Table 1.

Descriptive statistics.

	N	Mean	Std dev	Min	Median	Max
CumCases (raw number)	2036	53,103.37	49,569.02	0	44,689.00	109,763
CumCases	2036	7.75	4.86	0	10.71	11.61
NewCases (raw number)	2036	3045.80	6658.34	0	43.00	38,302
NewCases	2036	4.45	3.60	0	3.78	10.55
CumCases_WHO (raw number)	746	4641.66	10,699.58	0	0.00	33,902
CumCases_WHO	746	2.43	3.95	0	0.00	10.43
Deaths_WHO (raw number)	746	21.44	52.31	0	0.00	170
Deaths_WHO	746	0.95	1.76	0	0.00	5.14
All-in-Drawn spread	1933	335.98	153.51	25.00	312.50	1000.00
Facility size	2036	5.10	1.63	−4.67	5.22	10.02
Maturity	2036	4.05	2.81	0.17	4.00	41.75
Credit line	2036	0.62	0.48	0.00	1.00	1.00
Term loan	2036	0.34	0.47	0.00	0.00	1.00
Senior	2036	1.00	0.05	0.00	1.00	1.00
Secured	2036	0.77	0.42	0.00	1.00	1.00
No. of lenders	2036	8.27	8.17	1.00	5.00	58.00
No. of facilities	2036	1.95	1.40	1.00	1.50	9.00
Firm size	2036	7.68	2.04	3.62	7.52	16.66
Leverage	2036	36.60	25.70	0.00	33.51	119.33
Profit margin	2036	−0.83	21.25	−108.26	2.68	63.61
ROA	2036	11.63	8.38	−21.23	11.20	41.25
NWC	2036	11.32	19.12	−50.47	8.96	66.73
Tangibility	2036	71.49	41.74	0.01	68.21	183.66
GDP growth	2036	0.63	3.03	−14.76	2.56	19.59
GDP per capita	2036	10.68	0.44	7.00	10.79	11.56
Inflation	2036	1.09	1.52	−4.48	1.64	15.88
Banking crisis	2036	0.96	0.20	0.00	1.00	1.00
WGI	2036	1.21	0.28	−0.75	1.25	1.80
Political Rights	2036	1.09	0.63	1.00	1.00	7.00