Table 3.

Additional analyses.

Panel A: Firm-level
	AR (%)	t-stat.	Obs.
Black Monday (9 March 2020)
Superior performer	17.96	7.42***	5
Worst performer	-53.22	33.08***	5
Black Thursday (12 March 2020)
Superior performer	24.24	12.14***	5
Worst performer	-25.31	20.33***	5
Black Monday II (16 March 2020)
Superior performer	32.01	11.54***	5
Worst performer	-36.31	6.73***	5

Panel B: Industry-level
	AR (%)	t-stat.	Obs.
Black Monday (9 March 2020)
Healthcare and medical devices	4.59	2.42*	7
Food and grocery distribution	3.97	3.53***	11
Software and technology	4.44	4.18**	5
Natural gas	18.94	4.18*	3
Crude petroleum and oil services	-40.01	17.29***	18
Real estate	-2.18	1.08	7
Hospitality and entertainment	-13.31	6.45***	4
Black Thursday (12 March 2020)
Healthcare and medical devices	6.50	5.91***	7
Food and grocery distribution	0.45	0.20	11
Software and technology	4.43	3.59**	5
Natural gas	14.84	2.83	3
Crude petroleum and oil services	2.19	0.90	18
Real estate	-8.17	6.12***	7
Hospitality and entertainment	-21.88	7.17***	4
Black Monday II (16 March 2020)
Healthcare and medical devices	2.74	0.69	7
Food and grocery distribution	16.42	4.43***	11
Software and technology	5.40	3.68**	5
Natural gas	11.37	1.79	3
Crude petroleum and oil services	-10.04	3.01***	18
Real estate	-12.08	5.34***	7
Hospitality and entertainment	-7.68	1.16	4

This table reports event-study results. The event dates are defined as in Table 1. Abnormal returns are measured over a single trading day on March 9, 12, and 16, 2020 using the mean-adjusted return model relative to the S&P500, S&P400, or S&P600 value-weighted index depending on the index constituent stock. Superior (Worst) performers are grouped based on the identification used in Table 1. The industries are defined as in Table 2. AR denotes mean abnormal return. ***, **, * indicate significance at the 1, 5, and 10% levels, respectively.