Fig. 1.

OECD and BRICS cumulative abnormal return index base 100. This figure shows the cumulative abnormal returns around the event day (t=0) with either restrictions or the rollback of restrictions for the period from January 22 to May 20, 2020. For better illustration, the returns have been rebased to create an index around the event day which starts at t-7 with a value of 100. The next index points are calculated as follows: ${\text{Index value}}_t={\text{Index value}}_{t-1}\cdot (1+\beta \left(\Delta S_{it}\right))$ for $t=\{-6...7\}$.