Table 3.
COVID-19 Severity and state-level medical resources.
| Panel A: Hospital beds | |||
|---|---|---|---|
| Dependent Variable: AR | |||
| (1) | (2) | (3) | |
| Positive_Cases | -9.565** | ||
| (-2.536) | |||
| Positive_Cases*Hospital_Beds | 229.427** | ||
| (2.204) | |||
| Death_Cases | -0.493*** | ||
| (-2.628) | |||
| Death_Cases* Hospital_Beds | 11.389** | ||
| (2.017) | |||
| Hospitalized_Cases | -0.190** | ||
| (-2.113) | |||
| Hospitalized_Cases*Hospital_Beds | 9.832*** | ||
| (3.068) | |||
| Hospital_Beds | -6.297 | -11.952 | -2.728 |
| (-0.777) | (-1.536) | (-1.023) | |
| Control variables | Yes | Yes | Yes |
| Observations | 393,097 | 393,097 | 393,097 |
| Industry-fixed effects | Yes | Yes | Yes |
| Month-fixed effects | Yes | Yes | Yes |
| Cluster by firm | Yes | Yes | Yes |
| Cluster by month | Yes | Yes | Yes |
| Adjusted R-squared | 0.067 | 0.067 | 0.067 |
| Panel B: Physicians | |||
| Dependent Variable: AR | |||
| (1) | (2) | (3) | |
| Positive_Cases | -24.026** | ||
| (-2.370) | |||
| Positive_Cases*Physicians | 1376.704*** | ||
| (2.815) | |||
| Death_Cases | -0.457*** | ||
| (-3.074) | |||
| Death_Cases*Physicians | 19.597** | ||
| (2.367) | |||
| Hospitalized_Cases | -0.236*** | ||
| (-2.668) | |||
| Hospitalized_Cases*Physicians | 10.256*** | ||
| (3.045) | |||
| Physicians | 7.778 | 10.033 | 3.068 |
| (0.271) | (0.769) | (0.385) | |
| Control variables | Yes | Yes | Yes |
| Observations | 391,987 | 391,987 | 391,987 |
| Industry-fixed effects | Yes | Yes | Yes |
| Month-fixed effects | Yes | Yes | Yes |
| Cluster by firm | Yes | Yes | Yes |
| Cluster by month | Yes | Yes | Yes |
| Adjusted R-squared | 0.067 | 0.067 | 0.067 |
This table presents regression results of stock-level market-adjusted stock returns (AR) on interaction terms between COVID-19 severity measures and state-level medical resource measures. In Panel A, we interact each of the COVID-19 severity measures with the ratio of the number of hospital beds in a state over the state population (Hospital_Beds). In Panel B, we consider interaction terms between each of the COVID-19 severity measures and the ratio of the number of physicians in a state over the state population (Physicians). We include a constant term, industry-fixed effects, and month-fixed effects. t-statistics computed standard errors clustered at the industry and month-level (Petersen, 2009) are reported in parentheses. *, ** and *** denote significance at the 10%, 5% and 1% levels, respectively. Variable definitions and data sources are presented in Appendix A.