TABLE 3.

Descriptive statistics of returns for COVID‐19 (Quarter 1 and 2)

Panel A: Descriptive statistics of returns (COVID‐19—Quarter 1)
	United Kingdom	United States	Italy	Germany	China	Brazil	Russia	India	Spain
Mean	−0.4920	−0.2817	−0.4676	−0.4332	−0.1689	−0.5880	−0.5501	−0.5634	−0.5116
Median	−0.1075	0.0000	0.0000	0.0000	0.0000	−0.1963	−0.1827	−0.1686	−0.1201
Maximum	11.8153	9.3828	9.3046	11.3622	3.7682	9.0132	6.9799	4.7954	8.1936
Minimum	−13.2503	−11.9841	−18.3670	−13.7633	−9.1178	−11.2529	−14.7715	−11.6703	−15.5523
SD	3.0563	3.5030	3.3811	2.9335	2.0539	3.4945	3.2786	2.4860	3.0374
Skewness	−0.3791	−0.2062	−2.2717	−0.8181	−1.3578	−0.4817	−1.4128	−1.5467	−1.7786
Kurtosis	10.1960	5.6172	15.3190	11.9562	7.2691	5.0898	8.1837	8.2286	11.8126

Panel B: Descriptive statistics of returns (COVID‐19—Quarter 2)
	United Kingdom	United States	Italy	Germany	China	Brazil	Russia	India	Spain
Mean	0.1461	0.2995	0.2559	0.3942	0.1963	0.3061	0.2908	0.2092	0.1570
Median	0.0683	0.4250	0.1741	0.4017	0.0599	0.3524	0.1786	0.3361	0.0000
Maximum	4.8707	7.0331	3.8729	6.0529	2.8512	5.3739	9.7535	4.0199	5.0776
Minimum	−4.8315	−5.8944	−5.3393	−4.4606	−2.8501	−7.7157	−6.7127	−4.5935	−4.7903
SD	2.1118	1.9766	2.1604	2.3807	0.9559	2.3143	2.3296	1.7088	2.1649
Skewness	−0.2542	−0.1233	−0.5369	−0.0708	0.1400	−0.3938	0.5056	−0.0853	−0.1120
Kurtosis	2.7575	5.0620	2.9465	2.9249	4.4629	4.0272	6.7496	3.9342	2.6639

Note: This table reports descriptive statistics for daily stock returns. Panel A reports the results during the first quarter in the COVID‐19 period (Jan. 1, 2020 to March 31, 2020). Panel B reports the results during the second quarter in the COVID‐19 period (April 1, 2020 to June 30, 2020).