Table 8.
Effects of the Flu on Rents.
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Dividends | Urban House | Urban House | Land | |
| Price | Hedonic Price | Price | ||
| Panel A: Mortality | ||||
| Excess Death Ratect | −6.27 | −18.48* | −1.70** | −9.66 |
| (17.46) | (10.22) | (0.68) | (7.84) | |
| Lag Real Rentct | −0.86*** (0.12) | −0.96*** (0.09) | −0.84*** (0.09) | −1.01*** (0.06) |
| Panel B: Mortality(2) | ||||
| Excess Death Ratect | −2.21 | −17.67* | −1.63** | −9.92 |
| (22.57) | (9.84) | (0.63) | (7.68) | |
| Excess Death Rate Lagct | 21.30 | −11.41 | −1.02 | 3.63 |
| (34.56) | (7.91) | (0.90) | (14.66) | |
| Lag Real Rentct | −0.85*** (0.12) | −0.96*** (0.09) | −0.84*** (0.09) | −1.01*** (0.06) |
| Total Effect | 19.09 | −29.08* | −2.65* | −6.29 |
| (52.98) | (15.20) | (1.25) | (17.54) | |
| Panel C: Flu Effects | ||||
| Flu1918c ∗ D1918 | −20.64 (18.81) | 4.39 (5.50) | 1.54** (0.71) | 15.33*** (1.39) |
| Flu1918c ∗ DPost − 1918 | 36.74 (19.97) | 24.22*** (6.68) | 3.16*** (0.75) | 22.66** (8.56) |
| Lag Real Rentct | −0.85*** (0.12) | −0.97*** (0.08) | −0.85*** (0.09) | −1.01*** (0.05) |
| Panel D: Flu Effects(2) | ||||
| Flu1918c ∗ DPost − 1917 | 8.01 (32.55) | 22.65*** (6.76) | 3.02*** (0.77) | 22.07** (7.96) |
| Lag Real Rentct | −0.85*** (0.12) | −0.96*** (0.09) | −0.85*** (0.09) | −1.01*** (0.05) |
| Province Fixed Effects | Y | Y | Y | Y |
| Year Fixed Effects | Y | Y | Y | Y |
| Observations | 281 | 720 | 720 | 720 |
Notes: Dependent variable in column 1 is annual growth rate of dividends, in column 2 is annual growth rate of urban house, in column 3 is annual growth rate of urban house prices (hedonic adjustment) and column 4 is annual growth rate of land prices. Excess Death Rate is difference between actual number of death and predicted by linear regression (normalized by population). Flu1918 is the value of excess death in 1918. 1918 is a dummy equal to one for year 1918. Dt is a dummy equal to one for year t and zero otherwise. t = Pre-1918 is omitted from the regression and it is the control period. See text for more details. The table reports fixed effects regressions weighted by population. Standard errors are clustered at the year level. * p < 0.10, ** p < 0.05, *** p < 0.01.