Table 6.
Empirical estimation results with dependent variable ln((Pct_chg)2) of pooled or panel least square with or without AR(1) term with complete theoretical guidance with IVs (n = 60,144)
| Model (6–1) (Pooled IV/two-stage least squares) |
Model (6–2) (Pooled IV /two-stage EGLS with cross-section random effects) |
Model (6–3) (Pooled IV/two-stage EGLS with cross− section weights) |
Model (6–4) (Pooled IV/two-Stage EGLS with period weights) |
Model (6–5) (Pooled IV/two-stage EGLS with period SUR) |
Model (6–6) (Pooled IV/two-stage least squares with AR(1)) |
Model (6–7) (Pooled IV/two-stage least squares with cross-section weights and AR(1)) |
|
|---|---|---|---|---|---|---|---|
| ln((Close)2) |
0.238*** (25.752) |
0.261*** (21.266) |
0.170*** (24.641) |
0.176*** (20.622) |
0.168*** (16.341) |
0.247*** (24.815) |
0.170*** (23.403) |
| Daily_infection |
− 0.001*** (− 11.099) |
− 0.001*** (− 11.596) |
− 0.001*** (− 15.382) |
− 0.000** (− 10.233) |
− 0.000*** (− 11.445) |
0.000*** (6.268) |
0.000*** (9.059) |
| ln(∆Daily_infection2) |
− 0.049 (− 1.607) |
− 0.049 (− 1.679) |
− 0.030 (− 1.396) |
− 0.118*** (− 4.014) |
− 0.087*** (− 3.041) |
− 0.128*** (− 4.698) |
− 0.109*** (− 5.949) |
| Suspected_infection |
− 0.001*** (− 25.497) |
− 0.001*** (− 26.649) |
− 0.001*** (− 33.982) |
− 0.000*** (− 31.875) |
− 0.000*** (− 32.101) |
− 0.000*** (− 21.222) |
− 0.000*** (− 28.236) |
| ln((∆Suspected_infection_new)2) |
0.023*** (5.366) |
0.023*** (5.607) |
0.025*** (8.008) |
0.018*** (4.813) |
0.022*** (6.014) |
− 0.028*** (− 11.461) |
− 0.026*** (− 16.043) |
| Death_cases |
0.025*** (8.570) |
0.025*** (8.953) |
0.025*** (12.122) |
0.019*** (7.499) |
0.021*** (6.014) |
− 0.013*** (− 13.659) |
− 0.012*** (− 19.027) |
| ln((∆Death_cases)2) |
0.135 (1.409) |
0.136 (1.486) |
0.018 (0.262) |
0.467*** (5.318) |
0.309*** (3.362) |
0.855*** (16.147) |
0.718*** (20.049) |
| Recovery |
− 0.002*** (− 9.936) |
− 0.002*** (− 10.381) |
− 0.001*** (− 13.889) |
− 0.001*** (− 9.235) |
− 0.001*** (− 10.427) |
0.000*** (9.665) |
0.000*** (13.544) |
| ln((∆Recovery)2) |
0.602*** (8.469) |
0.601*** (8.830) |
0.606*** (12.039) |
0.318*** (5.532) |
0.423*** (7.214) |
0.094*** (2.641) |
0.129*** (5.360) |
| Total_revenue |
− 1.00E−08** (− 2.050) |
− 1.04E−08 (− 1.597) |
− 8.52E−09** (− 2.077) |
− 1.02E−08** (− 2.268) |
− 9.46E−09* (− 1.736) |
− 6.22E−09 (− 1.182) |
− 5.32E−09 (− 1.544) |
| ln(Operating_cost) |
− 0.108*** (− 10.218) |
− 0.109*** (− 7.835) |
− 0.102*** (− 13.491) |
− 0.112*** (− 11.496) |
− 0.108*** (− 9.172) |
− 0.101*** (− 8.946) |
− 0.094*** (− 12.116) |
| Operating_profit |
− 7.30E−08*** (− 3.707) |
− 7.48E−08*** (− 2.853) |
− 9.08E−08*** (− 4.248) |
− 7.03E−08*** (− 3.869) |
− 6.89E−08*** (− 3.135) |
− 8.94E−08*** (− 4.211) |
− 1.08E−07** (− 4.964) |
| ln(Buy_vol) |
0.149*** (18.886) |
0.159*** (15.229) |
0.146*** (24.862) |
0.123*** (16.973) |
0.122*** (13.946) |
0.157*** (18.530) |
0.151*** (24.766) |
| Industry_5 |
0.655*** (7.415) |
0.656*** (5.579) |
0.542*** (8.826) |
0.561*** (6.881) |
0.505*** (5.128) |
0.668*** (7.014) |
0.571*** (8.907) |
| Industry_7 |
