Table 1.

Return data distribution.

	Calm Period				COVID-19 Period
Statistic	Mean	St. Dev.	Min	Max	Mean	St. Dev.	Min	Max
China	0.024	0.663	−1.846	1.767	−0.133	1.751	−8.039	3.098
USA	0.133	0.534	−1.784	1.253	−0.460	3.598	−12.597	9.564
Italy	0.161	0.863	−2.912	1.862	−0.557	3.580	−18.541	8.549
Spain	0.087	0.830	−2.807	1.844	−0.605	3.161	−15.151	7.528
Germany	0.162	0.808	−2.800	2.816	−0.500	2.977	−13.055	10.414
France	0.119	0.767	−3.174	1.717	−0.519	3.033	−13.098	8.056
Iran	0.234	4.891	−9.431	20.544	0.076	13.102	−25.131	69.315
UK	0.051	0.807	−3.284	2.227	−0.504	2.737	−11.512	8.667
Switzerland	0.121	0.633	−1.981	1.148	−0.231	2.441	−10.134	6.780
Belgium	0.142	0.719	−2.759	1.900	−0.566	3.100	−15.328	7.361
Netherlands	0.103	0.764	−2.806	1.820	−0.408	2.729	−11.376	8.591
Turkey	0.151	1.194	−5.230	3.641	−0.421	2.375	−8.416	5.810
S.Korea	0.153	0.855	−2.183	1.805	−0.360	2.654	−7.540	8.975
Austria	0.149	0.815	−2.313	2.219	−0.781	3.494	−14.675	10.206
Canada	0.062	0.322	−0.835	0.839	−0.435	3.732	−13.176	11.294
Portugal	0.097	0.614	−1.356	1.708	−0.450	2.567	−10.267	7.532
Brazil	0.200	0.923	−2.947	2.047	−0.719	4.840	−15.994	13.023
Isreal	−0.012	2.339	−8.505	10.317	−0.101	4.114	−11.704	10.405
Australia	0.022	0.840	−2.237	2.273	−0.411	3.007	−10.203	6.766
Norway	0.101	0.859	−2.389	1.738	−0.483	2.594	−8.951	5.237
Sweden	0.154	0.816	−2.621	1.911	−0.324	2.541	−11.173	6.849
Czechia	0.096	0.606	−1.846	1.779	−0.657	2.384	−9.501	6.216
Ireland	0.251	1.011	−1.893	3.666	−0.632	2.816	−10.465	6.710
Malaysia	0.020	0.538	−1.680	1.395	−0.288	1.683	−5.405	6.626
Denmark	0.185	0.883	−2.478	2.418	−0.118	2.003	−7.821	3.505
Chile	−0.085	1.639	−4.504	7.654	−0.589	3.026	−13.837	6.158
Poland	0.028	1.336	−3.656	3.456	−0.224	2.723	−13.853	4.519
Japan	0.149	0.723	−2.026	2.522	−0.358	2.314	−6.274	7.731
Russia	0.221	1.265	−3.731	3.284	−0.213	2.115	−5.546	8.835
Pakistan	0.365	1.131	−2.492	2.584	−0.603	2.196	−7.102	3.398
Philippines	0.035	0.922	−2.349	2.086	−0.684	3.089	−14.322	7.172
Thailand	−0.009	0.699	−1.754	2.209	−0.615	3.305	−12.439	8.862