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

Table 7

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

Date	AR (%)	t-stat	CAR (%)	t-stat	Date	AR (%)	t-stat	CAR (%)	t-stat
−5	0.05	0.10	0.05	0.10	6	−0.79	−1.40	−0.57	−0.29
−4	−0.07	−0.13	−0.02	−0.02	7	−0.91	−1.62	−1.48	−0.73
−3	0.07	0.12	0.05	0.05	8	0.08	0.14	−1.41	−0.67
−2	−0.44	−0.78	−0.39	−0.34	9	−0.87	−1.55	−2.28	−1.04
−1	0.11	0.19	−0.28	−0.22	10	0.44	0.79	−1.83	−0.81
0	0.19	0.35	−0.09	−0.06	30	0.01	0.02	−2.89	−0.85
1	0.24	0.43	0.16	0.11	60	−0.47	−0.84	−3.17	−0.69
2	−0.05	−0.09	0.11	0.07	90	−0.89	−1.57	−3.21	−0.58
3	0.30	0.53	0.41	0.24	120	−0.48	−0.85	−7.34	−1.16
4	0.06	0.11	0.47	0.26	160	−0.22	−0.40	−8.86	−1.22
5	−0.25	−0.45	0.22	0.12	230	0.31	0.56	−21.94	−2.53