Policy Effectiveness Analysis of China’s Circuit Breaker Mechanism

Table 4

RDD results for multiple bandwidths.

	Multiple bandwidths
	Bandwidth	Bandwidth 80	Bandwidth 120	Bandwidth 140
Material industry
hv5	0.369 (0.044)	0.369 (0.039)	0.369 (0.044)	0.376 (0.041)
hv15	0.164 (0.026)	0.170 (0.020)	0.158 (0.037)	0.158 (0.039)
hv30	0.087 (0.008)	0.088 (0.005)	0.083 (0.013)	0.081 (0.016)
hv50	0.066 (0.010)	0.062 (0.004)	0.069 (0.014)	0.065 (0.013)
Telecommunications industry
hv5	0.171 (0.007)	0.176 (0.008)	0.169 (0.016)	0.188 (0.023)
hv15	0.103 (0.001)	0.103 (0.001)	0.096 (0.015)	0.097 (0.019)
hv30	0.064 (0.0004)	0.064 (0.0003)	0.055 (0.008)	0.051 (0.010)
hv50	0.035 (0.003)	0.035 (0.0004)	0.034 (0.005)	0.035 (0.006)
Industry
hv5	0.305 (0.024)	0.318 (0.018)	0.294 (0.030)	0.291 (0.027)
hv15	0.177 (0.010)	0.178 (0.007)	0.166 (0.023)	0.162 (0.025)
hv30	0.083 (0.002)	0.084 (0.001)	0.079 (0.008)	0.077 (0.011)
hv50	0.060 (0.006)	0.059 (0.001)	0.059 (0.008)	0.058 (0.008)
Public industry
hv5	0.323 (0.022)	0.332 (0.012)	0.310 (0.025)	0.318 (0.022)
hv15	0.158 (0.010)	0.159 (0.007)	0.148 (0.019)	0.143 (0.021)
hv30	0.072 (0.002)	0.071 (/)	0.072 (0.002)	0.068 (0.007)
hv50	0.050 (0.001)	0.051 (0.001)	0.056 (0.009)	0.055 (0.008)
Finance industry
hv5	0.203 (0.012)	0.204 (0.005)	0.189 (0.017)	0.178 (0.019)
hv15	0.105 (0.010)	0.106 (0.007)	0.097 (0.019)	0.094 (0.021)
hv30	0.052 (/)	0.052 (/)	0.052 (0.001)	0.049 (0.004)
hv50	0.032 (0.0002)	0..032 (0.0002)	0.031 (0.003)	0.030 (0.004)
Energy industry
hv5	0.203.(0.052)	0.215.(0.047)	0.192.(0.057)	0.181.(0.051)
hv15	0.123 (0.025)	0.129 (0.022)	0.118 (0.033)	0.121 (0.034)
hv30	0.052 (0.010)	0.054 (0.005)	0.049 (0.011)	0.047 (0.015)
hv50	0.036 (0.007)	0.035 (0.006)	0.038 (0.011)	0.037 (0.011)
Consumption industry
hv5	0.279 (0.009)	0.290 (0.006)	0.264 (0.015)	0.286 (0.031)
hv15	0.120 (0.002)	0.121 (0.0002)	0.115 (0.010)	0.114 (0.011)
hv30	0.068 (0.0004)	0.067 (/)	0.068 (0.001)	0.065 (0.005)
hv50	0.046 (0.0005)	0.046 (0.0003)	0.047 (0.004)	0.047 (0.005)
Information industry
hv5	0.324 (0.022)	0.315 (0.023)	0.330 (0.028)	0.340 (0.027)
hv15	0.169 (0.016)	0.168 (0.003)	0.170 (0.018)	0.176 (0.022)
hv30	0.102 (0.0003)	0.102 (0.0002)	0.092 (0.009)	0.088 (0.009)
hv50	0.064 (0.011)	0.055 (0.0004)	0.067 (0.011)	0.066 (0.009)
Pharmaceutical industry
hv5	0.440 (0.025)	0.470 (0.008)	0.408 (0.036)	0.418 (0.039)
hv15	0.169 (0.010)	0.173 (0.002)	0.163 (0.017)	0.161 0.018)
hv30	0.099 (0.001)	0.099 (0.0004)	0.094 (0.008)	0.092 (0.010)
hv50	0.061 (0.002)	0.062 (0.0004)	0.057 (0.006)	0.053 (0.007)

Robust standard errors with estimated coefficients are in the brackets. , , and .