Panel B of Table 1 shows the sample distribution by month. There are 237 firm-day observations for firms located in provinces face a continued increase in public health threats (CIPHT = 1) in January. The sample group of CIPHT = 1 increased dramatically during February, while there is a declining trend in the group of CIPHT = 1 during March. Panel C of Table 1 shows the sample distribution by industry. Firms from the manufacturing industry dominate the full sample, which is consistent with China’s industrial structure. The proportion of cross-industry distribution in sub-samples is similar to the full sample.