Table 3.
Event study estimates: closure of non-essential businesses.
| Percentage change in new listings | Percentage change in page views | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| No. of days to policy | (1) | (2) | (3) | (4) | (5) | (1) | (2) | (3) | (4) | (5) |
| -7 | 0.075 | 0.060 | 0.056 | 0.032 | 0.175*** | 0.094*** | 0.057 | 0.065 | -0.008 | 0.127** |
| (0.048) | (0.049) | (0.051) | (0.062) | (0.046) | (0.032) | (0.054) | (0.051) | (0.039) | (0.049) | |
| -6 | 0.044 | 0.037 | 0.036 | 0.033 | 0.095** | 0.059*** | 0.041 | 0.043* | 0.010 | 0.085*** |
| (0.030) | (0.030) | (0.031) | (0.038) | (0.033) | (0.018) | (0.026) | (0.024) | (0.023) | (0.023) | |
| -5 | 0.031 | 0.025 | 0.023 | 0.024 | 0.068** | 0.049*** | 0.034 | 0.036 | 0.009 | 0.071*** |
| (0.025) | (0.025) | (0.026) | (0.031) | (0.028) | (0.015) | (0.022) | (0.021) | (0.019) | (0.021) | |
| -4 | 0.019 | 0.014 | 0.011 | 0.014 | 0.040* | 0.039*** | 0.027 | 0.028 | 0.009 | 0.057*** |
| (0.019) | (0.019) | (0.019) | (0.023) | (0.022) | (0.012) | (0.017) | (0.016) | (0.015) | (0.018) | |
| -3 | 0.011 | 0.008 | 0.007 | 0.008 | 0.026* | 0.028*** | 0.020 | 0.021* | 0.007 | 0.040*** |
| (0.012) | (0.011) | (0.011) | (0.015) | (0.014) | (0.008) | (0.012) | (0.012) | (0.010) | (0.012) | |
| -2 | 0.005 | 0.004 | 0.004 | 0.003 | 0.015** | 0.014*** | 0.011 | 0.011 | 0.003 | 0.021*** |
| (0.006) | (0.005) | (0.006) | (0.007) | (0.006) | (0.005) | (0.006) | (0.006) | (0.005) | (0.006) | |
| 0 | -0.015 | -0.013 | -0.015 | -0.015 | -0.031*** | -0.016*** | -0.012* | -0.014** | -0.005 | -0.023*** |
| (0.009) | (0.009) | (0.009) | (0.011) | (0.009) | (0.005) | (0.007) | (0.007) | (0.005) | (0.008) | |
| 1 | -0.036** | -0.032** | -0.032** | -0.035* | -0.070*** | -0.034*** | -0.026* | -0.029** | -0.010 | -0.047** |
| (0.015) | (0.014) | (0.015) | (0.019) | (0.018) | (0.009) | (0.014) | (0.013) | (0.009) | (0.016) | |
| 2 | -0.059*** | -0.055** | -0.051** | -0.057* | -0.108*** | -0.051*** | -0.039* | -0.042** | -0.012 | -0.070** |
| (0.021) | (0.020) | (0.021) | (0.027) | (0.031) | (0.014) | (0.021) | (0.020) | (0.014) | (0.024) | |
| 3 | -0.088*** | -0.082*** | -0.074*** | -0.078** | -0.153*** | -0.066*** | -0.050* | -0.053* | -0.011 | -0.094** |
| (0.028) | (0.027) | (0.026) | (0.036) | (0.044) | (0.020) | (0.029) | (0.028) | (0.019) | (0.033) | |
| 4 | -0.113*** | -0.105*** | -0.092** | -0.103** | -0.195*** | -0.081*** | -0.062* | -0.062* | -0.015 | -0.113** |
| (0.039) | (0.037) | (0.034) | (0.045) | (0.061) | (0.023) | (0.033) | (0.032) | (0.022) | (0.038) | |
| 5 | -0.131** | -0.122** | -0.105** | -0.119** | -0.229*** | -0.096*** | -0.072* | -0.073* | -0.020 | -0.128** |
| (0.048) | (0.045) | (0.041) | (0.055) | (0.074) | (0.025) | (0.037) | (0.036) | (0.026) | (0.044) | |
| 6 | -0.156** | -0.145** | -0.125** | -0.143** | -0.260*** | -0.109*** | -0.082** | -0.082** | -0.025 | -0.145*** |
| (0.056) | (0.053) | (0.047) | (0.062) | (0.086) | (0.028) | (0.040) | (0.039) | (0.031) | (0.047) | |
| 7 | -0.248*** | -0.230*** | -0.205*** | -0.219*** | -0.344*** | -0.180*** | -0.135*** | -0.133** | -0.064 | -0.205*** |
| (0.067) | (0.059) | (0.049) | (0.071) | (0.108) | (0.037) | (0.047) | (0.048) | (0.049) | (0.044) | |
| N | 23,249 | 23,249 | 21,514 | 17,350 | 15,268 | 18,559 | 18,559 | 17,174 | 13,850 | 12,188 |
| Daily new cases & deaths per capita | N | Y | Y | Y | Y | N | Y | Y | Y | Y |
| Drop NY | N | N | Y | Y | N | N | N | Y | Y | N |
| Drop NY, CA, WA | N | N | N | Y | N | N | N | N | Y | N |
| Drop states with Republican governor | N | N | N | N | Y | N | N | N | N | Y |
Notes: The day prior the announcement of the policy is the excluded category. All models include city, state, and calendar date fixed effects. States that did not implement the policy are excluded from the sample. Standard errors are clustered at the state level and reported in parentheses. The signs *, **, and *** indicate statistical significance at 10, 5, and 1 percent levels.