Table 7.

Spline regression around the event day without Hubei Province.

	Main Board				SME/GEM
	Coef.	SE	t-Stat		Coef.	SE	t-Stat
	(×100)	(×100)			(×100)	(×100)
${\Phi }_{10}$	−2.56	0.75	−3.44		−2.69	0.75	−3.58
${\Phi }_9$	−0.40	0.37	−1.08		0.47	0.48	0.98
${\Phi }_8$	−1.18	0.42	−2.81		−0.70	0.50	−1.41
${\Phi }_7$	0.13	0.30	0.42		0.56	0.38	1.47
${\Phi }_6$	−0.77	0.30	−2.58		−0.39	0.92	−0.43
${\Phi }_5$	−0.43	0.16	−2.68		0.00	0.22	0.00
${\Phi }_4$	−0.59	0.14	−4.11		−0.48	0.22	−2.21
${\Phi }_3$	0.13	0.21	0.62		−0.03	0.31	−0.11
${\Phi }_2$	0.70	0.19	3.67		1.33	0.34	3.89
${\Phi }_1$	−0.44	0.38	−1.15		−0.71	0.67	−1.06
$\beta \left(COVI{D}_{it}\right)$	−5.34	1.18	−4.54		−6.22	1.18	−5.29
${\Psi }_1$	0.14	0.34	0.42		0.95	0.39	2.45
${\Psi }_2$	2.04	0.16	12.48		2.78	0.20	14.14
${\Psi }_3$	1.23	0.39	3.15		1.91	0.64	2.99
${\Psi }_4$	0.56	0.18	3.06		1.05	0.46	2.27
${\Psi }_5$	0.76	0.33	2.31		0.08	0.70	0.12
${\Psi }_6$	−0.54	0.31	−1.74		−0.85	0.40	−2.14
${\Psi }_7$	1.11	0.33	3.42		1.73	0.46	3.78
${\Psi }_8$	−0.38	0.29	−1.33		0.06	0.65	0.09
${\Psi }_9$	0.41	0.28	1.45		0.15	0.40	0.36
${\Psi }_{10}$	2.28	0.24	9.44		3.44	0.29	11.76
Industry Fixed Effect	Yes				Yes
Province Fixed Effect	Yes				Yes
Adj. R-square (%)	2.10				1.45

Note: This table reports the spline regression results of the coefficient estimates, standard errors (SE), $t$-statistics (t-stat) and adjusted R-square. Standard errors are grouped at the province level. The regression specification is shown in Eq. (3). We use the daily return series of Main Board firms and SME/GEM firms registered in provinces other than Hubei province. The sample period is between Dec. 2th, 2019 and Feb 23rd, 2020.