Table 4.

Global stock market reactions on the first day of clinical trial phases of vaccines developed in different countries.

	Panel A: k = US		Panel B: k = China		Panel C: k = Others
	(1)	(2)	(1)	(2)	(1)	(2)
Dk,t	-0.0238		0.1332***		0.0804***
	(-0.64)		(3.56)		(3.73)
DII,k,t		-0.0190		0.3176***		0.0722*
		(-0.35)		(5.75)		(1.95)
DIII,k,t		0.1773*		0.1664**		0.1652***
		(2.00)		(2.66)		(4.20)
ϕIII,k minus ϕII,k	N/A	0.1964*	N/A	-0.1512**	N/A	0.0930*
		(1.91)		(-2.07)		(1.74)

The table reports the empirical estimates of regression Eqs. (1) and (2), except that in the current table, D_t and D_j,t are replaced by D_k,t and D_j,k,t with k = US in Panel A, China in Panel B and other countries in Panel C. For example, D_US,t takes the value of 1 if day t is the first day of clinical trial phases and the vac-country is the U.S. In all the columns of each panel, to construct D_k,t and D_j,k,t we use all vaccines developed by that vac-country k. The last row reports the differences between the loading on phase II and phase III dummy variables with t-statistics presented in parentheses. The sample period covers from January 2, 2020, to April 30, 2021. *, **, *** denote significance levels at 10%, 5%, and 1%, respectively.