Table 4.

Price reaction of funds during each of the four stages of outbreak.

Fund Type	Sub Category	Average Cumulative Abnormal Returns using GARCH (1, 1) CAPM Specification
		Stage 1	Stage 2	Stage 3	Stage 4
Capital Market	Equities	−0,99%***	−3,67%***	−8,33%***	1,81%**
	Debt	−0,17%**	−4,86%***	−5,47%***	0,14%**
Money Market	Treasury	0,92%***	−1,13%**	−1,99%**	0,23%**
	Corporates	−0,17%***	−1,40%**	−1,60%**	−1,01%
Alternative Investments	Private Equity	2,30%	−3,27%	−3,05%	1,87%
	Real Estate	0,81%**	−1,40%***	−2,99%***	1,82%
	Venture Capital	5,29%**	−6,13%**	−6,61%	4,17%
	Social Entrepreneurship	1,37%***	4,33%***	6,06%***	6,19%***
	Infrastructure	0,86%**	−2,67%***	−3,07%	−2,17%

*** represents significance at 99%, ** at 95% and * at 90%.