Table A5:
Regression Results - Spirits Sales (Levels)
| Seasonally Adjusted | Not Seasonally Adjusted | |||||||
|---|---|---|---|---|---|---|---|---|
| (1) Main |
(2) Donut |
(3) Synth |
(4) Synth-Donut |
(5) Main |
(6) Donut |
(7) Synth |
(8) Synth-Donut |
|
| Treatjt | −2.681*** | −2.629** | −2.647** | −2.617** | −2.547** | −2.474* | −2.889** | −2.924*** |
| Cluster SEs | (1.212) | (1.253) | - | - | (1.212) | (1.253) | - | - |
| Donald-Lang SEs | (1.506) | (1.482) | (1.172) | (1.127) | (1.923) | (1.871) | (1.148) | (1.094) |
| DL - Newey - West SEs | (1.584) | (1.492) | (1.671) | (1.634) | (2.814) | (2.718) | (1.680) | (1.640) |
| Observations | 903,840 | 869,408 | 210 | 202 | 903,840 | 869,408 | 210 | 202 |
| R-squared | 0.920 | 0.919 | 0.024 | 0.026 | 0.921 | 0.920 | 0.030 | 0.034 |
| Store-Fixed-Effects | Yes | Yes | No | No | Yes | Yes | No | No |
| Year-Month-Fixed-Effects | Yes | Yes | No | No | Yes | Yes | No | No |
| Seasonal Adj. | Yes | Yes | Yes | Yes | No | No | No | No |
Notes: The dependent variable are total sprits gallon sales in the store-week cell. Treatjt equals one for Illinois (treatment) stores from Sep 2009 on, and zero otherwise. Cluster SEs account for clustering at the state-level. Donald-Lang and DL-Newey-West: The dependent variable is the difference in the Illinois and the control states’ store-average, by week. Sample size is 210 weeks. Newey-West method adjusts for first-order autocorrelation with maximum lag set at 3 weeks. Donut-specifications leave out 8 weeks around policy change. In columns (3) and (4) as well as (7) and (8), the dependent variable is the difference between Illinois state aggregates and a synthetic control state aggregate.
indicate statistical significance at the 1%/5%/10%-level.