Table 1

Fama-MacBeth regression for Chinese cities

OverallBefore lockdown (24 Jan)After lockdown (24 Jan)
R20.30130.18950.3323
Temperature
 coef−0.0220−0.0260−0.0209
 95% CI(−0.0356 to –0.0085)(−0.0395 to –0.0125)(−0.0378 to –0.0041)
 SE0.00650.00490.0080
 t-stat−3.38−5.35−2.62
 p value0.0030.0060.018
Relative humidity
 coef−0.0059−0.0076−0.0054
 95% CI(−0.0098 to –0.0019)(−0.0108 to –0.0045)(−0.0104 to –0.0004)
 SE0.00190.00110.0024
 t-stat−3.08−6.70−2.29
 p value0.0050.0030.035
Population density
 coef0.02590.11880.0001
 95% CI(−0.0292 to 0.0810)(0.0573 to 0.1803)(−0.0359 to 0.0362)
 SE0.02660.02220.0171
 t-stat0.985.360.01
 p value0.3400.0060.993
Percentage over 65
 coef0.12550.32300.0707
 95% CI(−1.7524 to 2.0034)(−1.1797 to 1.8256)(−2.3231 to 2.4644)
 SE0.90550.54121.1346
 t-stat0.140.600.06
 p value0.8910.5830.951
GDP per capita
 coef0.0045−0.01450.0098
 95% CI(−0.0157 to 0.0248)(−0.0249 to –0.0040)(−0.0105 to 0.0301)
 SE0.00980.00380.0096
 t-stat0.46−3.851.02
 p value0.6470.0180.322
No of doctors
 coef−0.0058−0.0109−0.0043
 95% CI(−0.0090 to –0.0025)(−0.0163 to –0.0056)(−0.0064 to –0.0022)
 SE0.00150.00190.0010
 t-stat−3.71−5.69−4.41
 p value0.0010.0050.0004
Drop of BMI
 coef0.3051−0.40930.5036
 95% CI(−0.3352 to 0.9454)(−0.6830 to –0.1356)(−0.1133 to 1.1205)
 SE0.30870.09860.2924
 t-stat0.99−4.151.72
 p value0.3340.0140.103
Inflow population from Wuhan
 coef−0.0052−0.0006−0.0065
 95% CI(−0.0106 to 0.0002)(−0.0010 to –0.0001)(−0.0127 to –0.0003)
 SE0.00260.00020.0029
 t-stat−2.00−3.58−2.21
 p value0.0580.0230.041
Latitude
 coef0.00460.00960.0032
 95% CI(−0.0145 to 0.0236)(−0.0133 to 0.0325)(−0.0211 to 0.0274)
 SE0.00920.00830.0115
 t-stat0.501.160.28
 p value0.6250.3110.786
Longitude
 coef−0.0110−0.0270−0.0065
 95% CI(−0.0199 to –0.0021)(−0.0528 to –0.0013)(−0.0137 to 0.0007)
 SE0.00430.00930.0034
 t-stat−2.56−2.92−1.91
 p value0.0180.0430.074
const
 coef1.09292.11740.8084
 95% CI(0.5078 to 1.6781)(1.5699 to 2.6649)(0.5334 to 1.0833)
 SE0.28210.19720.1303
 t-stat3.8710.746.20
 p value0.0010.00040
  • Daily R values from 19 January to 10 February and averaged temperature and relative humidity over 6 days up to and including the day when R value is measured, are used in the regression for 100 Chinese cities with more than 40 cases. The regression is estimated by the Fama-MacBeth approach.

  • BMI, Baidu Mobility Index.