. 2023 Feb 6;97:104738. doi: 10.1016/j.tourman.2023.104738

Table 3B.

First stage regression results: Reduced model with r = 250 m/500 m/750 m/1000 m [Model 2].

	Spec. 1	Spec. 2	Spec. 3	Spec. 4
	r = 250m	r = 500m	r = 750m	r = 1000m
ln COVID-19 Stringency Index (g,t)*POST₆₃	−0.133***	−0.146***	−0.154***	−0.155***
ln COVID-19 Stringency Index (g,t)*POST₆₃	(0.004)	(0.004)	(0.004)	(0.004)
ln Average Market Price (i,r,t)	0.434***	0.615***	0.714***	0.790***
ln Average Market Price (i,r,t)	(0.002)	(0.002)	(0.002)	(0.003)
ln RGDP (g,t)	1.982***	2.085***	2.010***	1.969***
ln RGDP (g,t)	(0.017)	(0.018)	(0.019)	(0.019)
ln CPI(g,t)	−0.784***	−0.851***	−0.752***	−0.747***
ln CPI(g,t)	(0.068)	(0.071)	(0.071)	(0.071)
ln Experience (i,t)	−0.012***	−0.015***	−0.016***	−0.016***
ln Experience (i,t)	(0.001)	(0.001)	(0.001)	(0.001)
Constant	−14.640***	−15.585***	−15.383***	−15.109***
Constant	(0.286)	(0.294)	(0.293)	(0.292)
Time Fixed Effects	Yes	Yes	Yes	Yes
Individual Fixed Effects	Yes	Yes	Yes	Yes
Number of Observations	2,205,346	2,205,346	2,205,346	2,205,346
Robust Standard Errors	Yes	Yes	Yes	Yes
F	13,851.453	19,098.485	21,018.121	22,850.216
R² Adjusted	0.975	0.983	0.986	0.988
R² Within	0.055	0.076	0.087	0.097
R² Within Adjusted	0.055	0.076	0.087	0.097
AIC	−495,716.920	−317,481.635	−263,401.673	−240,072.580
BIC	−495,641.282	−317,405.997	−263,326.035	−239,996.941

Notes: a) Subscripts: i = Property, t = Time (Year-Week), g = Country, 250 m/500 m/750 m/1000 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.