. 2021 Aug 10;58:101508. doi: 10.1016/j.ribaf.2021.101508

Table 3.

Bank characteristics and stock price reactions to COVID-19.

	(1)	(2)	(3)	(4)	(5)
COVID19	−0.864^***		−5.170^***	−6.886^***
	(0.13)		(1.13)	(1.22)
COVID19_V2		−1.559^***
		(0.10)
COVID19^*Capitalization			0.048^**	0.047^**	0.076^***
			(0.02)	(0.02)	(0.02)
COVID19^*ROE			−0.021	−0.023^*	−0.027^*
			(0.01)	(0.01)	(0.01)
COVID19^*Noninterest income share			0.016^**	0.008^**	0.020^***
			(0.01)	(0.01)	(0.01)
COVID19^*Size			0.136^***	0.206^***	0.174^***
			(0.04)	(0.04)	(0.04)
COVID19^*Deposit share			0.021^***	0.016^**	0.025^***
			(0.01)	(0.01)	−0.007
COVID19^*NPLs			−0.032^***	−0.014^**	−0.026^**
			(0.01)	(0.01)	(0.01)
COVID19^*GDP pc growth				−0.140^**
				(0.07)
COVID19^*Credit to private sector				0.008^***
				(0.00)
Constant	−0.12	−0.108	−0.340^***	−0.506^***	−0.340^***
	(0.19)	(0.19)	(0.11)	(0.11)	−0.113
R2	0.0887	0.0909	0.3512	0.3631	0.35
Observations	37868	37868	19919	18159	19919
Number of Banks	1895	1895	996	908	996
Bank FE	Yes	Yes	Yes	Yes	Yes
Time FE	Yes	Yes	Yes	Yes	Yes

Note: This table presents the regression results regarding the influence of bank characteristics on stock price reactions during the COVID-19 pandemic. The dependent variable is the weekly stock returns (Return) in all columns. Standard errors are clustered at the bank level and reported in parentheses.

p < 0.10.

^**

p < 0.05.

^***

p < 0.010.