Financial Innovation

Table 4 Descriptive statistics

From: Investor sentiments and stock markets during the COVID-19 pandemic

	CD test	LLC	CIPS
CAR	63.343 [0.000]	− 50.662***	− 6.190***
LVOL	90.453 [0.000]	− 23.631***	− 6.111***
COV-19	95.119 [0.000]	− 20.351***	− 3.457***
VAC	88.836 [0.000]	− 6.400***	− 3.942***
CASES	41.924 [0.000]	− 14.782***	− 4.673***
FX	45.474 [0.000]	− 39.250***	− 5.733***
GOLD	78.545 [0.000]	− 35.455***	− 6.128***
BOND	62.666 [0.000]	− 1.790**	− 6.355***

The numbers in square brackets are p-values. *** indicates stationarity at the 1% significance level

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