Table 7.

Volatility Timing during the outbreak.

		ϒim Full Period	ϒim Stage 1	ϒim Stage 2	ϒim Stage 3	ϒim Stage 4
Capital Market	Equities	0,0799*	−0,0213**	0,0302*	0,0936*	0,0802
	Debt	0,0190	0,0382	0,0865	0,2501	0,1257
Money Market	Treasury	−0,0499**	−0,0205**	0,0569*	−0,0819**	−0,0709***
	Corporates	0,3984	0,0371	0,0575	0,0418	0,0306
Alternative Investments	Private Equity	0,0508*	0,0705*	0,0647*	0,07,953*	0,0597*
	Real Estate	0,0131**	0,0950**	0,2695	0,0799**	0,0167
	Venture Capital	0,0585	0,0681	0,0428	0,05,764	0,0407
	Social Entrepreneurship	−0,0315***	−0,0912**	−0,0219***	−0,03,675***	−0,0218***
	Infrastructure	0,1022*	0,1687	0,0857	0,2901	0,186

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