Table 6.
Heterogeneity analysis – public awareness
| DEP VAR = | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| InterFlow | IntraFlow | InterFlow | IntraFlow | |
| Panel A | ||||
| Provinces with SARS cases | Provinces without SARS cases | |||
| Treat*Post | −0.059*** | −0.083*** | −0.089 | −0.026 |
| (0.021) | (0.023) | (0.097) | (0.041) | |
| Control Variables | Yes | Yes | Yes | Yes |
| Daily FE | Yes | Yes | Yes | Yes |
| City FE | Yes | Yes | Yes | Yes |
| Observations | 30,600 | 30,600 | 5040 | 5040 |
| R2 | 0.879 | 0.762 | 0.858 | 0.643 |
| Panel B | ||||
| Provinces with higher Baidu Search Index | Provinces with lower Baidu Search Index | |||
| Treat*Post | −0.141*** | −0.209*** | −0.086* | −0.025 |
| (0.032) | (0.035) | (0.046) | (0.019) | |
| Control Variables | Yes | Yes | Yes | Yes |
| Daily FE | Yes | Yes | Yes | Yes |
| City FE | Yes | Yes | Yes | Yes |
| Observations | 14,520 | 14,520 | 21,120 | 21,120 |
| R2 | 0.860 | 0.744 | 0.887 | 0.751 |
The regression specification follows columns (3) and (4) of Table 3. Panel A splits the sample according to whether the province had confirmed SARS cases in 2003. Panel B splits the sample according to Baidu Search Index volumes. Robust standard errors are clustered by city in parentheses. *, **, and *** respectively denote significance levels of 10%, 5% and 1%