Table 1.

The descriptive statistics for the market returns of the sample and subsamples.

Subsample	Obs.	Mean	Min.	Max.	Std. Dev.	Skewness
Entire sample	789	0.00009	−0.075	0.055	0.011	−0.712
Jan. 2017–Dec. 2019	731	0.0002	−0.053	0.055	0.010	−0.302
Jan. 2020–Mar. 2020	58	−0.0016	−0.075	0.031	0.017	−1.469

Notes: We divided our sample into two subsamples: pre- and post−COVID-19 pandemic.