Table 2.

Stock market return and culture.

	Panel A: CAR${}_{[-2,+5]}$		Panel B: CAR${}_{[-2,+15]}$
	IDV	UAI	IDV	UAI
CULTURE	0.0015⁎⁎⁎	−0.0007⁎⁎	0.0031⁎⁎⁎	−0.0015⁎
	(3.07)	(−2.11)	(3.50)	(−1.87)
GDDPC	−0.0133	0.0025	−0.0463⁎⁎	−0.0147
	(−1.55)	(0.29)	(−2.11)	(−0.70)
DENS	0.0033	−0.0044	0.0195⁎	0.0038
	(0.63)	(−0.78)	(1.68)	(0.32)
CCASE	−0.0030	0.0027	−0.0503⁎⁎⁎	−0.0383⁎⁎⁎
	(−0.83)	(0.78)	(−3.93)	(−2.98)
VIX	−0.0043⁎⁎⁎	−0.0052⁎⁎⁎	−0.0007	−0.0025
	(−3.87)	(−4.50)	(−0.31)	(−1.01)
GDPGRW	0.0038	0.0029	−0.0063	−0.0085
	(0.87)	(0.61)	(−0.61)	(−0.74)
Constant	0.1040	0.0712	0.5295⁎⁎	0.4729⁎
	(1.04)	(0.64)	(2.07)	(1.71)
Adj-R${}^2$(%)	46.05	39.62	43.35	38.11
Obs.	63	63	63	63

This table reports the multivariate regression results of the cumulative abnormal return (CAR). Panels A and B report the results for event windows of [−2, ＋5] and [−2, ＋15] days, respectively. CULTURE is either the individualism (IDV), or uncertainty avoidance (UAI). GDDPC is a country’s gross domestic product per capita in log. DENS is the number of people per square kilometer of land in log. CCASE is the global cumulative infected cases on a country’s first infected case date in log. VIX is the CBOE market volatility index on a country’s first infected case date, and GDPGRW is the 2018 GDP growth. The White-corrected t-statistics are in parentheses.

^***Statistical significance at the 1%.

^**Statistical significance at the 5%.

^*Statistical significance at the 10%.