| 变量 | (1) | (2) |
|---|---|---|
| Spread1 | Spread2 | |
| Rating×Post×Lowrep | -0.106* (-1.786) | -0.122** (-2.016) |
| Rating×Post | -0.293*** (-7.934) | -0.266*** (-7.014) |
| Rating×Lowrep | -0.093** (-2.019) | -0.080* (-1.687) |
| Post×Lowrep | 1.961* (1.810) | 2.306** (2.079) |
| Rating | -0.503*** (-15.667) | -0.528*** (-16.053) |
| Post | 5.042*** (7.418) | 4.328*** (6.221) |
| Lowrep | 1.215 (1.365) | 0.842 (0.923) |
| Baseline controls | Yes | Yes |
| Observations | 4 468 | 4 468 |
| R-squared | 0.639 | 0.641 |
| CRA FE | YES | YES |
| Industry FE | YES | YES |
| Year-Month FE | YES | YES |
