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Predictability results.
| Pre-COVID Announcement | Post-COVID Announcement | |
|---|---|---|
| −0.0278*** (0.0030) [−9.2979] |
0.0039** (0.0015) [2.5397] |
Note: *** and ** & * imply the rejection of the null hypothesis of no predictability at 1%, 5% & 10% levels of significance, respectively. Values in parentheses - () denote standard errors while those reported in square brackets – [] are for t-statistics.
