Table 3 The results of CAARs for different event windows
From: The impact of the COVID-19 outbreak on Chinese-listed tourism stocks
Event window | CAAR | T-value | SD | CAR < 0 (%) |
|---|---|---|---|---|
(0,0) |  − 0.01314*** |  − 5.749077 | 0.033248 | 72 |
(0,1) |  − 0.021234*** |  − 6.579031 | 0.047299 | 72 |
(0,2) |  − 0.026566*** |  − 6.721064 | 0.052517 | 81 |
(0,3) |  − 0.030536*** |  − 6.661685 | 0.056360 | 75 |
(0,4) |  − 0.047888*** |  − 8.923224 | 0.061830 | 84 |
(0,5) |  − 0.108350*** |  − 18.814188 | 0.071108 | 94 |
(0,6) |  − 0.103427*** |  − 16.817030 | 0.070520 | 94 |
(0,7) |  − 0.108995*** |  − 16.730179 | 0.072718 | 96 |
(0,8) |  − 0.099045*** |  − 14.357809 | 0.066615 | 96 |
(0,9) |  − 0.094953*** |  − 13.087063 | 0.066889 | 91 |
(0,10) |  − 0.093472*** |  − 12.297848 | 0.063869 | 94 |
(0,20) |  − 0.108171*** |  − 10.345016 | 0.077732 | 93 |
(0,30) |  − 0.044637*** |  − 3.507018 | 0.111051 | 80 |
(0,40) | 0.014397 | 0.967282 | 0.162791 | 48 |
(0,50) | 0.004404 | 0.264680 | 0.175272 | 52 |
(0,60) |  − 0.004833 |  − 0.263091 | 0.193681 | 61 |
(0,70) |  − 0.05501*** |  − 2.742423 | 0.170263 | 74 |
(0,80) |  − 0.024909 |  − 1.136088 | 0.219950 | 58 |
(0,90) |  − 0.004275 |  − 0.180390 | 0.253282 | 54 |