(rec) | 0.059 (0.002) | | Lwald’ | 0.079 (0.033) | Lwald’ | 0.056 (0.016) | Lwald’ | 0.083 (0.023) | | Public industry | Finance industry | Energy industry | | hv5 | hv5 | hv5 | | Lwald(tri) | 0.323 (0.022) | Lwald(tri) | 0.203 (0.012) | Lwald(tri) | 0.203 (0.052) | | Lwald(rec) | 0.310 (0.033) | Lwald(rec) | 0.196 (0.022) | Lwald(rec) | 0.192 (0.072) | | Lwald’ | 0.391 (0.040) | Lwald’ | 0.267 (0.046) | Lwald’ | 0.241 (0.043) | | hv15 | hv15 | hv15 | | Lwald(tri) | 0.158 (0.010) | Lwald(tri) | 0.105 (0.010) | Lwald(tri) | 0.123 (0.025) | | Lwald(rec) | 0.155 (0.017) | Lwald(rec) | 0.102 (0.017) | Lwald(rec) | 0.121 (0.042) | | Lwald’ | 0.156 (/) | Lwald’ | 0.103 (/) | Lwald’ | 0.141 (0.042) | | hv30 | hv30 | hv30 | | Lwald(tri) | 0.072 (0.002) | Lwald(tri) | 0.052 (/) | Lwald(tri) | 0.052 (0.010) | | Lwald(rec) | 0.071 (/) | Lwald(rec) | 0.050 (/) | Lwald(rec) | 0.049 (0.018) | | Lwald’ | 0.072 (/) | Lwald’ | 0.052 (/) | Lwald’ | 0.050 (/) | | hv50 | hv50 | hv50 | | Lwald(tri) | 0.050 (0.001) | Lwald(tri) | 0.032 (0.0002) | Lwald(tri) | 0.036 (0.007) | | Lwald(rec) | 0.050 (0.002) | Lwald(rec) | 0.032 (0.0004) | Lwald(rec) | 0.032 (0.012) | | Lwald’ | 0.050 (/) | Lwald’ | 0.032 (/) | Lwald’ | 0.038 (0.021) | | Consumption industry | Information industry | Pharmaceutical industry | | hv5 | hv5 | hv5 | | Lwald(tri) | 0.279 (0.009) | Lwald(tri) | 0.324 (0.022) | Lwald(tri) | 0.440 (0.025) | | Lwald(rec) | 0.295 (0.014) | Lwald(rec) | 0.326 (0.033) | Lwald(rec) | 0.475 (0.004) | | Lwald’ | 0.355 (0.023) | Lwald’ | 0.351 (0.036) | Lwald’ | 0.541 (/) | | hv15 | hv15 | hv15 | | Lwald(tri) | 0.120 (0.002) | Lwald(tri) | 0.169 (0.016) | Lwald(tri) | 0.169 (0.010) | | Lwald(rec) | 0.121 (0.0004) | Lwald(rec) | 0.167 (0.005) | Lwald(rec) | 0.172 (0.004) | | Lwald’ | 0.152 (0.025) | Lwald’ | 0.231 (0.058) | Lwald’ | 0.225 (0.041) | | hv30 | hv30 | hv30 | | Lwald(tri) | 0.068 (0.0004) | Lwald(tri) | 0.102 (0.0003) | Lwald(tri) | 0.099 (0.001) | | Lwald(rec) | 0.067 (/) | Lwald(rec) | 0.102 (0.0004) | Lwald(rec) | 0.099 (0.001) | | Lwald’ | 0.068 (/) | Lwald’ | 0.102 (/) | Lwald’ | 0.099 (/) | | hv50 | hv50 | hv50 | | Lwald(tri) | 0.046 (0.001) | Lwald(tri) | 0.064 (0.011) | Lwald(tri) | 0.061 (0.002) | | Lwald(rec) | 0.046 (0.001) | Lwald(rec) | 0.055 (0.001) | Lwald(rec) | 0.062 (0.001) | | Lwald’ | 0.046 (/) | Lwald’ | 0.080 (/) | Lwald’ | 0.081 (0.013) |
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Robust standard errors with estimated coefficients are in the brackets. , , and . |
