Figure 3.
The graph plots estimator values from negative 0.05 to 0.05, with density reaching up to about 30. The distribution forms a bell shape, peaking near 0 at around 27, then decreasing symmetrically toward both ends. Scatter points align along the curve. A vertical dashed line marks 0, and a vertical line marks a value near 0.045.Placebo test with randomly changing pilot corporates
Source: Authors’ own work