Table 8.
The robustness results from the number of daily global cases.
| Variables | Eq. (11) | Eq. (12) | Eq. (12−1) | Eq. (13) | Eq. (13−1) |
|---|---|---|---|---|---|
| Intercept | −0.001197 (−0.40) |
0.033680* (1.83) |
0.000024 (0.01) |
0.020837 (1.12) |
−0.000165 (−0.05) |
| Skew(t−1) | 0.194272*** (5.60) |
0.186969*** (5.37) |
0.186446*** (5.36) |
0.172685*** (4.98) |
0.172305*** (4.97) |
| rGlobalCases(t−1) | −0.039522*** (−3.93) |
−0.035903*** (−3.51) |
−0.036809*** (−3.64) |
0.162300*** (3.20) |
−0.007415 (−0.59) |
| Fear Sentiment | −0.004065* (−1.92) |
−0.034670** (−2.14) |
−0.002498 (−1.17) |
−0.023728 (−1.46) |
|
| r GlobalCases(t−1) Fear Sentiment | −0.016869*** (−3.99) |
−0.082836*** (−3.94) |
|||
| R2 | 0.059543 | 0.063934 | 0.065008 | 0.082579 | 0.083217 |
Notes:Table 8 summarizes the estimated results for Model 5, including Equations (11), (12), and (13). Different from Equations (12) and (13), Equations (12−1) and (13−1) hold the dummy variable, D_fearSent. ***, **, and * represent statistical significance at the 1%, 5%, and 10 % levels, respectively. The t-statistics are presented in parentheses. The total number of observations during this research period was 787.