Table 4.
Variables | Stock market returns |
|||||
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
Growth in confirmed cases | −0.013*** | −0.013*** | −0.003** | |||
(0.000) | (0.000) | (0.032) | ||||
Growth in deaths | −0.005* | −0.005* | −0.001 | |||
(0.060) | (0.074) | (0.526) | ||||
Democratic accountability | 0.000 | 0.000 | −0.000 | −0.000 | ||
(0.922) | (0.834) | (0.673) | (0.944) | |||
Uncertainty avoidance | −0.000 | −0.000 | 0.000 | 0.000 | ||
(0.576) | (0.639) | (0.806) | (0.917) | |||
Investment freedom | 0.000 | −0.000 | 0.000 | 0.000 | ||
(0.936) | (0.596) | (0.671) | (0.747) | |||
Log (GDP) | 0.000 | 0.000 | −0.001* | 0.001 | ||
(0.957) | (0.367) | (0.099) | (0.225) | |||
(0.879) | (0.002) | |||||
Daily fixed-effects dummy variables | Yes | Yes | ||||
(0.047) | (0.000) | |||||
Constant | −0.001* | −0.001 | −0.010 | 0.002** | 0.027 | −0.093*** |
(0.062) | (0.899) | (0.540) | (0.032) | (0.103) | (0.001) | |
Observations | 2424 | 2424 | 2424 | 1390 | 1390 | 1390 |
R-squared | 0.022 | 0.022 | 0.522 | 0.003 | 0.005 | 0.511 |
***,**,*Represent statistical significance at 1%, 5%, and 10% levels, respectively.