Placebo Test: Fake Issuance Date
Event‐Study Coefficients at Fake Post +1 and Fake Post +2
Horizon	Estimate (β)	Std. Error	p-value
Fake Post +1	−154.05	124.17	0.221
Fake Post +2	−182.02	122.02	0.142
‡ Standard errors clustered by firm.