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

Table 13

AR, CAR, and t-statistics for materials industry.

Date	AR (%)	t-stat	CAR (%)	t-stat	Date	AR (%)	t-stat	CAR (%)	t-stat
−5	0.03	0.08	0.03	0.08	6	0.14	0.31	1.77	1.17
−4	0.50	1.14	0.53	0.86	7	−0.37	−0.84	1.41	0.89
−3	0.01	0.02	0.54	0.71	8	−0.27	−0.62	1.14	0.70
−2	−0.16	−0.36	0.38	0.44	9	0.58	1.32	1.71	1.01
−1	0.15	0.35	0.54	0.55	10	0.85	1.94	2.56	1.47
0	−0.04	−0.09	0.50	0.47	30	−0.35	−0.80	0.59	0.23
1	−0.07	−0.17	0.43	0.37	60	−0.01	−0.03	0.97	0.27
2	0.29	0.66	0.71	0.58	90	0.54	1.24	1.50	0.35
3	0.17	0.40	0.89	0.68	120	0.28	0.63	2.50	0.51
4	0.47	1.07	1.36	0.98	160	−0.15	−0.35	2.76	0.49
5	0.28	0.64	1.64	1.13	230	−0.01	−0.01	10.27	1.53