Table 5.
Second stage regression results: Comparing Commercial Hosts and Private Hosts.
| r = 250 m |
r = 500 m |
r = 750 m |
r = 1000 m |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
S1 end |
S1 end |
S1 ex |
S1 ex |
S2 end |
S2 end |
S2 ex |
S2 ex |
S3 end |
S3 end |
S3 ex |
S3 ex |
S4 end |
S4 end |
S4 ex |
S4 ex |
|
| PR | CH | PR | CH | PR | CH | PR | CH | PR | CH | PR | CH | PR | CH | PR | CH | |
| ln Local Airbnb Demand (i,r,t,f) | 0.174*** | 0.125*** | −0.011 | 0.264*** | 0.172*** | 0.128*** | 0.001 | 0.213*** | 0.170*** | 0.133*** | 0.015 | 0.192*** | 0.168*** | 0.136*** | 0.006 | 0.170*** |
| (0.001) | (0.001) | (0.021) | (0.039) | (0.001) | (0.001) | (0.019) | (0.035) | (0.001) | (0.001) | (0.017) | (0.038) | (0.001) | (0.001) | (0.016) | (0.039) | |
| ln Average Market Price (i,r,t) | 0.512*** | 0.893*** | 0.592*** | 0.830*** | 0.570*** | 0.984*** | 0.674*** | 0.929*** | 0.604*** | 1.016*** | 0.713*** | 0.972*** | 0.622*** | 1.031*** | 0.749*** | 1.004*** |
| (0.002) | (0.003) | (0.009) | (0.018) | (0.002) | (0.003) | (0.012) | (0.023) | (0.002) | (0.004) | (0.012) | (0.028) | (0.002) | (0.004) | (0.013) | (0.032) | |
| ln RGDP (g,t) | 0.146*** | 0.407*** | 0.519*** | 0.200* | 0.096*** | 0.346*** | 0.465*** | 0.208** | 0.081*** | 0.277*** | 0.413*** | 0.205** | 0.081*** | 0.268*** | 0.419*** | 0.241** |
| (0.012) | (0.026) | (0.041) | (0.079) | (0.012) | (0.027) | (0.040) | (0.076) | (0.012) | (0.028) | (0.035) | (0.078) | (0.012) | (0.028) | (0.034) | (0.078) | |
| ln CPI(g,t) | 0.062 | 0.275*** | 0.000 | 0.000 | 0.120* | 0.175* | 0.000 | 0.000 | 0.137** | 0.209* | 0.000 | 0.000 | 0.121** | 0.171* | 0.000 | 0.000 |
| (0.048) | (0.080) | (.) | (.) | (0.048) | (0.082) | (.) | (.) | (0.047) | (0.083) | (.) | (.) | (0.047) | (0.083) | (.) | (.) | |
| ln Experience (i,t) | 0.002* | 0.005*** | −0.000 | 0.007*** | 0.003*** | 0.006*** | 0.001 | 0.007*** | 0.004*** | 0.005*** | 0.002* | 0.006*** | 0.005*** | 0.007*** | 0.002** | 0.007*** |
| (0.001) | (0.001) | (0.001) | (0.002) | (0.001) | (0.002) | (0.001) | (0.002) | (0.001) | (0.002) | (0.001) | (0.002) | (0.001) | (0.002) | (0.001) | (0.002) | |
| Constant | 0.548** | −5.257*** | 0.241 | −4.809*** | 0.002 | −4.529*** | −0.112 | −4.421*** | ||||||||
| (0.205) | (0.308) | (0.202) | (0.308) | (0.200) | (0.308) | (0.199) | (0.310) | |||||||||
| Time Fixed Effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Individual Fixed Effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Number of Observations | 1,629,176 | 576,161 | 1,629,176 | 576,161 | 1,629,176 | 576,161 | 1,629,176 | 576,161 | 1,629,176 | 576,161 | 1,629,176 | 576,161 | 1,629,176 | 576,161 | 1,629,176 | 576,161 |
| Robust Standard Errors | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| F | 28,412 | 22,448 | 17,323 | 23,024 | 33,257 | 26,259 | 20,388 | 27,866 | 35,542 | 25,311 | 21,998 | 26,590 | 36,946 | 24,316 | 22,810 | 25,416 |
| R2 | 0.940 | 0.934 | 0.114 | 0.312 | 0.942 | 0.934 | 0.142 | 0.319 | 0.943 | 0.933 | 0.162 | 0.317 | 0.943 | 0.932 | 0.162 | 0.313 |
| R2 Adjusted | 0.938 | 0.932 | 0.078 | 0.285 | 0.940 | 0.931 | 0.108 | 0.292 | 0.941 | 0.930 | 0.128 | 0.290 | 0.941 | 0.930 | 0.129 | 0.286 |
| R2 Within | 0.174 | 0.335 | 0.199 | 0.328 | 0.210 | 0.321 | 0.215 | 0.315 | ||||||||
| R2 Within Adjusted | 0.174 | 0.335 | 0.199 | 0.328 | 0.210 | 0.321 | 0.215 | 0.315 | ||||||||
| R2 Uncentered | 0.114 | 0.312 | 0.142 | 0.319 | 0.162 | 0.317 | 0.162 | 0.313 | ||||||||
| AIC | −1,606,163 | −487,110 | −1,491,962 | −467,504 | −1,656,418 | −480,890 | −1,544,725 | −473,400 | −1,679,231 | −474,961.634 | −1,582,322 | −471,443 | −1,690,579 | −469,608 | −1,583,708 | −468,458 |
| BIC | −1,606,089 | −487,042 | −1,491,913 | −467,459 | −1,656,344 | −480,823 | −1,544,676 | −473,354 | −1,679,158 | −474,894.050 | −1,582,272 | −471,398 | −1,690,505 | −469,541 | −1,583,659 | −468,412 |
| Kleibergen-Paap Underid. Test (rk LM) | 938.847 | 289.285 | 942.928 | 373.219 | 1156.347 | 338.366 | 1209.086 | 327.977 | ||||||||
| Kleibergen-Paap Weak Id. Test (Wald F) | 900.491 | 285.807 | 907.095 | 373.450 | 1120.382 | 339.877 | 1172.056 | 331.745 | ||||||||
| Cragg-Donald Weak Id. Test (Wald F) | 1950.059 | 711.563 | 2053.014 | 891.359 | 2463.082 | 796.561 | 2532.367 | 763.370 | ||||||||
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 Average Weekly Price(i,t). c) Estimates were generated by the means of Stata 17 (command ivreghdfe for 2SLS estimations and command reghdfe for OLS estimations). d) ***p < 0.001, **p < 0.01, *p < 0.5, + p < 0.1. e) end = Endogenous, ex = Exogenous (i.e., 2SLS approach). f) The coefficient of ln CPI(g,t) is partialled out by the ivreghdfe estimation command because of collinearity with the fixed effects.