Table 8.

Robustness checks: using pandemic statistics as alternative treatments

	(1)	(2)
Variables	Whether pledged	Whether signed
Panel A1: State-owned banks (1)
Post × casualties ratio	− 0.167**	− 0.0144
	(0.0807)	(0.0203)
Observations	1063	1264
Panel A2: State-owned banks (2)
Post × infections ratio	− 0.210**	− 0.0301
	(0.102)	(0.0274)
Observations	1063	1264
Panel B1: Other banks and financial institutions (1)
Post × casualties ratio	0.0825	− 0.0909*
	(0.0946)	(0.0469)
Observations	3036	2689
Panel B2: Other banks and financial institutions (2)
Post × infections ratio	0.0666	− 0.104*
	(0.117)	(0.0576)
Observations	3036	2689
Firm controls	Yes	Yes
Deal characteristics	Yes	Yes
Firm fixed effects	Yes	Yes

(1) Clustered standard errors at industry level. (2) *, **, and *** denote significance at the 10%, 5%, and 1% level, respectively