0.415*** (3.797) |
0.404*** (2.779) |
0.348*** (4.559) |
0.344*** (3.408) |
0.366*** (3.001) |
0.465*** (3.946) |
0.392*** (4.897) |
| Industry_8 |
− 0.790*** (− 2.958) |
− 0.757** (− 2.128) |
− 0.376 (− 1.283) |
− 0.541** (− 2.194) |
− 0.491* (− 1.649) |
− 0.931*** (− 3.232) |
− 0.455 (− 1.447) |
| Industry_9 |
− 1.509*** (− 9.162) |
− 1.481*** (− 6.747) |
− 1.362*** (− 8.133) |
− 1.618*** (− 10.642) |
− 1.619*** (− 8.804) |
− 1.443*** (− 8.124) |
− 1.213*** (− 7.469) |
| Industry_10 |
0.588*** (4.107) |
0.568*** (2.977) |
0.469*** (4.708) |
0.492*** (3.724) |
0.479*** (2.995) |
0.612*** (3.963) |
0.519*** (4.829) |
| Industry_15 |
0.176** (2.159) |
0.175 (1.607) |
0.069 (1.174) |
0.161** (2.137) |
0.133 (1.461) |
0.209** (2.382) |
0.102 (1.634) |
| Industry_16 |
0.223** (2.312) |
0.206 (1.604) |
0.131* (1.831) |
0.049 (0.555) |
− 0.065 (− 0.601) |
0.247** (2.215) |
0.181** (2.402) |
| Industry_19 |
0.235** (2.268) |
0.203 (1.476) |
0.215*** (2.868) |
0.188** (1.967) |
0.181 (1.571) |
0.247** (2.215) |
0.261*** (3.222) |
| Industry_21 |
0.519*** (4.904) |
0.469*** (3.328) |
0.486*** (6.410) |
0.374*** (3.829) |
0.367*** (3.107) |
0.569*** (4.992) |
0.576*** (7.044) |
| Industry_22 |
− 0.627*** (− 2.692) |
− 0.624** (− 2.012) |
− 1.013*** (− 5.762) |
− 0.486** (− 2.262) |
− 0.327 (− 1.258) |
− 0.494*** (− 2.764) |
− 1.069*** (− 6.024) |
| Industry_23 |
0.265** (2.327) |
0.246 (1.625) |
0.125 1.559 |
0.359*** (3.385) |
0.385*** (3.029) |
0.279** (2.269) |
0.145* (1.678) |
| Industry_26 |
− 0.205* (− 1.824) |
− 0.197 (− 1.316) |
− 0.380*** (− 4.865) |
− 0.304*** (− 2.940) |
− 0.319** (− 2.551) |
− 0.189 (− 1.571) |
− 0.370*** (− 4.519) |
| Industry_27 |
− 0.588*** (− 6.297) |
− 0.569*** (− 4.580) |
− 0.613*** (− 8.940) |
− 0.563*** (− 6.541) |
− 0.515*** (− 4.942) |
− 0.589*** (− 5.864) |
− 0.577*** (− 8.179) |
| Industry_28 |
− 0.711*** (− 7.474) |
− 0.687*** (− 5.419) |
− 0.656*** (− 8.629) |
− 0.823*** (− 9.376) |
− 0.778*** (− 7.329) |
− 0.718*** (− 6.994) |
− 0.629*** (− 7.866) |
| Industry_29 |
0.577*** (4.036) |
0.565*** (2.968) |
0.423** (4.615) |
0.516*** (3.908) |
0.460** (2.886) |
0.618*** (− 6.994) |
0.489*** (4.782) |
| Industry_34 |
0.332* (1.928) |
0.357 (1.554) |
0.202* (1.677) |
0.281* (1.765) |
0.347** (1.804) |
0.381** (2.044) |
0.248** (2.004) |
| Industry_36 |
− 1.034*** (− 6.550) |
− 1.006*** (− 4.787) |
− 0.776*** (− 6.350) |
− 0.795*** (− 5.458) |
− 0.542*** (− 3.078) |
− 1.124*** (− 6.604) |
− 0.822*** (− 6.333) |
| Industry_37 |
− 0.754*** (− 5.139) |
− 0.728*** (− 3.724) |
− 0.883*** (− 8.155) |
− 0.769*** (− 5.681) |
− 0.733*** (− 4.475) |
− 0.678*** (− 4.286) |
− 0.774*** (− 7.489) |
| Industry_38 |
− 0.783*** (− 5.764) |
− 0.766*** (− 4.232) |
− 0.901** (− 9.129) |
− 0.723** (− 5.769) |
− 0.659*** (− 4.347) |
− 0.813*** (− 5.547) |
− 0.903*** (− 9.330) |
| Industry_41 |
0.392*** (2.703) |
0.364* (1.884) |
0.272*** (2.709) |
0.191 (1.425) |
0.048 (0.295) |
0.432*** (2.754) |
0.345*** (3.348) |
| Industry_42 |
− 1.001*** (− 9.028) |
− 0.975*** (− 6.602) |
− 0.814*** (− 9.052) |
− 0.958*** (− 9.366) |
− 0.879*** (− 7.107) |
− 0.956*** (− 7.998) |
