Table 1.

Summary statistics.

No	Country	First Case	IDV		UAI	CAR${}_{[-2,+5]}$	CAR${}_{[-2,+15]}$	AVOLA${}_{[-2,+5]}$	AVOLA${}_{[-2,+15]}$
1	Argentina	$03∕03∕2020$	46		86	−9.4%	−40.9%	7.8%	7.9%
2	Australia	$25∕01∕2020$	90		51	−5.7%	−3.2%	0.6%	0.8%
3	Austria	$25∕02∕2020$	55		70	−11.2%	−58.9%	1.5%	4.6%
4	Bangladesh	$08∕03∕2020$	20		60	−14.2%	−8.7%	4.4%	3.8%
5	Belgium	$04∕02∕2020$	75		94	1.6%	−7.8%	1.2%	1.3%
6	Brazil	$26∕02∕2020$	38		76	−9.7%	−68.0%	3.1%	9.1%
7	Bulgaria	$08∕03∕2020$	30		85	−36.3%	−22.9%	6.7%	5.6%
8	Canada	$25∕01∕2020$	80		48	−3.2%	−1.2%	0.5%	0.5%
9	Chile	$03∕03∕2020$	23		86	−6.6%	−40.6%	3.7%	6.4%
10	China	$31∕12∕2019$	20		30	1.7%	0.7%	1.0%	1.2%
11	Colombia	$06∕03∕2020$	13		80	−45.0%	−50.5%	8.8%	10.5%
12	Croatia	$25∕02∕2020$	33		80	−2.8%	−23.7%	1.8%	3.8%
13	Czech	$02∕03∕2020$	58		74	−4.3%	−42.4%	3.3%	4.9%
14	Denmark	$27∕02∕2020$	74		23	−0.2%	−25.6%	2.2%	2.9%
15	Egypt	$14∕02∕2020$	38		68	−0.7%	−13.7%	0.8%	1.6%
16	Estonia	$27∕02∕2020$	60		60	−3.3%	−37.1%	1.7%	4.5%
17	Finland	$29∕01∕2020$	60		59	1.0%	−0.8%	1.3%	1.1%
18	France	$24∕01∕2020$	71		86	−4.5%	−3.1%	1.1%	0.9%
19	Germany	$28∕01∕2020$	67		65	−1.7%	−1.8%	1.3%	1.0%
20	Greece	$26∕02∕2020$	35		112	−11.7%	−68.5%	5.4%	6.3%
21	Hong Kong	$23∕01∕2020$	25		29	−8.7%	−5.6%	1.4%	1.3%
22	Hungary	$04∕03∕2020$	80		82	−7.7%	−31.8%	4.7%	6.8%
23	India	$30∕01∕2020$	48		40	0.0%	−0.9%	1.4%	1.0%
24	Indonesia	$02∕03∕2020$	14		48	−14.6%	−61.2%	4.5%	4.9%
25	Ireland	$01∕03∕2020$	70		35	−11.6%	−44.6%	3.1%	4.3%
26	Israel	$21∕02∕2020$	54		81	−9.3%	−32.7%	1.9%	3.7%
27	Italy	$30∕01∕2020$	76		75	3.6%	2.5%	1.4%	1.0%
28	Jamaica	$11∕03∕2020$	39		13	−11.8%	−13.8%	3.2%	3.8%
29	Japan	$16∕01∕2020$	46		92	−0.2%	−0.8%	0.4%	0.8%
30	Latvia	$02∕03∕2020$	70		63	−2.5%	−16.6%	1.8%	2.2%
31	Lithuania	$28∕02∕2020$	60		65	−1.1%	−28.6%	2.3%	4.4%
32	Luxembourg	$29∕02∕2020$	60		70	−23.66%	−59.78%	3.7%	5.0%
33	Malaysia	$25∕01∕2020$	26		36	−4.9%	−4.4%	0.7%	0.8%
34	Mexico	$29∕02∕2020$	30		82	−18.7%	−53.4%	4.7%	4.7%
35	Morocco	$02∕03∕2020$	46		68	−11.6%	−24.4%	1.8%	4.0%
36	Netherlands	$27∕02∕2020$	80		53	−4.3%	−33.8%	2.1%	3.7%
37	New Zealand	$28∕02∕2020$	79		49	−1.9%	−29.3%	2.0%	2.7%
38	Norway	$26∕02∕2020$	69		50	−7.1%	−49.6%	3.0%	4.7%
39	Pakistan	$26∕02∕2020$	14		70	−4.9%	−42.0%	1.9%	3.7%
40	Panama	$10∕03∕2020$	11		86	−17.9%	−21.5%	2.8%	3.1%
41	Peru	$06∕03∕2020$	16		87	−14.8%	−38.1%	8.0%	6.6%
42	Philippines	$30∕01∕2020$	32		44	−0.8%	−2.3%	1.8%	1.3%
43	Poland	$04∕03∕2020$	59		93	−13.6%	−28.6%	4.5%	5.7%
44	Portugal	$02∕03∕2020$	27		104	−13.9%	−38.6%	4.3%	4.8%
45	Qatar	$29∕02∕2020$	38		68	−14.3%	−10.2%	5.1%	4.1%
46	Romania	$26∕02∕2020$	30		90	−1.6%	−40.3%	3.3%	3.8%
47	Russia	$31∕01∕2020$	39		95	−6.0%	−7.0%	1.4%	1.4%
48	Saudi Arabia	$02∕03∕2020$	38		68	−20.7%	−24.9%	6.2%	4.9%
49	Serbia	$06∕03∕2020$	25		92	−13.0%	−21.1%	1.9%	2.9%
50	Singapore	$23∕01∕2020$	20		8	−4.7%	−6.0%	0.7%	1.0%
51	Slovenia	$04∕03∕2020$	27		88	−9.4%	−25.3%	3.1%	4.0%
52	South Africa	$05∕03∕2020$	65		49	−18.8%	−24.2%	5.2%	6.4%
53	South Korea	$20∕01∕2020$	18		85	−0.3%	−4.1%	1.2%	1.9%
54	Spain	$01∕02∕2020$	51		86	1.8%	−2.5%	0.8%	1.2%
55	Sweden	$31∕01∕2020$	71		29	2.7%	2.5%	1.2%	1.0%
56	Switzerland	$25∕02∕2020$	68		58	−7.2%	−26.4%	2.3%	3.2%
57	Taiwan	$21∕01∕2020$	17		69	−0.8%	−5.0%	0.1%	1.9%
58	Thailand	$13∕01∕2020$	20		64	0.9%	−8.5%	0.7%	1.1%
59	Turkey	$10∕03∕2020$	37		85	−26.6%	−30.0%	4.2%	4.1%
60	UAE	$29∕01∕2020$	38		68	−3.5%	−3.6%	0.9%	0.8%
61	UK	$31∕01∕2020$	89		35	−1.3%	−2.4%	0.8%	0.6%
62	US	$21∕01∕2020$	91		46	−2.0%	−0.4%	0.8%	0.9%
63	Vietnam	$23∕01∕2020$	20		30	−2.0%	−6.0%	1.2%	1.1%
	Average		46.3		65.4	−7.9%	−22.6%	2.6%	3.3%
	Median		39.0		68.0	−4.9%	−22.9%	1.9%	3.7%

This table reports the dates for the first confirmed cases. IDV is the individualism index. UAI is the uncertainty avoidance index. CAR is the cumulative abnormal return, and AVOLA is the abnormal return volatility.