for missed days where possible, though these referenced the originally intended seven day period for that survey. The final make-up survey was conducted on May 8th, 2015.<sup>10</sup> Due to the overlapping seven day structure, there are a total of 55 possible days covered in the daily panel, with 49 fully overlapping days. Date fixed effects in daily regressions correspond to the actual date. Week level specifications control for week-by-day fixed effects, a combination of the ordered weeks one through seven, and the day of the week that the firm was randomized to for survey purposes (ensuring controls for the exact same seven day period across firms).

In auxiliary analysis, the study utilizes two additional data sources: information on machinery and equipment as of June 2015 to study capital adjustments, and the baseline dataset from **?** , which includes worker-level information on 752 garment making firms in Ghana to provide contextual information on worker skill levels and wages in the industry.

Baseline data measures of profits and revenues use single question monthly self-reports as recommended by **?** . In piloting the weekly panel survey, the research team found summary profit questions difficult on a weekly basis cleaved by the weekday on which survey administration was randomly assigned. It was instead more efficient to recall weekly revenues by garment type and weekly expenses by expense type. One advantage of this measurement strategy is that self-reported profits are frequently de facto censored at zero, as firm owners rarely report negative profits. Using reported sales and expenses to ex-post calculate profits allows for the entire distribution of possible profit levels. On the other hand, many expenses are paid on a monthly, biannual, or annual basis, making weekly measures including them noisy, and other work on measuring profits has recommended summary questions as potentially more accurate noisy measures ( **?** ).

Expenses reported in the weekly monitoring surveys were as follows: wages, outsourcing fees, inventory, rent, taxes, electricity bills, furniture, machinery, tools, repairs, and other. In the specifications presented in this paper, profits are calculated as total sales less wages, outsourcing fees, and inventory costs, each of which are recurrent variables operating expenses. Rent, taxes, and bills (including electricity bills)<sup>11</sup> are lump-sum costs that it would be inappropriate to include in weekly measures (in Ghana, these are most often paid on an annual or biannual basis). The study categorizes the purchasing and repairing of equipment as investment, and thus does not deduct furniture, machinery, tools, and repair expenses from sales in the profit calculations.

> 10In the analysis sample of 342 firms, the panel survey targeted a total of 2,394 surveys (342 by 7 weeks). 32 of these are missing, primarily due to travel by firm owners towards the end of the data collection period (near Easter).

> 11At the time of the survey Hohoe electricity consumers were on a post-pay meter system with intermittent billing. Most ECG consumers have since been transitioned to a pre-pay metering system that uses scratch cards and smart phone apps to purchase power piecemeal.

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