Table 3.

Asset-wise average cumulative abnormal returns for different event windows.

Financial assets	[-5,-1]	[-3,-1]	[0,0]	[+1,+3]	[+1,+5]
Shanghai Composite Index	0.3532 (0.8781)	0.6041 (1.6590)	−0.5673 (−0.9673)	0.0682 (0.1963)	0.3215 (1.1276)
S&P 500 index	−0.0995 (−0.5261)	0.2888** (2.8423)	0.6911 (0.9061)	−0.5193*** (−4.6097)	−0.5227*** (−4.7363)
WTI oil price	−8.1307*** (−3.6299)	−5.1237** (−2.1857)	−1.5398 (−0.7990)	2.9913 (1.4117)	5.0940*** (2.9925)
LBMA gold price	−0.9642 (−1.1835)	−0.1916 (−0.9064)	0.6496 (0.4412)	−1.7542** (−2.5876)	−1.6268** (−2.6259)

Notes: This table presents the average cumulative abnormal returns for selected financial assets within different estimation windows. The parentheses are the t-values. The asterisks *, **, and *** denote significance at 10 %, 5 % and 1 % significance levels, respectively. [-5,-1], [-3,-1], [0,0], [+1,+3], [+1,+5] indicate the pre-event, event, and post-event windows of different lengths. A significant average abnormal return indicates an unstable performance of the financial asset at the outbreak of war.