| Id |
Subject |
Object |
Predicate |
Lexical cue |
| T306 |
0-274 |
Sentence |
denotes |
As a final robustness check, we examine whether our results are influenced by the volatility of provincial increase in new confirmed COVID-19 cases because high volatility of the number changing in the new confirmed cases may affect the extent of investors’ risk assessment. |
| T307 |
275-364 |
Sentence |
denotes |
To tackle this concern, we substitute Conditioning_VAR in Model (3) with High_Volatility. |
| T308 |
365-568 |
Sentence |
denotes |
Here High_Volatility is an indicator variable that equals one if the six-day standard deviation of the new confirmed COVID-19 cases is higher than or equal to the upper quartile value and zero otherwise. |
| T309 |
569-680 |
Sentence |
denotes |
Table 13 shows the regression results on the moderate effect of volatility of the new confirmed COVID-19 cases. |
| T310 |
681-885 |
Sentence |
denotes |
We find that the coefficients of CIPHT × High_Volatility are all statistically insignificant, suggesting that our results are not driven by the fluctuations in the number of new confirmed cases over time. |
