Table 2 The results of AARs between days − 10 and 30
From: The impact of the COVID-19 outbreak on Chinese-listed tourism stocks
T | Number of firms | AARs | T-value |
|---|---|---|---|
 − 10 | 69 |  − 0.003551 |  − 1.573988 |
 − 9 | 69 | 0.005680** | 2.513957 |
 − 8 | 69 |  − 0.002665 |  − 1.178140 |
 − 7 | 69 | 0.002029 | 0.896718 |
 − 6 | 69 | 0.001767 | 0.783321 |
 − 5 | 69 |  − 0.007394*** |  − 3.270436 |
 − 4 | 69 | 0.004301* | 1.905923 |
 − 3 | 69 |  − 0.003005 |  − 1.331611 |
 − 2 | 69 |  − 0.002971 |  − 1.316587 |
 − 1 | 69 |  − 0.002944 |  − 1.304893 |
0 | 69 |  − 0.013142*** |  − 5.814070 |
1 | 69 |  − 0.008092*** |  − 3.572430 |
2 | 69 |  − 0.005332** |  − 2.361416 |
3 | 69 |  − 0.003969* |  − 1.726461 |
4 | 69 |  − 0.017352*** |  − 6.765015 |
5 | 69 |  − 0.060462*** |  − 26.567270 |
6 | 69 | 0.004923** | 2.171587 |
7 | 69 |  − 0.005568** |  − 2.446362 |
8 | 69 | 0.009950*** | 4.409925 |
9 | 69 | 0.004093* | 1.812128 |
10 | 69 | 0.001481 | 0.656327 |
11 | 69 |  − 0.000506 |  − 0.223525 |
12 | 69 |  − 0.003304 |  − 1.463081 |
13 | 69 |  − 0.004776** |  − 2.116601 |
14 | 69 | 0.000672 | 0.294425 |
15 | 69 | 0.006897*** | 3.056579 |
16 | 69 | 0.013707*** | 6.073298 |
17 | 69 | 0.011830*** | 5.202713 |
18 | 69 |  − 0.007522*** |  − 3.331388 |
19 | 69 |  − 0.021499*** |  − 9.519257 |
20 | 69 |  − 0.010199*** |  − 4.517518 |
21 | 69 | 0.020883*** | 9.183845 |
22 | 69 | 0.007328*** | 3.247859 |
23 | 69 | 0.001119 | 0.478916 |
24 | 69 |  − 0.000443 |  − 0.192524 |
25 | 69 |  − 0.002137 |  − 0.946186 |
26 | 69 | 0.004573** | 2.026268 |
27 | 69 | 0.002064 | 0.908412 |
28 | 69 | 0.009600*** | 4.243869 |
29 | 69 | 0.022222*** | 9.614587 |
30 | 69 |  − 0.001675 |  − 0.736128 |