Reaction of stock market returns to COVID-19 pandemic and lockdown policy: evidence from Nigerian firms stock returns

Future Business Journal

Table 9 Fixed effects and random effects results

	(Model 1)		(Model 2)		(Model 3)		(Model 4)		(Model 5)
	(FE)	(RE)	(FE)	(RE)	(FE)	(RE)	(FE)	(RE)	(FE)	(RE)
	stockmr	stockmr	stockmr	Stockmr	stockmr	stockmr	stockmr	stockmr	stockmr	stockmr
Total cases (Nigeria)	−0.227***	−0.227***
Total cases (Nigeria)	(0.002)	(0.002)
Total deaths (Nigeria)			0.028***	0.028***
Total deaths (Nigeria)			(0.001)	(0.001)
Total Cases (World)					−0.567***	−0.567***
Total Cases (World)					(0.009)	(0.009)
Total deaths (World)							−0.413***	−0.413***
Total deaths (World)							(0.007)	(0.007)
Stringency index									−0.201***	−0.201***
Stringency index									(0.005)	(0.005)
Exchange rate	−0.660***	−0.660***	0.063***	0.063***	−0.747***	−0.747***	−0.925***	−0.925***	−1.101***	−1.101***
Exchange rate	(0.042)	(0.042)	(0.013)	(0.013)	(0.047)	(0.047)	(0.047)	(0.047)	(0.049)	(0.049)
_Constant	2.249***	2.249***	0.537***	0.537***	2.799***	2.799***	2.107***	2.107***	0.374***	0.374***
_Constant	(0.046)	(0.045)	(0.015)	(0.015)	(0.061)	(0.061)	(0.056)	(0.056)	(0.047)	(0.047)
Obs	21,708	21,708	18,291	18,291	21,708	21,708	21,708	21,708	21,708	21,708
R²	0.341	0.341	0.050	0.050	0.194	0.194	0.173	0.173	0.110	0.110
F-stat	5573.25	11,240.84	475.77	953.88	2591.30	5227.25	2242.22	4523.15	1327.94	2678.94
p-value	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Hausman test	0.000	0.000	0.000	0.000	0.000