TABLE 5.
Impacts of nationwide lockdown on price dispersion (RD estimates) dependent variable: ln|Pi‐Pj|
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| After | 0.829 *** | 0.878 *** | 0.856 *** | 0.842 *** |
| (8.07) | (10.10) | (9.44) | (8.08) | |
| Time | −0.00614 | 0.00520 | 0.0233 | 0.0128 |
| (−0.42) | (0.35) | (1.54) | (0.53) | |
| After×Time | −0.0556 | −0.126 *** | −0.148 *** | −0.110 * |
| (−1.19) | (−3.54) | (−3.67) | (−1.81) | |
| Time 2 | −0.00158 | 0.000342 | −0.00274 | |
| (−1.00) | (0.15) | (−0.54) | ||
| After×Time 2 | 0.00879 ** | 0.00870 | 0.00556 | |
| (2.18) | (1.38) | (0.40) | ||
| Time 3 | −0.0000667 | −0.000414 | ||
| (−0.70) | (−1.01) | |||
| After×Time 3 | −0.0000937 | 0.000836 | ||
| (−0.41) | (0.92) | |||
| Time 4 | −0.0000132 | |||
| (−1.21) | ||||
| After×Time 4 | −0.00000565 | |||
| (−0.21) | ||||
| Constant | −1.216 *** | −1.254 *** | −1.218 *** | −1.204 *** |
| (−33.27) | (−37.45) | (−34.11) | (−29.53) | |
| Market‐pair FEs | Yes | Yes | Yes | Yes |
| Month FEs | Yes | Yes | Yes | Yes |
| Market×Month FEs | Yes | Yes | Yes | Yes |
| AIC | 63705.33 | 1.810e+05 | 3.279e+05 | 4.367e+05 |
| BIC | 63729.89 | 1.810e+05 | 3.280e+05 | 4.368e+05 |
| Best bandwidth | 7.55 | 16.29 | 29.72 | 36.21 |
| N | 26513 | 75288 | 136673 | 182763 |
| adj. R 2 | 0.259 | 0.246 | 0.237 | 0.241 |
Notes: The best bandwidth is calculated using MSE‐optimal bandwidth selector for the T‐RD treatment effect estimator (MSERD). Standard errors are clustered at the market level and t statistics are in parentheses.
*
= p < 0.1.
**
= p < 0.05.
***
= p < 0.01.