Financial Innovation

Table 5 Fixed effects panel regression results

From: Investor sentiments and stock markets during the COVID-19 pandemic

	Dependent variable: CAR			Dependent variable: LVOL
	Coefficient	Std. Errors	p-value	Coefficient	Std. Errors	p-value
Constant	0.873	1.620	0.592	1.123	0.221	0.000
COV-19	− 0.030	0.014	0.041	0.025	0.003	0.000
VAC	0.006	0.003	0.091	− 0.003	0.001	0.004
CASES	− 0.571	0.554	0.307	0.302	0.114	0.010
FX	0.741	0.407	0.074	0.036	0.042	0.389
GOLD	− 0.566	0.286	0.052	− 0.035	0.025	0.172
BOND	− 0.342	0.396	0.391	0.172	0.066	0.012
R²	0.090			0.371
F-stat	2.66 [0.023]			25.94 [0.000]
Time Effect	No			No

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