# **Table 3. Difference-in-Differences Equity Issuance Estimates: Domestic Listed versus Foreign Listed Firms**

This table shows difference-in-differences (DiD) regressions comparing equity issuances by Chinese firms listed in domestic and international markets. The table shows regression results obtained by estimating Equation (1) using two different dependent variables: the amount of equity raised over 2012 assets and the cumulative amount of equity raised over 2012 assets. The treated variable equals one for domestic listed firms and zero for foreign listed firms. The table shows the DiD coefficients, which estimate, for each year, the average differences in equity raised between domestic and foreign listed firms (relative to the 2012 differences). The 2012 coefficients show the differences in 2012. The regressions include year fixed effects. Standard errors are clustered at the industry (two-digit SIC) level. * ,**, and *** indicate statistical significance at the 10%, 5%, and 1% levels, respectively. The middle columns exclude foreign listed firms with shares listed in domestic markets (dual listed firms). The right-side columns exclude dual listed firms and those listed in Hong Kong SAR, China.

|Sample:|Domestic v<br>Li|ersus Foreign<br>sted<br>|Domestic v<br>Listed, Exc<br>Li|ersus Foreign<br>luding Dual<br>sted<br>|Domestic v<br>Listed, Exc<br>Listed and<br>Lis|<br>ersus Foreign<br>luding Dual<br>Hong Kong<br>ted|
|---|---|---|---|---|---|---|
|Dependent<br>Variable:|Equity over<br>2012 Assets|Cum. Equity<br>over 2012<br>Assets|Equity over<br>2012 Assets|Cum. Equity<br>over 2012<br>Assets|Equity over<br>2012 Assets|Cum. Equity<br>over 2012<br>Assets|
|Y_2005 x Treated|-0.004|0.014 *|-0.007 ***|0.008|-0.001|0.042 ***|
||[0.00]|[0.01]|[0.00]|[0.01]|[0.01]|[0.02]|
|Y_2006 x Treated|-0.004|0.013|-0.006 ***|0.008|-0.002|0.040 **|
||[0.00]|[0.01]|[0.00]|[0.01]|[0.01]|[0.01]|
|Y_2007 x Treated|-0.012 ***|0.003|-0.010 **|0.004|-0.012|0.027 **|
||[0.00]|[0.01]|[0.00]|[0.01]|[0.01]|[0.01]|
|Y_2008 x Treated|-0.005|0.001|-0.009 ***|0.001|-0.002|0.025 *|
||[0.00]|[0.01]|[0.00]|[0.01]|[0.01]|[0.01]|
|Y_2009 x Treated|-0.005|-0.002|-0.010 ***|-0.002|-0.006|0.019|
||[0.00]|[0.01]|[0.00]|[0.01]|[0.01]|[0.01]|
|Y_2010 x Treated|-0.010|-0.009 **|-0.015 *|-0.011 ***|-0.021 *|-0.002|
||[0.01]|[0.00]|[0.01]|[0.00]|[0.01]|[0.01]|
|Y_2011 x Treated|0.003|-0.003|-0.002|-0.006 ***|0.003|0.000|
||[0.00]|[0.00]|[0.00]|[0.00]|[0.01]|[0.01]|
|Treated (2012 Diff.)|0.002|-0.026 **|0.006 **|-0.015|0.002|-0.029|
||[0.00]|[0.01]|[0.00]|[0.01]|[0.01]|[0.02]|
|Y_2013 x Treated|0.005|0.007|0.003|0.009|0.007|0.006|
||[0.01]|[0.01]|[0.01]|[0.01]|[0.01]|[0.01]|
|Y_2014 x Treated|0.008|0.017|0.007|0.022|0.027 **|0.032 **|
||[0.01]|[0.01]|[0.01]|[0.01]|[0.01]|[0.01]|
|Y_2015 x Treated|0.043 ***|0.063 ***|0.043 ***|0.073 ***|0.045 **|0.077 ***|
||[0.01]|[0.02]|[0.01]|[0.03]|[0.02]|[0.03]|
|Y_2016 x Treated|0.108 ***|0.176 ***|0.126 ***|0.208 ***|0.123 ***|0.200 ***|
||[0.02]|[0.03]|[0.02]|[0.04]|[0.02]|[0.04]|
|Y_2017 x Treated|0.030 ***|0.204 ***|0.027 **|0.237 ***|0.014 **|0.208 ***|
||[0.01]|[0.03]|[0.01]|[0.04]|[0.01]|[0.04]|
|Y_2018 x Treated|-0.005|0.202 ***|0.000|0.243 ***|-0.011|0.197 ***|
||[0.01]|[0.03]|[0.01]|[0.04]|[0.02]|[0.06]|
|Y_2019 x Treated|0.007|0.211 ***|0.001|0.251 ***|-0.005|0.191 ***|
||[0.01]|[0.03]|[0.01]|[0.03]|[0.02]|[0.05]|
|Y_2020 x Treated|0.001|0.215 ***|0.001|0.259 ***|0.010|0.201 ***|
||[0.00]|[0.03]|[0.00]|[0.03]|[0.01]|[0.05]|
|No. of observations|38,496|38,496|35,264|35,264|33,792|33,792|
|No. of clusters|68|68|68|68|67|68|