Variable;"Real ad expenditures is the dependent variable"
"Model 1(A)";"Model 1(B)";"Model 2"
"Constant (Base: Domestic)";"10.31*** (0.57)";"9.20*** (0.65)";"23.40*** (0.31)"
"“Friendly” country";"–1.40*** (0.35)";"–1.08*** (0.36)";no
"“Neutral” country";"–7.11*** (0.98)";"–7.13*** (0.99)";no
"“Unfriendly” country";"8.48*** (0.21)";"8.62*** (0.21)";no
"Shock (Base: Domestic × Shock)";"–3.10*** (0.91)";"0.38 (1.19)";"–5.40*** (0.93)"
"Friendly × Shock";"–0.14 (0.56)";"–1.16* (0.61)";"–1.30*** (0.50)"
"Neutral × Shock";"–13.41*** (1.95)";"–14.20*** (1.97)";"–11.97*** (1.64)"
"Unfriendly × Shock";"–8.69*** (0.39)";"–9.42*** (0.40)";"–6.62*** (0.34)"
"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";0.0950;0.0978;
"R
              2: within";;;0.0773
"F-test that all FE = 0: Prob > F";;;0.0000