Table A.5.

Test of Differences in the Means of Outcome Variables. The table reports summary statistics for the outcome variables for different groups: treated (pandemic-related) vs. untreated (non-pandemic). The last column shows p-values of t-tests of equality of means of each variable across the two groups.

Variable	All		Treated		Untreated		Means difference
	Mean	S.D.	Mean	S.D.	Mean	S.D.	p-value
VC invested amount	2.051	3.990	1.118	3.106	2.984	4.522	0.000
Number VC transactions	0.328	0.792	0.152	0.507	0.504	0.968	0.000