Table 5.
Variables | Stock market returns |
|
---|---|---|
(1) | (2) | |
Growth in confirmed cases | −0.003** | |
(0.041) | ||
Growth in deaths | −0.001 | |
(0.579) | ||
Country fixed-effects dummy variables | Yes | Yes |
Daily fixed-effects dummy variables | Yes | Yes |
Constant | −0.001 | −0.075*** |
(0.925) | (0.002) | |
Observations | 2424 | 1390 |
R-squared | 0.528 | 0.520 |
***,**,*Represent statistical significance at 1%, 5%, and 10% levels, respectively.