		(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
VARIABLES	LABELS	posemp	emp_cop	rev_emp	va_emp	ebitd_emp	wb_emp	s1_emp	lcomp_emp	rat_broad	tot_inc_emp	granted	rat_stay	lnemp_cop
														
postW_nQ5	postW_nQ5	-0.00	-2.07	-9.68	0.84	-1.42	0.80	-0.26	1.32	0.52	-1.70	0.39***	2.48	0.03
		(0.01)	(2.94)	(8.40)	(3.82)	(1.77)	(0.90)	(2.05)	(1.65)	(0.86)	(4.16)	(0.02)	(1.59)	(0.04)
postW_Q5	postW_Q5	-0.00	18.53*	36.75**	15.74***	9.10**	3.65**	12.41***	3.94	2.80*	15.47***	0.34***	7.78***	0.22**
		(0.04)	(9.31)	(14.92)	(5.25)	(3.83)	(1.55)	(3.56)	(2.79)	(1.53)	(4.95)	(0.03)	(2.93)	(0.09)
post_nQ5	post_nQ5	-0.02**	-2.41*	1.81	0.47	0.55	-0.03	0.11	0.62	-0.58	0.83	0.03***	-1.27**	-0.04**
		(0.01)	(1.42)	(3.57)	(1.31)	(1.02)	(0.40)	(1.08)	(0.58)	(0.42)	(1.42)	(0.01)	(0.52)	(0.02)
post_Q5	post_Q5	0.01	5.28	2.72	-0.06	0.02	1.41	2.10	-1.14	0.54	-2.35	0.09***	3.03**	-0.00
		(0.01)	(3.55)	(7.58)	(3.36)	(1.40)	(0.88)	(1.62)	(1.49)	(0.89)	(3.41)	(0.02)	(1.37)	(0.03)
														
Observations		155,646	103,437	103,437	103,437	103,437	103,437	103,437	103,437	107,789	103,437	155,646	99,558	103,437
R-squared		0.686	0.850	0.811	0.754	0.692	0.841	0.721	0.798	0.796	0.768	0.768	0.815	0.902
Art-App-Cal Yr FE		YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES
N/A		NO	NO	NO	NO	NO	NO	NO	NO	NO	NO	NO	NO	NO
EIN FEs		YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES
Mean dep var		0.698	68.74	300.5	116.2	9.068	57	67	55.27	49.89	129.1	0.285	72.56	3.135
Elasticity		-0.00642	0.270	0.122	0.135	1.004	0.0641	0.185	0.0714	0.0561	0.120	1.198	0.107	0.0714
Robust standard errors in parentheses														
*** p<0.01, ** p<0.05, * p<0.1														
