Table 3.

The impact of public focus on “corona” on industry returns

Industry	Δ Corona			Industry	Δ Corona
	Full sample	After Jan 21	Before Jan 21		Full sample	After Jan 21	Before Jan 21
Agriculture	-0.707 [-0.748]	-1.394 [-1.47]	0.857 [0.391]	Defense	0.737 [1.36]	1.445** [2.874]	-0.814 [-0.722]
Food Products	0.414 [1.466]	0.338 [1.266]	1.086 [1.248]	Precious Metals	0.249 [0.319]	0.268 [0.295]	0.342 [0.166]
Candy & Soda	0.524* [1.917]	0.607** [2.45]	0.323 [0.394]	Non-Metallic and Industrial Metal Mining	-1.196 [-2.381]	-1.446** [-2.599]	-0.089 [-0.08]
Beer & Liquor	0.561* [1.856]	0.692*** [3.486]	0.2 [0.164]	Coal	-2.973** [-2.076]	-3.329* [-1.745]	-1.565 [-0.616]
Tobacco Products	0.07 [0.128]	0.436 [0.717]	-0.529 [-0.647]	Petroleum and Natural Gas	-0.315 [-0.425]	-0.573 [-0.58]	1.115 [0.94]
Creation	0.329 [0.503]	0.482 [0.53]	0.525 [0.493]	Utilities	0.555 [1.569]	0.571 [1.539]	0.955 [0.962]
Entertainment	-0.932 [-1.649]	-1.363** [-2.236]	0.063 [0.079]	Communication	0.258 [1.115]	0.099 [0.309]	0.858** [3.052]
Printing and Publishing	-0.656 [-1.363]	-0.947 [-1.541]	0.411 [0.494]	Personal Services	-0.831* [-1.975]	-0.844 [-1.581]	-0.513 [-0.973]
Consumer Goods	0.124 [0.402]	0.076 [0.253]	0.336 [0.404]	Business Services	-0.204 [-0.735]	-0.149 [-0.423]	-0.562 [-1.677]
Apparel	-0.472* [-1.703]	-0.667 [-1.69]	0.515 [1.176]	Computers	-0.592* [-1.884]	-0.332 [-0.908]	-1.021 [-1.434]
Healthcare	-0.182 [-0.542]	-0.343 [-0.862]	0.252 [0.374]	Computer Software	-0.297 [-1.028]	-0.258 [-0.643]	-0.752* [-1.727]
Medical Equipment	0.026 [0.08]	0.079 [0.178]	-0.053 [-0.196]	Electronic Equipment	0.406 [0.971]	0.616 [1.21]	-0.185 [-0.249]
Pharmaceutical Products	-0.198 [-0.547]	-0.265 [-0.615]	0.145 [0.185]	Measuring and Control Equipment	-0.24 [-1.147]	-0.412* [-1.727]	0.533 [1.265]
Chemicals	-0.315 [-0.772]	-0.787* [-1.95]	1.169 [1.349]	Business Supplies	-0.239 [-0.688]	-0.277 [-0.692]	0.64 [0.907]
Rubber and Plastic Products	-0.393 [-0.917]	-0.515 [-1.037]	0.43 [0.545]	Shipping Containers	0.033 [0.053]	-0.13 [-0.169]	0.356 [0.352]
Textiles	-0.274 [-0.396]	-0.51 [-0.702]	0.455 [0.208]	Transportation	-0.48 [-1.406]	-0.683* [-1.717]	0.381 [0.582]
Construction Materials	-0.651** [-2.257]	-0.702* [-1.901]	-0.592* [-2.028]	Wholesale	0.137 [0.499]	0.139 [0.415]	0.279 [0.417]
Construction	0.267 [0.446]	0.038 [0.052]	1.122 [1.027]	Retail	0.136 [0.478]	0.006 [0.015]	0.131 [0.281]
Steel Works Etc.	-0.756 [-1.154]	-1.659** [-2.404]	1.917* [1.928]	Restaurants, Hotels, Motels	-0.644** [-2.277]	-0.665* [-1.89]	-0.438 [-0.979]
Fabricated Products	-1.164 [-1.34]	-0.851 [-0.765]	-1.351 [-1.085]	Banking	-0.241 [-1.081]	-0.292 [-1.234]	-0.163 [-0.327]
Machinery	-0.391 [-1.41]	-0.662* [-1.852]	0.273 [0.605]	Insurance	-0.353 [-1.278]	-0.371* [-1.002]	-0.487 [-0.86]
Electrical Equipment	-0.393 [-1.58]	-0.698** [-2.27]	-0.018 [-0.044]	Real Estate	-0.492 [-1.308]	-0.711 [-1.749]	0.173 [0.232]
Automobiles and Trucks	-0.569 [-0.367]	-1.286 [-0.571]	0.421 [0.328]	Trading	-0.027 [-0.135]	0.15 [0.627]	-0.527 [-1.191]
Aircraft	0.184 [0.375]	0.149 [0.265]	-0.093 [-0.084]	Almost Nothing	-0.069 [-0.24]	-0.038 [-0.094]	-0.273 [-0.681]
Shipbuilding, Railroad Equipment	-0.658 [-1.587]	-0.753 [-1.571]	-0.128 [-0.121]

Notes: * < 0.1, ** < 0.05, *** < 0.01. T-statistics are in the bracket. There are 49 industries in three period such as the full sample (December 9, 2019 to February 28, 2020), before the first case (December 9, 2019 to January 21, 2020), after the first case (January 21, 2020 to February 28, 2020).