Chinese Stock Market’s Reaction to COVID-19 in the Short and Long Run

Table 11

AR, CAR, and t-statistics for real estate industry.

Date	AR (%)	t-stat	CAR (%)	t-stat	Date	AR (%)	t-stat	CAR (%)	t-stat
−5	−0.26	−0.54	−0.26	−0.54	6	−0.62	−1.30	−3.52	−2.13
−4	−0.27	−0.57	−0.53	−0.79	7	−0.59	−1.23	−4.11	−2.39
−3	0.01	0.03	−0.52	−0.63	8	0.13	0.27	−3.98	−2.23
−2	0.03	0.06	−0.49	−0.51	9	−0.17	−0.35	−4.15	−2.25
−1	−0.30	−0.62	−0.78	−0.73	10	0.54	1.12	−3.62	−1.89
0	−0.48	−1.00	−1.26	−1.08	30	0.11	0.23	−0.88	−0.31
1	0.11	0.23	−1.15	−0.91	60	−0.35	−0.73	−1.53	−0.40
2	0.52	1.08	−0.64	−0.47	90	−0.12	−0.25	−0.11	−0.02
3	−0.18	−0.38	−0.82	−0.57	120	−0.14	−0.29	2.43	0.45
4	−0.24	−0.50	−1.06	−0.70	160	0.70	1.47	−1.37	−0.22
5	−1.84	−3.87	−2.90	−1.83	230	−0.03	−0.05	−24.80	−3.38