Table 3 reports the results of the panel regressions applied to the full set of countries in the sample. Evaluate the effects of the majority of the policy responses.

A. Zaremba et al. Research in International Business and Finance 56 (2021) 101359 Table 3 The Role of Policy Responses for Stock Market Liquidity. (1) (2) (3) (4) (5) (6) (7) (8) PRIt -0.002 (-1.08) -0.016 PR2 t -0.026 (-0.73) (-1.07) -0.020 PR3+ (-0.75) 0.001 0.015 (0.05) PR4 (0.71) -0.034* -0.026 (-1.83) PR5t (-1.11) 0.023*# 0.0274* (2.18) PR6 1 (2.36) -0.017 -0.004 (-0.82) PR7 (-0.17) 0.003 -0.006 INF 0.000 (0.22) 0.000 (-0.46) 0.000 0.000 0.000 0.000 (0.83) 0.000 (0.68) 0.000 (0.76) (0.63) 0.63) (0.71) DTH 0.000 (0.81) 0.000 (0.50) 0.000 0.000 0.000 (-1.46) 0.000 (-1.25) 0.000 (-1.40) 0.000 (-0.90) (-1.47) RT -0.789*# (-1.12) (-1.68) -0.798*# # -0.791* * (-0.60) -0.790*# # -0.7474* -0.779*#4 (-4.03) -0.788**# (-4.10) -0.730**# (-4.03) (-4.06) (-3.80) R t-1 -0.826**# (-3.95) -0.833*# # (-4.01) -0.870*# (-3.78) -0.831 *# -0.862*#* (-3.11) -0.837*#4 (-3.27) -0.870**# -0.781**4 (-3.36) (-3.27 (-3.40) (-3.30) AbsR 1.947* *# 1.951*4# (-3.39) (-3.09) 1.982* * * 1.945**# 1.989** * 1.980* *# (6.22) 1.983*4* (6.41) 1.929*#* (6.39) (6.41) (6.49) VOL t-1 3.329**# 3.285*4# (6.49) (6.43) 3.351*#* 3.294**# (6.27) 3.296*#* (3.42) 3.337**# 3.346**# (3.39) 3.233*#* (3.40) (3.32) (3.33) (3.37) MV t-1 0.147 (3.38) 0.195 (3.35) 0.244 0.189 0.297 0.201 (0.55) 0.250 (0.74) 0.190 (0.90) (0.68) (1.10) PE t-1 -0.020* * (0.73) -0.021*# (0.91) -0.019*# -0.020** (0.73) -0.018*# -0.020* * -0.019*4 (-2.37) -0.019** (-2.45) (-2.32) (-2.46) Adj. R2 (-2.29) 0.521 (-2.42) 0.521 (-2.36) 0.519 (-2.31) .521 F-stat 0.521 0.520 0.000 0.519 0.525 0.000 0.000 1.000 0.000 0.000 0.000 0.00 The table reports the estimated two-way cluster-robust (Cameron et al., 2011; Thompson, 2011) panel regression coefficients (multiplied by 100) for the daily turnover ratio (TURN,) in 49 countries for the period 1 January 2020 to 3 April 2020 (3217 country-day observations in each of the specifications). The independent variables are different policy responses in the country i on day t-school closing (PRI,), workplace closing (PR2,), canceling of public events (PR3,), closing of public transportation (PR4,), public information campaigns (PR5,), restrictions of internal movement (PR6,), and international travel controls (PR7,)-as well as additional control variables: total number of infections in the country (INF, ,), the total number of deaths (DTH,1), market returns on days t and t-1 (R., Re.), absolute value of return on day t (AbsR.), volatility proxied with the average absolute return through the trailing five days VOL,], stock market capitalization (MV.1), and stock market P/E ratio (PEr.,). The numbers in brackets are t-statistics. All the regression specifications include fixed effects and weekday dummies. Adj. R is the adjusted coefficient of determination and F-stat denotes the p-value associated with the regression F-statistic. The asterisks *, **, and *** indicate statistical significance at the 10 %, 5 %, and 1 % levels, respectively