Table 3 Oster’s bounding methodology

Month − 2

[− 27.80, 1.32]

[− 0.89, 3.93]

[− 3.44, 0.46]

[− 0.01, 1.49]

[− 0.32, 0.49]

[− 0.05, 0.65]

Month 0

[− 67.72, − 2.48]

[0.44, − 25.19]

[− 6.48, − 3.50]

[− 0.66, − 3.70]

[− 0.54, 0.25]

[0.14, 0.25]

Month 1

[− 60.40, − 26.62]

[− 27.13, − 6.36]

[− 17.74, − 17.22]

[− 2.94, − 2.19]

[− 0.83, − 0.65]

[− 0.03, 0.86]

Month 2

[− 108.06, − 28.19]

[− 43.16, − 7.85]

[− 21.58, − 18.63]

[− 4.65, − 2.24]

[− 1.97, − 0.82]

[− 0.85, − 0.23]

Month 3

[− 56.16, − 17.67]

[− 30.26, − 4.09]

[− 11.45, − 11.37]

[− 5.62, − 1.17]

[− 1.30, − 0.38]

[− 0.17, 0.05]

Month 4

[− 72.88, − 12.74]

[− 23.92, − 2.52]

[− 11.84, − 9.49]

[− 4.74, − 0.12]

[− 2.09, − 0.21]

[− 0.06, 0.22]

Month 5

[− 76.49, − 11.16]

[− 26.63, − 2.27]

[− 10.39, − 8.75]

[− 4.56, 0.16]

[− 2.42, − 0.28]

[0.11, 0.79]

Month 6

[− 26.92, − 7.16]

[− 24.80, − 1.40]

[− 5.42, − 3.67]

[− 1.95, 0.60]

[− 1.44, − 0.30]

[− 0.15, 0.64]

Month 7

[− 71.01, − 4.12]

[− 28.25, − 0.56]

[− 7.33, − 5.14]

[− 4.71, 1.17]

[− 2.41, − 0.50]

[0.04, 0.73]

Baseline FE

Yes

Yes

Yes

Yes

Yes

Yes

Observations

49,140

49,140

49,140

49,140

49,140

49,140

R²

0.31

0.77

0.90

0.53

0.86

0.48