Table 3.
Alternative sample from the WHO. The dependent variables are All-in-Drawn spread in columns (1)-(2), and Facility size in columns (3)-(4), respectively. All-in-Drawn spread and borrower accounting variables are winsorized at the 1st and 99th percentiles. Loan controls, loan purpose dummies, borrower controls, borrower industry dummies, and year-month fixed effects are included but their estimates are suppressed for brevity. Robust standard errors clustered at the borrower-country level are reported in parentheses below the coefficients. ***, **, * denote significance at the 1%, 5% and 10% levels, respectively.
| All-in-Drawn spread | Facility size | |||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| CumCases_WHO | 23.769*** | −0.256*** | ||
| (5.196) | (0.066) | |||
| Deaths_WHO | 29.220*** | −0.254** | ||
| (6.536) | (0.096) | |||
| Constant | −550.134 | −560.820 | −1.246 | −1.793 |
| (543.257) | (439.263) | (4.988) | (5.414) | |
| Loan controls | Yes | Yes | Yes | Yes |
| Loan purpose dummies | Yes | Yes | Yes | Yes |
| Borrower controls | Yes | Yes | Yes | Yes |
| Industry dummies | Yes | Yes | Yes | Yes |
| Year-month FE | Yes | Yes | Yes | Yes |
| N | 702 | 702 | 746 | 746 |
| R-square | 0.507 | 0.508 | 0.632 | 0.628 |