Table 7 Results of in-space placebo test using fake treatment regions.

From: The impact of cross-border e-commerce comprehensive pilot zone on corporate financial constraints in China

P-value

Zone*Post

Coefficient

Two-sided

Left-sided

Right-sided

0.259

0.09

0.984

0.016

  1. (1) The two-sided p-value is the frequency that the absolute values of the placebo effects are greater than or equal to the absolute value of the estimated treatment effect. (2) The left-sided (right-sided) p-value is the frequency that the placebo effects are smaller (greater) than or equal to the estimated treatment effect.
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