Statistical analysis of rainfall insurance payouts in southern India.

(0.05) [R.sup.2] 0.000 0.015 0.000 Number of observations 871 871 657 Years of data, RHS variable 30 30 23 Note: Dependent variable is insurance phase payout. Numbers in parentheses are standard errors, which are clustered by year, except for stock returns, which are clustered by time period (i.e., phase interacted with year). Asterisk (***), (**), and (*) indicate two-sided statistical significance at the 1%, 5%, and 10% level, respectively. All regressions also include a constant term.