Fig. 3.

Impact of the Chinese lockdown on firm-level exports: Intensive versus extensive adjustments. Note: The figure shows the results of the event-study estimation, using the intensive and extensive components of firms’ exports as left-hand side variable. The corresponding difference-in-differences estimates are summarized in Table 3, columns (6) and (7). All specifications include firm and period fixed effects. Standard errors are clustered at the firm level. Confidence intervals are defined at 5%