Table 8 Dynamic DID model (1) Variables...

Table 8

Dynamic DID model

	(1)
Variables	Poisson LAWSUIT
BEFORE(−1)	1.196***
BEFORE(−1)	[3.25]
BEFORE(−2)	0.697***
BEFORE(−2)	[2.78]
BEFORE(−3)	0.142
BEFORE(−3)	[0.81]
CURRENT	−0.234
CURRENT	[−0.16]
AFTER1(+1)	0.673
AFTER1(+1)	[0.87]
AFTER(+2)	−4.955***
AFTER(+2)	[−3.92]
AFTER(+3)	−32.118***
AFTER(+3)	[−50.40]
Other control variables	Yes
LNALPHA	1.662***
LNALPHA	[4.48]
Constant	4.544***
Constant	[4.26]
Year FE	Yes
Firm FE	Yes
Observations	21,738

	(1)
Variables	Poisson LAWSUIT
BEFORE(−1)	1.196***
BEFORE(−1)	[3.25]
BEFORE(−2)	0.697***
BEFORE(−2)	[2.78]
BEFORE(−3)	0.142
BEFORE(−3)	[0.81]
CURRENT	−0.234
CURRENT	[−0.16]
AFTER1(+1)	0.673
AFTER1(+1)	[0.87]
AFTER(+2)	−4.955***
AFTER(+2)	[−3.92]
AFTER(+3)	−32.118***
AFTER(+3)	[−50.40]
Other control variables	Yes
LNALPHA	1.662***
LNALPHA	[4.48]
Constant	4.544***
Constant	[4.26]
Year FE	Yes
Firm FE	Yes
Observations	21,738

Note(s): This table reports the dynamic DID model of the relationship between a standalone RMC and corporate litigation. Continuous variables are winsorized at the 1st and 99th percentiles. *, **, *** denote a two-tailed p-value of less than 0.10, 0.05 and 0.01, respectively. Robust t-statistics (clustered at the firm level) are reported in parentheses. All variables are defined in appendix

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