Table 3.

Correlation matrix

Variables	(1)	(2)	(3)	(4)	(5)	(6)
(1) ECF Amounts Raised	1
(2) ECF Offerings	0.3671***	1
(3) P2P Loan Amounts	− 0.2299***	− 0.0100	1
(4) Net Consumer Loans	− 0.2633***	− 0.0817	0.2287***	1
(5) NASDAQ Returns	0.0820	0.0664	− 0.0361	− 0.2505***
(6) Weekly COVID-19 Cases	0.4393	0.0161	− 0.4756***	− 0.5538***	0.2194***	1

*p < 0.10, **p < 0.05, ***p < 0.01