Table 2.
Regression Results
| Panel A. Stay-at-home Ratio | |||
| Stayhome Ratio | |||
| Wave | 1st wave | 2nd wave | 3rd wave |
| Infection Risk | 9,151*** | 2,269*** | 1,000*** |
| (11.80) | (9.140) | (10.19) | |
| Emergency Dummy | 0.140*** | ||
| (59.19) | |||
| Summer Vacation Dummy | -0.197*** | ||
| (-35.09) | |||
| Weekday dummies | yes | yes | yes |
| Observations | 3,568 | 4,230 | 3,619 |
| R-squared | 0.658 | 0.44 | 0.451 |
| Number of prefectures | 47 | 47 | 47 |
| model | FE | FE | FE |
| t-statistics in parentheses | |||
| *** p<0.01, ** p<0.05, * p<0.1 | |||
| Panel B. Transmission Rate () | |||
| Stay(t-7) | -0.213*** | ||
| (-7.803) | |||
| Wave1xTime | -0.00298*** | ||
| (-13.50) | |||
| Wave2xTIme | -0.00294*** | ||
| (-27.79) | |||
| Wave3xTime | 0.00034*** | ||
| (3.20) | |||
| Wave1 | 65.65*** | ||
| (13.52) | |||
| Wave2 | 65.01*** | ||
| (27.79) | |||
| Wave3 | -7.492*** | ||
| (-3.200) | |||
| Emergency Dummy (t-7) | -0.108*** | ||
| (-13.04) | |||
| Summer Vacation Dummy (t-7) | -0.0894*** | ||
| (-6.147) | |||
| Weekday dummies | yes | ||
| Observations | 9,548 | ||
| R-squared | 0.185 | ||
| Number of prefectures | 47 | ||
| Model | FE | ||
| t-statistics in parentheses | |||
| *** p<0.01, ** p<0.05, * p<0.1 | |||
| Panel C. Year-on-year Change in Sales at Department Stores and Supermarkets | |||
| Stay | -0.228*** | ||
| (-4.519) | |||
| EM | -0.133*** | ||
| (-6.224) | |||
| Constant | 0.00416 | ||
| (0.721) | |||
| Observations | 470 | ||
| R-squared | 0.45 | ||
| Number of prefectures | 47 | ||
| Prefecture FE | Yes | ||
t-statistics in parentheses
*** p<0.01, ** p<0.05, * p<0.1