| 变量 | (1) | (2) | (3) | (4) | 变量 | (5) | (6) |
|---|---|---|---|---|---|---|---|
| Spread1 | Spread2 | Spread1 | Spread2 | Spread1 | Spread2 | ||
| Rating×Post | -0.111 (-0.978) | -0.165 (-1.503) | -0.046 (-0.332) | -0.044 (-0.315) | Rating×Pre3 | 0.120** (2.028) | 0.116* (1.922) |
| Rating | -0.694*** (-9.706) | -0.671*** (-8.066) | -0.931*** (-10.780) | -0.967*** | Rating×Pre2 | 0.316*** (4.869) | 0.322*** (4.848) |
| Post | 1.666 (0.821) | 2.613 (1.326) | -0.085 (-0.032) | -0.106 (-0.040) | Rating×Pre1 | -0.029 (-0.455) | -0.034 (-0.517) |
| Rating×Post2 | -0.232*** (-4.827) | -0.211*** (-4.297) | |||||
| Rating | -0.634*** (-13.619) | -0.653*** (-13.700) | |||||
| Pre3 | -1.595 (-1.492) | -1.609 (-1.471) | |||||
| Pre2 | -4.898*** (-4.151) | -5.181*** (-4.289) | |||||
| Pre1 | 0.974 (0.830) | 0.866 (0.721) | |||||
| Post2 | 3.957*** (4.539) | 3.391*** (3.801) | |||||
| Baseline controls | Yes | Yes | Yes | Yes | Yes | Yes | |
| Observations | 696 | 696 | 919 | 919 | 4 468 | 4 468 | |
| R-squared | 0.673 | 0.705 | 0.596 | 0.600 | 0.639 | 0.641 | |
| CRA FE | YES | YES | YES | YES | YES | YES | |
| Industry FE | YES | YES | YES | YES | YES | YES | |
| Year-Month FE | YES | YES | YES | YES | YES | YES |
