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In a generalized DID setting, we have the equation (I copy from a hot discussion that triggered my interest)

$Margin_{ikjt}$ = $\alpha$ + $\beta$ $(Leniency Law)_{kt}$ + $\delta$$X_{ikt}$ + $\theta$$_{jt}$ + $\gamma$$_i$ +$\epsilon$$_{ikjt}$ (2)

And from what I can see, $(Leniency Law)_{kt}$ seems to be ATT (Average Treatment Effects on Treated as described thoroughly here), is it correct?

I am wondering what should we explain the coefficient of $(Leniency Law)_{kt}$ here. Say for example, $\beta$=0.03, what can we write for $\beta$ formally?

It seems to me that 0.03 is the average difference between pre-and post Leniency laws for the treated population. But I am not sure, in research paper, how researchers will say it out.

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