USA and EU market (2007-2009)

EU market (2007-2010)

OLS FE

1

Tobit RE

2

OLS FE

3

Tobit RE

4

MD*post 2009

−0.1381

(0.1871)

−0.4632**

(0.2352)

−0.3730*

(0.2191)

−0.6451**

(0.2910)

yr2007

−0.1062**

(0.0541)

−0.1321**

(0.0662)

−0.1563**

(0.0691)

−0.1880**

(0.0830)

yr2009

−0.0121

(0.0562)

0.0243

(0.0641)

0.1424

(0.0623)

0.1910***

(0.0701)

yr2010

0.2761***

(0.0701)

0.3490***

(0.0820)

_cons

−3.6381***

(0.0310)

−4.4112***

(0.1621)

−3.2873***

(0.0432)

−3.8340***

(0.1821)

Fixed/Random effect

vanilla*country

*market

vanilla*country

*market

vanilla*country

vanilla*country

*market

Marginal effect of political crisis

−12.90%

−33.82%

−31.11%

−45.33%

R2

0.0009

0.0090

Log likelihood

−20164.571

−13215.270

N

8283

8283

5732

5732