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A. Table, Robustness check (4): exclusion of local governments from state

, Relatedloan1 is the ratio of related loans to total loans. Relatedloan2 is the ratio of related loan and total asset. The dummy variable DLenderGvtOwned takes value of one for loan contracts when the lending bank is state-owned, and zero otherwise. The dummy variable All variables are defined in Table 3. The t-statistics are in parentheses, This table reports ordinary least square estimations of Cumulative Abnormal Returns (CARs) on the proportion of related loans and the type of banks (state-vs