| 变量 | (1) | (2) |
|---|---|---|
| Spread1 | Spread2 | |
| Rating×Post×Soe | -0.135** (-2.142) | -0.120* (-1.876) |
| Rating×Post | -0.170*** (-3.374) | -0.151*** (-2.930) |
| Rating×Soe | -0.148*** (-3.135) | -0.162*** (-3.337) |
| Post×Soe | 2.121* (1.863) | 1.828 (1.569) |
| Rating | -0.505*** (-12.853) | -0.522*** (-12.983) |
| Post | 3.051*** (3.369) | 2.541*** (2.744) |
| Soe | 2.092** (2.455) | 2.361*** (2.709) |
| Baseline controls | Yes | Yes |
| Observations | 4 468 | 4 468 |
| R-squared | 0.644 | 0.647 |
| CRA FE | YES | YES |
| Industry FE | YES | YES |
| Year-Month FE | YES | YES |
