Table 2.

T-test results of all provinces in China.

	Panel A: All provinces			Panel B: Hubei Province
	Mean	Std.error	t value	Mean	Std.error	t value
${\text{R}}^1$	−5.253***	0.112	−46.85	−7.397***	0.281	−26.25
${\text{R}}^3$	−6.840***	0.167	−41.05	−9.999***	0.676	−14.80
${\text{R}}^5$	−5.377***	0.165	−32.70	−8.623***	0.527	−16.35
${\text{R}}^7$	−5.295***	0.198	−26.75	−8.251***	0.558	−14.80
${\text{C}\text{A}\text{R}}^1$	−5.296***	0.114	−46.70	−7.513***	0.288	−26.05
${\text{C}\text{A}\text{R}}^3$	−6.882***	0.168	−41.05	−10.117***	0.680	−14.85
${\text{C}\text{A}\text{R}}^5$	−5.425***	0.165	−32.90	−8.740***	0.525	−16.65
${\text{C}\text{A}\text{R}}^7$	−5.335***	0.199	−26.85	−8.368***	0.558	−15.00

Note:

1. ${\text{R}}^i$ and ${\text{C}\text{A}\text{R}}^i$ is the firm's stock rate of returns and accumulative abnormal returns on day i.

^***Significance at the 1 % level.