Table 2.
The regression result for after adding average freight rate as control variable.
| Short-term component |
Long-term component |
|||
|---|---|---|---|---|
| Regression Val | Standard Dev | Regression Val | Standard Dev | |
| Infection(-1) | −0.00062*** | 4.98E-05 | −0.00067*** | 4.36E-05 |
| Infection(-2) | −0.00064*** | 5.34E-05 | −0.00067*** | 4.54E-05 |
| Infection(-3) | −0.00067*** | 5.77E-05 | −0.00068*** | 4.74E-05 |
| Infection(-4) | −0.00067*** | 5.90E-05 | −0.00068*** | 4.96E-05 |
| Infection(-5) | −0.00068*** | 6.09E-05 | −0.00068*** | 5.21E-05 |
| Infection(-6) | −0.00071*** | 6.54E-05 | −0.00069*** | 5.48E-05 |
| Infection(-7) | −0.00073*** | 7.09E-05 | −0.00069*** | 5.79E-05 |
| Infection(-8) | −0.00078*** | 7.96E-05 | −0.00070*** | 6.14E-05 |
| Infection(-9) | −0.00078*** | 8.22E-05 | −0.00071*** | 6.55E-05 |
| Infection(-10) | −0.00079*** | 8.60E-05 | −0.00072*** | 7.03E-05 |
| Infection(-11) | −0.00082*** | 9.40E-05 | −0.00074*** | 7.62E-05 |
| Infection(-12) | −0.00085*** | 0.00011 | −0.00077*** | 8.35E-05 |
| Infection(-13) | −0.00087*** | 0.00012 | −0.00081*** | 9.32E-05 |
| Infection(-14) | −0.00084*** | 0.00012 | −0.00088*** | 0.00011 |
| Freight(-1) | 1.05*** | 0.02 | 1.06*** | 0.02 |
| Freight(-2) | 1.04*** | 0.02 | 1.06*** | 0.02 |
| Freight(-3) | 1.04*** | 0.02 | 1.05*** | 0.02 |
| Freight(-4) | 1.03*** | 0.02 | 1.05*** | 0.02 |
| Freight(-5) | 1.03*** | 0.02 | 1.04*** | 0.02 |
| Freight(-6) | 1.02*** | 0.02 | 1.04*** | 0.02 |
| Freight(-7) | 1.02*** | 0.02 | 1.04*** | 0.02 |
| Freight(-8) | 1.01*** | 0.02 | 1.03*** | 0.02 |
| Freight(-9) | 1.01*** | 0.02 | 1.03*** | 0.02 |
| Freight(-10) | 1.00*** | 0.02 | 1.02*** | 0.02 |
| Freight(-11) | 1.00*** | 0.02 | 1.02*** | 0.02 |
| Freight(-12) | 1.00*** | 0.03 | 1.02*** | 0.02 |
| Freight(-13) | 1.00*** | 0.03 | 1.01*** | 0.02 |
| Freight(-14) | 1.00*** | 0.03 | 1.01*** | 0.02 |
| BDI(-1) | −413.14*** | 32.30 | −481.21*** | 31.22 |
| BDI(-2) | −425.53*** | 33.22 | −469.04*** | 31.69 |
| BDI(-3) | −439.80*** | 34.05 | −456.80*** | 32.16 |
| BDI(-4) | −451.49*** | 34.77 | −444.46*** | 32.61 |
| BDI(-5) | −459.96*** | 35.39 | −432.03*** | 33.06 |
| BDI(-6) | −462.73*** | 36.02 | −419.51*** | 33.50 |
| BDI(-7) | −459.68*** | 36.53 | −406.89*** | 33.93 |
| BDI(-8) | −454.46*** | 36.82 | −394.17*** | 34.35 |
| BDI(-9) | −446.97*** | 36.93 | −381.11*** | 34.77 |
| BDI(-10) | −438.96*** | 36.89 | −367.94*** | 35.18 |
| BDI(-11) | −425.41*** | 36.89 | −354.66*** | 35.58 |
| BDI(-12) | −407.68*** | 36.85 | −341.26*** | 35.97 |
| BDI(-13) | −388.28** | 36.75 | −327.74*** | 36.36 |
| BDI(-14) | −368.02*** | 36.66 | −314.09*** | 36.75 |
| Constant term | 17.61 | 41.21 | 21.84 | 33.52 |
| R2 | 0.86 | 0.90 | ||
Note: * means rejections of null hypothesis at the 10% significance level, ** indicates rejections of null hypothesis at the 5% significance level, *** means rejections of null hypothesis at the 1% significance level.