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

Table 12

AR, CAR, and t-statistics for the telecommunications industry.

Date	AR (%)	t-stat	CAR (%)	t-stat	Date	AR (%)	t-stat	CAR (%)	t-stat
−5	−0.78	−0.54	−0.78	−0.54	6	−0.69	−0.48	1.81	0.36
−4	4.35	3.00	3.57	1.74	7	0.28	0.19	2.08	0.40
−3	−0.73	−0.51	2.84	1.13	8	0.19	0.13	2.27	0.42
−2	−1.03	−0.71	1.81	0.62	9	1.24	0.86	3.51	0.63
−1	0.06	0.04	1.86	0.58	10	−0.92	−0.64	2.59	0.45
0	0.83	0.57	2.69	0.76	30	−0.14	−0.10	1.70	0.20
1	−0.61	−0.42	2.09	0.54	60	−0.19	−0.13	4.90	0.42
2	−0.04	−0.03	2.05	0.50	90	−0.64	−0.44	0.45	0.03
3	0.12	0.08	2.17	0.50	120	−1.30	−0.90	−13.56	−0.83
4	−0.20	−0.14	1.97	0.43	160	0.24	0.16	−11.44	−0.61
5	0.53	0.37	2.50	0.52	230	−1.81	−1.25	−27.72	−1.25