Does Shanghai International Financial Center Promote RMB Internationalization?

Table 3

Summary of robustness test results.

	(1)			(2)
	HAC	CO	PW	HAC	CO	PW
SDrfct	4.32 (0.65)	4.21 (0.91)	4.37 (0.80)	8.22 (0.84)	8.43 (1.30)	8.45 (1.22)
SEtradet	0.26 (0.05)	0.25 (0.05)	0.25 (0.05)	0.03 (0.08)	0.08 (0.08)	0.08 (0.08)
SEtradet-3,5	0.13 (0.06)	0.06 (0.05)	0.06 (0.05)	0.20 (0.11)	0.15 (0.08)	0.15 (0.08)
F-value	47.02	17.08	33.37	166.52	71.05	72.23
R-square	0.67	0.44	0.60	0.84	0.77	0.77
Observation	116	115	116	114	113	114

Note.,, and denote significance at 1%, 5%, and 10%, respectively, and the standard errors of each coefficient are enclosed in parentheses.