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. 2020 Jul 25;38:101699. doi: 10.1016/j.frl.2020.101699

Table 3.

COVID-19 new case announcements and financial volatility – robustness results.

RLS approach	Model 1 – Global		Model 2 – US
RLS approach	Naïve	Control	Naïve	Control
COVID-19_t-1	0.108*** [0.003]	0.108*** [0.003]	0.070*** [0.002]	0.070*** [0.002]
EPU _t-1		0.003 [0.012]		0.011 [0.018]
c	2.879*** [0.040]	2.860*** [0.070]	3.387*** [0.021]	3.325*** [0.087]
R²	0.564	0.578	0.372	0.373

Notes: (i) 10%, 5% and 1% level of significance is denoted by *, ** and *** respectively; (ii) COVID-19 is associated with the new reported cases.