Table 3A.
First stage regression results: Full model with r = 500 m [Model 1].
| Spec. 2 |
|
|---|---|
| r = 500m | |
| ln COVID-19 Stringency Index (g,t)*POST63 | −0.149*** |
| (0.004) | |
| ln Average Market Price (i,500 m,t) | 0.628*** |
| (0.002) | |
| ln Number of Competitors (i,500 m)*Season(t) | Yes |
| ln RGDP (g,t) | 2.082*** |
| (0.018) | |
| ln CPI(g,t) | −1.020*** |
| (0.070) | |
| ln Beds(i)*Season(t) | Yes |
| ln Photos(i)*Season(t) | Yes |
| ln Host's Properties(i)*Season(t) | Yes |
| Multiplatform(i)*Season(t) | Yes |
| ln Experience (i,t) | Yes |
| Cancellation Policy(i)*Season(t) | Yes |
| Instantbook(i)*Season(t) | Yes |
| MidLong Rent(i)*Season(t) | Yes |
| Constant | −15.045*** |
| (0.294) | |
| Time Fixed Effects | Yes |
| Individual Fixed Effects | Yes |
| Number of Observations | 2,205,347 |
| Robust Standard Errors | Yes |
| F | 3419.176 |
| R2 Adjusted | 0.983 |
| R2 Within | 0.085 |
| R2 Within Adjusted | 0.085 |
| AIC | −340,204.744 |
| BIC | −339,776.127 |
Notes: a) Subscripts: i = Property, t = Time (Year-Week), g = Country, 500 m = Radius r defining the relevant market. Individual Fixed Effects stands for property-level (i) fixed effects included in the model. b) Dependent variable = ln Local Airbnb Demand(i,r,t). c) Estimates were generated by the means of Stata 17 (command reghdfe). d) ***p < 0.001, **p < 0.01, *p < 0.5, + p < 0.1. e) The reference baseline of time-invariant variables interacted with Season(t) is autumn. f) Coefficients of the full model have been excluded due to space constraints, yet are available from the authors upon request.