Variable;"Nominal ad expenditures is the dependent variable"
"Model 1(A)";"Model 1(B)";"Model 2"
"Constant (Base: Domestic)";"9.42*** (0.65)";"9.11*** (0.75)";"23.88*** (0.36)"
"“Friendly” country";"–1.12*** (0.40)";"–1.13*** (0.41)";no
"“Neutral” country";"–7.45*** (1.12)";"–7.42*** (1.13)";no
"“Unfriendly” country";"8.96*** (0.24)";"9.09*** (0.24)";no
"Shock (Base: Domestic × Shock)";"–3.28*** (1.04)";"–1.58 (1.36)";"–8.01*** (1.08)"
"Friendly × Shock";"–1.55** (0.64)";"–1.65** (0.70)";"–2.00*** (0.58)"
"Neutral × Shock";"–17.44*** (2.22)";"–18.89*** (2.24)";"–16.59*** (1.89)"
"Unfriendly × Shock";"–9.60*** (0.44)";"–10.18*** (0.46)";"–7.31*** (0.39)"
"Fixed effects";;;
brand;no;no;yes
"product category × shock";no;yes;yes
"product category";yes;yes;no
"month × year";yes;yes;yes
"day of the week";yes;yes;yes
"Number of observations";"190 986";"190 986";"190 986"
"Prob > F";0.0000;0.0000;0.0000
"R
              2 adj";0.1004;0.1040;
"R
              2: within";;;0.0957
"F-test that all FE = 0: Prob > F";;;0.0000