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

Table 5

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

Date	AR (%)	t-stat	CAR (%)	t-stat	Date	AR (%)	t-stat	CAR (%)	t-stat
−5	−0.28	−0.71	−0.28	−0.71	6	−0.48	−1.20	−2.15	−1.56
−4	−0.20	−0.49	−0.48	−0.85	7	−0.05	−0.12	−2.20	−1.53
−3	−0.21	−0.53	−0.69	−1.00	8	−0.16	−0.41	−2.36	−1.58
−2	0.10	0.25	−0.59	−0.74	9	−0.37	−0.92	−2.73	−1.77
−1	0.45	1.12	−0.14	−0.16	10	0.87	2.17	−1.86	−1.17
0	−0.23	−0.58	−0.38	−0.39	30	−0.96	−2.42	−4.85	−2.02
1	0.13	0.32	−0.25	−0.24	60	−1.07	−2.67	−9.04	−2.79
2	−0.19	−0.48	−0.44	−0.39	90	0.64	1.61	−9.14	−2.34
3	0.28	0.71	−0.16	−0.13	120	1.65	4.14	−12.13	−2.71
4	−1.46	−3.65	−1.61	−1.28	160	0.25	0.63	−15.40	−2.99
5	−0.06	−0.16	−1.67	−1.26	230	−0.22	−0.56	−11.79	−1.92