| 变量 | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| Spread1 | Spread2 | Spread1 | Spread2 | Spread1 | Spread2 | |
| Rating×Post | -0.296*** (-9.436) | -0.298*** (-9.349) | -0.479*** (-17.628) | -0.470*** (-17.084) | -0.308*** (-10.417) | -0.282*** (-9.291) |
| Rating | -0.556*** (-19.107) | -0.551*** (-18.677) | -0.043 (-0.794) | -0.155*** (-2.825) | -0.468*** (-16.148) | -0.496*** (-16.707) |
| Post | 5.026*** (8.656) | 5.058*** (8.592) | 8.239*** (16.280) | 7.975*** (15.538) | 5.278*** (9.666) | 4.625*** (8.262) |
| Baseline controls | YES | YES | YES | YES | YES | YES |
| Additional firm-level controls | NO | NO | NO | NO | YES | YES |
| Observations | 3 852 | 3 852 | 4 468 | 4 468 | 4 254 | 4 254 |
| R-squared | 0.640 | 0.636 | 0.929 | 0.931 | 0.664 | 0.666 |
| CRA FE | YES | YES | YES | YES | YES | YES |
| Firm FE | NO | NO | YES | YES | NO | NO |
| Industry FE | YES | YES | NO | NO | YES | YES |
| Year-Month FE | YES | YES | YES | YES | YES | YES |
