Complexity

Research Article

Policy Effectiveness Analysis of China’s Circuit Breaker Mechanism

Table 5

The jump test results of the conditional density function at the breakpoint.


Material industry				Telecommunications industry				Industry
hv5				hv5				hv5

	Coef.	Std. error	Prob.		Coef.	Std. error	Prob.		Coef.	Std. error	Prob.
DOW	0.007	0.010	0.453	DOW	0.009	0.009	0.337	DOW	0.009	0.009	0.348
CFETS	0.002	0.002	0.214	CFETS	0.002	0.002	0.369	CFETS	0.002	0.002	0.351
hv15				hv15				hv15
	Coef.	Std. error	Prob.		Coef.	Std. error	Prob.		Coef.	Std. error	Prob.
DOW	0.005	0.009	0.592	DOW	−0.001	0.008	0.871	DOW	−0.001	0.008	0.860
CFETS	0.002	0.002	0.262	CFETS	0.003	0.002	0.240	CFETS	0.003	0.002	0.225
hv30				hv30				hv30
	Coef.	Std. error	Prob.		Coef.	Std. error	Prob.		Coef.	Std. error	Prob.
DOW	−0.001	0.008	0.848	DOW	−0.002	0.008	0.836	DOW	−0.001	0.008	0.849
CFETS	0.003	0.002	0.209	CFETS	0.003	0.002	0.194	CFETS	0.003	0.002	0.210
hv50				hv50				hv50
	Coef.	Std. error	Prob.		Coef.	Std. error	Prob.		Coef.	Std. error	Prob.
DOW	0.004	0.008	0.650	DOW	0.005	0.009	0.553	DOW	0.005	0.009	0.560
CFETS	0.002	0.002	0.229	CFETS	0.002	0.002	0.288	CFETS	0.002	0.002	0.283
Public industry				Finance industry				Energy industry
hv5				hv5				hv5
	Coef.	Std. error	Prob.		Coef.	Std. error	Prob.		Coef.	Std. error	Prob.
DOW	0.009	0.011	0.391	DOW	0.009	0.011	0.397	DOW	0.008	0.009	0.408
CFETS	0.001	0.002	0.449	CFETS	0.002	0.002	0.440	CFETS	0.002	0.002	0.264
hv15				hv15				hv15
	Coef.	Std. error	Prob.		Coef.	Std. error	Prob.		Coef.	Std. error	Prob.
DOW	−0.001	0.008	0.854	DOW	−0.001	0.008	0.862	DOW	0.005	0.009	0.586
CFETS	0.003	0.002	0.216	CFETS	0.003	0.002	0.227	CFETS	0.002	0.002	0.266
hv30				hv30				hv30
	Coef.	Std. error	Prob.		Coef.	Std. error	Prob.		Coef.	Std. error	Prob.
DOW	−0.002	0.006	0.750	DOW	−0.002	0.007	0.772	DOW	−0.002	0.007	0.812
CFETS	0.003	0.002	0.108	CFETS	0.003	0.002	0.127	CFETS	0.003	0.002	0.167
hv50				hv50				hv50
	Coef.	Std. error	Prob.		Coef.	Std. error	Prob.		Coef.	Std. error	Prob.
DOW	−0.001	0.008	0.872	DOW	−0.001	0.008	0.852	DOW	0.002	0.008	0.765
CFETS	0.003	0.002	0.241	CFETS	0.003	0.002	0.215	CFETS	0.002	0.002	0.176
Consumption industry				Information industry				Pharmaceutical industry
hv5				hv5				hv5
	Coef.	Std. error	Prob.		Coef.	Std. error	Prob.		Coef.	Std. error	Prob.
DOW	0.009	0.011	0.405	DOW	0.008	0.009	0.372	DOW	0.009	0.011	0.405
CFETS	0.002	0.002	0.429	CFETS	0.002	0.002	0.313	CFETS	0.002	0.002	0.429
hv15				hv15				hv15
	Coef.	Std. error	Prob.		Coef.	Std. error	Prob.		Coef.	Std. error	Prob.
DOW	0.001	0.007	0.897	DOW	0.007	0.010	0.489	DOW	0.005	0.009	0.607
CFETS	0.002	0.002	0.135	CFETS	0.002	0.002	0.338	CFETS	0.002	0.002	0.253
hv30				hv30				hv30
	Coef.	Std. error	Prob.		Coef.	Std. error	Prob.		Coef.	Std. error	Prob.
DOW	−0.002	0.006	0.742	DOW	−0.001	0.008	0.873	DOW	−0.002	0.008	0.850
CFETS	0.003	0.002	0.102	CFETS	0.003	0.002	0.243	CFETS	0.003	0.002	0.212
hv50				hv50				hv50
	Coef.	Std. error	Prob.		Coef.	Std. error	Prob.		Coef.	Std. error	Prob.
DOW	−0.001	0.008	0.853	DOW	0.006	0.009	0.522	DOW	0.002	0.007	0.783
CFETS	0.003	0.002	0.216	CFETS	0.002	0.002	0.311	CFETS	0.002	0.002	0.170