Fig. 2: Parallel trend test, where the horizontal axis corresponds to the SPC estimation period.
From: Consequences of firm-specific stock price crashes on analyst forecasts: Evidence from China
The terminal points of the vertical line segments indicate the estimated coefficients of FERROR for each time point, while the length of these segments reflects the confidence intervals at the respective 90% confidence levels. If the confidence interval of the dummy variable includes 0, the coefficient is insignificant; otherwise, it is significant.
