Event–Study DiD by Certification Status
Coefficients (SE) clustered by firm
	Non-certified Issuers	Certified Issuers
Post +2	55.050	-204.788
	(62.472)	(89.318)
Post +3	-35.392	-216.353
	(41.830)	(90.273)
* p < 0.05, ** p < 0.01, *** p < 0.001
Post +2 and Post +3 are years relative to issuance.