Table A.2.

Robust least square estimation results.

		Dow Jones	NASDAQ	S&P 500	Wilshire 5k
Full sample period	Coefficient	−0.015**	−0.01**	−0.02**	−0.02**
	z-Statistic	(−62.21)	(−59.32)	(−28.33)	(−28.85)
Wave - 01	Coefficient	−0.016**	−0.013**	−0.02**	−0.02**
	z-Statistic	(−29.59)	(−20.19)	(−74.63)	(−68.23)
Wave - 02	Coefficient	0.175**	0.28**	0.16**	0.19**
	z-Statistic	(11.13)	(181.42)	(13.3)	(21.86)
Wave - 03	Coefficient	0.063**	0.05**	0.04**	0.06**
	z-Statistic	(12.69)	(22.32)	(11.1)	(11.91)

¹$\alpha$ - Surge in COVID19 infection rate; $\beta$ - Plunge in COVID19 infection rate and $\gamma$ - Factors other than COVID19.

²Level of significance: * represents 5%; ** represent 10%.

³Author’s calculations - Source: Thompson Reuters.