. 2020 Jul 10;36:101691. doi: 10.1016/j.frl.2020.101691

Table 3.

Results grouped by regions.

Regions	exc	oil	covid
South America	-0.453^a	-0.145^a	-0.136^a
Middle East	-1.346^a	-0.297^a	-0.136^b
Europe	0.608^a	0.120^a	-0.068^c
Asia	-0.029^a	-0.182^a	-0.300^a

Note: The maximum number of lags to be considered in the serial correlation structure is 5.

^a,band ^c indicate significance at 1%, 5% and 10%, respectively.

Regressions include a constant.

VIF values for each sub-group do not indicate multicollinearity problem.