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The treatment impact on permanent vacancy creation with pre-screening services was statistically equivalent between low-tightness markets (+0.033) and high-tightness markets (+0.061) with a p-value for equal treatment effect of 0.386.
At baseline French market tightness ($\theta = 0.42$), displacement externalities reduce net aggregate job creation to 68%–73% of the measured firm-level treatment impact ($ED(\sigma)/\sigma AB \approx 0.68\text{--}0.73$), demonstrating that equilibrium spillover losses offset roughly 27%–32% of firm-level hiring gains.