Table 3.

Quantile regression results for the impact of stringency index on herding.

Quantiles
Coeff.	0.05	0.1	0.25	0.5	0.75	0.9	0.95
C	0.712*** (3.805)	0.746*** (4.990)	0.914*** (7.021)	1.056*** (8.963)	1.811*** (10.241)	2.175*** (12.601)	2.230*** (13.422)
${|\mathrm{R}}_{\mathrm{m}}|$	0.426** (2.291)	0.447*** (3.495)	0.509*** (5.561)	0.582*** (4.124)	0.491*** (6.113)	0.520*** (5.083)	0.468*** (5.241)
${\mathrm{R}}_{\mathrm{m}}^2$	−0.014 (−0.805)	−0.019 (−0.962)	−0.023** (−1.950)	−0.015* −1.907)	−0.014** (−2.203)	−0.029** (−2.998)	−0.032** (−3.549)
DSGI	0.003 (0.341)	−0.011 (−0.915)	−0.019** (−2.112)	−0.026** (−2.990)	−0.013* (−1.809)	−0.016** (−1.997)	−0.008 (−0.044)

Notes: t-statistics in parentheses. ***, ** and * mean significant at 1%, 5% and 10% respectively.