Table 11
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Extended GFC modelling results for total accidents results using linear and negative binomial panel regression

Total accidents
Sample period2008–2019
2010–2019
Model specificationLinearNegative binomialLinearNegative binomial
Positive returns0.0065***0.0054***0.0123***0.0105***
(0.0023)(0.0017)(0.0030)(0.0024)
Negative returns0.0118***0.0100***0.0142***0.0129***
(0.0030)(0.0017)(0.0042)(0.0024)
Period fixed effectsYesYesYesYes
GOR-month fixed effectsYesYesYesYes
N48,21148,21140,17040,170
Total accidents
Sample period2008–2019
2010–2019
Model specificationLinearNegative binomialLinearNegative binomial
Positive returns0.0065***0.0054***0.0123***0.0105***
(0.0023)(0.0017)(0.0030)(0.0024)
Negative returns0.0118***0.0100***0.0142***0.0129***
(0.0030)(0.0017)(0.0042)(0.0024)
Period fixed effectsYesYesYesYes
GOR-month fixed effectsYesYesYesYes
N48,21148,21140,17040,170

Notes: The linear model uses logarithms. Standard errors clustered by region–month are shown in parentheses.

***

p < 0.01,

**

p < 0.05,

*

p < 0.1.

Source: Authors’ calculations.

Table 11
Open in new tab

Extended GFC modelling results for total accidents results using linear and negative binomial panel regression

Total accidents
Sample period2008–2019
2010–2019
Model specificationLinearNegative binomialLinearNegative binomial
Positive returns0.0065***0.0054***0.0123***0.0105***
(0.0023)(0.0017)(0.0030)(0.0024)
Negative returns0.0118***0.0100***0.0142***0.0129***
(0.0030)(0.0017)(0.0042)(0.0024)
Period fixed effectsYesYesYesYes
GOR-month fixed effectsYesYesYesYes
N48,21148,21140,17040,170
Total accidents
Sample period2008–2019
2010–2019
Model specificationLinearNegative binomialLinearNegative binomial
Positive returns0.0065***0.0054***0.0123***0.0105***
(0.0023)(0.0017)(0.0030)(0.0024)
Negative returns0.0118***0.0100***0.0142***0.0129***
(0.0030)(0.0017)(0.0042)(0.0024)
Period fixed effectsYesYesYesYes
GOR-month fixed effectsYesYesYesYes
N48,21148,21140,17040,170

Notes: The linear model uses logarithms. Standard errors clustered by region–month are shown in parentheses.

***

p < 0.01,

**

p < 0.05,

*

p < 0.1.

Source: Authors’ calculations.

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