Table 4.
Impact of the introduction of vaccine. 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 | 18.355*** | −0.131*** | ||
| (4.342) | (0.032) | |||
| CumCases*Vaccine | −12.086** | 0.082* | ||
| (5.912) | (0.046) | |||
| NewCases | 18.803*** | −0.119*** | ||
| (4.417) | (0.033) | |||
| NewCases*Vaccine | −17.423** | 0.094* | ||
| (6.927) | (0.052) | |||
| Constant | −812.231** | −872.448** | −4.438 | −4.195 |
| (339.039) | (342.956) | (3.849) | (3.957) | |
| 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 | 1,933 | 1,933 | 2,036 | 2,036 |
| R-square | 0.434 | 0.434 | 0.541 | 0.540 |