This figure reports the point estimates from a firm-panel regression of log assets on an indicator for liability
exposure, firm-by-cohort fixed effects, and year-by-cohort fixed effects. The specification is the same as that
reported in Table 3 except that the effect of liability exposure is allowed to vary by year for each year from
five years before the risk increases through ten years after. Ninety-five-percent confidence intervals, adjusted for
clustering at the industry level, are also plotted.