Table 2.

Summary of significant market reactions to PHEIC announcements.

Market	Window	Covid-19		Ebola 2019		Zika virus		Ebola 2014		Poliovirus		H1N1
		AR/CAR		AR/CAR		AR/CAR		AR/CAR		AR/CAR		AR/CAR
Australia	[0]							−1.47%	⁎⁎
	[0, 30]	−24.76%	⁎⁎⁎
Austria	[0, 30]	−18.23%	⁎⁎⁎
Belgium	[0]							−0.99%	⁎⁎
	[0, 30]	−8.69%	⁎⁎
Canada	[0]					−1.35%	⁎⁎
	[0, 30]	−18.72%	⁎⁎⁎
China	[−2, 2]	−8.15%	⁎
	[0, 2]	−7.75%	⁎
Denmark	[0]	−1.38%	⁎					−1.86%	⁎⁎⁎
Finland	[0]					−2.61%	⁎⁎⁎	−1.96%	⁎⁎⁎
France	[0]	−1.35%	⁎⁎⁎
	[0, 30]	−8.09%	⁎⁎
Germany	[0]	−1.35%	⁎⁎
	[0, 30]	−6.74%	⁎
Hong Kong	[0]	−2.60%	⁎⁎⁎
Israel	[0, 30]	−11.35%	⁎⁎⁎
Italy	[0]	−1.53%	⁎⁎
	[−2, 2]					−8.80%	⁎
	[−3, 3]					−8.31%	⁎
	[0, 30]	−16.94%	⁎⁎⁎
Japan	[0]	−1.48%	⁎			1.87%	⁎	−2.67%	⁎⁎⁎
	[0, 30]	−13.96%	⁎⁎⁎
Netherlands	[0]	−0.99%	⁎⁎					−1.33%	⁎⁎⁎
	[0, 30]	−6.55%	⁎⁎
New Zealand	[0]							−0.92%	⁎⁎
	[0, 30]	−17.29%	⁎⁎⁎
Norway	[0]							−1.37%	⁎⁎⁎
	[0, 30]	−13.34%	⁎⁎⁎
Portugal	[0, 30]	−7.03%	⁎
	[−2, 2]							−8.28%	⁎⁎
	[−3 3]							−6.86%	⁎
	[0, 13]									−9.56%	⁎
Singapore	[0]							−0.90%	⁎
	[0, 30]	−7.52%	⁎⁎	−7.83%	⁎	8.33%	⁎					20.74%	⁎
Spain	[0, 30]	−13.65%	⁎⁎⁎
Sweden	[0]			−1.68%	⁎⁎
Switzerland	[0]	−1.00%	⁎⁎	1.13%	⁎
	[0, 30]	−7.00%	⁎⁎
UK	[0]	−1.30%	⁎⁎					−0.70%	⁎
	[0, 30]	−12.12%	⁎⁎⁎
USA	[0]	0.39%	⁎⁎					0.77%	⁎⁎⁎
	[0, 30]	5.95%	⁎⁎⁎
EUROSTOXX	[0]	−1.16%	⁎⁎
		−8.31%	⁎⁎⁎
MSCI EM	[0]	−2.22%	⁎⁎⁎

Notes: This table summarizes only the significant results while the full results are presented in the Appendix.

^*<0.1.

^**<0.05.

^***<0.01.