− 0.773*** (− 8.474) |
| Industry_43 |
0.324*** (2.775) |
0.289* (1.857) |
0.234*** (2.922) |
0.329*** (3.058) |
0.399*** (3.062) |
0.347*** (2.759) |
0.299*** (3.571) |
| Industry_46 |
− 0.935*** (− 3.841) |
− 0.924** (− 2.851) |
− 0.609** (− 2.946) |
− 0.899*** (− 4.004) |
− 0.821*** (− 3.021) |
− 0.882*** (− 3.359) |
− 0.569*** (− 2.731) |
| Industry_47 |
0.556*** (3.076) |
0.558** (2.320) |
0.459*** (3.854) |
0.541*** (3.245) |
0.552*** (2.737) |
0.625*** (3.211) |
0.540*** (4.196) |
| Industry_50 |
0.566** (2.325) |
0.575* (1.774) |
0.506*** (2.670) |
0.604*** (2.693) |
0.590** (2.174) |
0.547** (2.085) |
0.533*** (2.726) |
| Industry_51 |
0.687*** (8.213) |
0.656*** (5.886) |
0.641*** (10.969) |
0.583*** (7.552) |
0.567*** (6.065) |
0.739*** (8.199) |
0.729*** (11.794) |
| Industry_52 |
0.840*** (6.422) |
0.821*** (4.712) |
0.585*** (6.785) |
0.705*** (5.839) |
0.677*** (4.635) |
0.889*** (6.299) |
0.649*** (7.145) |
| Industry_53 |
− 0.525*** (− 3.839) |
− 0.541*** (− 2.975) |
− 0.547*** (− 4.996) |
− 0.356*** (− 2.826) |
− 0.274* (− 1.795) |
− 0.456*** (− 3.098) |
− 0.447*** (− 3.849) |
| Industry_54 |
− 0.497*** (− 2.903) |
− 0.467** (− 2.051) |
− 0.398*** (− 2.729) |
− 0.482*** (− 3.057) |
− 0.408** (− 2.138) |
− 0.523*** (− 2.837) |
− 0.372** (− 2.438) |
| Industry_55 |
0.588*** (4.011) |
0.567*** (2.901) |
0.614*** (5.891) |
0.509*** (3.760) |
0.482*** (2.945) |
0.667*** (4.218) |
0.700*** (6.479) |
| Industry_56 |
0.598*** (6.081) |
0.578*** (4.413) |
0.450*** (6.530) |
0.555*** (6.115) |
0.599*** (5.465) |
0.609*** (5.738) |
0.483*** (6.562) |
| Industry_58 |
− 0.574*** (− 3.105) |
− 0.556** (− 2.258) |
− 0.574*** (− 3.731) |
− 0.484*** (− 2.838) |
− 0.371* (− 1.797) |
− 0.558*** (− 2.801) |
− 0.537*** (− 3.304) |
| Industry_60 |
− 0.416** (− 2.041) |
− 0.399 (− 1.467) |
− 0.434*** (− 2.687) |
− 0.360* (− 1.912) |
− 0.294 (− 1.293) |
− 0.479** (− 2.181) |
− 0.497*** (− 2.933) |
| Industry_61 |
− 0.612*** (− 4.036) |
− 0.585*** (− 2.895) |
− 0.594*** (− 5.574) |
− 0.645*** (− 4.612) |
− 0.560*** (− 3.311) |
− 0.590*** (− 3.609) |
− 0.595*** (− 5.312) |
| Industry_62 |
− 1.003*** (− 6.226) |
− 0.988*** (− 4.604) |
− 1.139*** (− 10.934) |
− 0.925*** (− 6.221) |
− 0.803*** (− 4.466) |
− 1.018*** (− 5.858) |
− 1.162*** (− 10.686) |
| Industry_63 |
− 0.351*** (− 3.217) |
− 0.329** (− 2.271) |
− 0.387*** (− 4.694) |
− 0.302*** (− 3.002) |
− 0.245** (− 2.018) |
− 0.358*** (− 3.050) |
− 0.367*** (− 4.366) |
| Industry_66 |
− 1.125*** (− 8.275) |
− 1.138*** (− 6.285) |
− 0.998*** (− 9.351) |
− 1.074*** (− 8.559) |
− 1.003*** (− 6.612) |
− 1.120*** (− 7.645) |
0.054*** (12.579) |
| AR(1) |
0.045*** (10.213) |
0.054*** (12.579) |
|||||
| Random effect (cross) | Yes | ||||||
| Adjusted R2 | 0.082 | 0.061 | 0.117 | 0.112 | 0.090 | 0.101 | 0.152 |
The values of the constant terms are not reported. t statistics in parentheses. Instrumental variables (IVs) are ICU_patients as well as log((∆ICU_patients)2). For industrial variables, only those who are statistically significant are reported in the table
***p ≤ 0.01, **0.01 < p < 0.05, *0.05 < p < 0.1