Table 2.

BRIC CARs on the announcement of the COVID-19 pandemic.

Window	(1)	(2)	(3)	(4)
CAR	Brazil	Russia	India	China
$(-1,+1)$	−9.0047***	−3.9468*	−5.2086***	−4.9907***
	(−4.1164)	(−1.8413)	(−2.8015)	(−2.8169)
$(-2,+2)$	−12.5744***	−8.3170*	−12.5717***	−7.1967*
	(−3.4388)	(−1.9406)	(−2.6334)	(−1.7326)
$(-4,+4)$	−32.7233***	−17.3642***	−22.4764***	−14.4767**
	(−5.0381)	(−3.2765)	(−3.6862)	(−2.0781)
$(-5,+5)$	−34.3821***	−11.4609**	−26.9494***	−12.4262
	(−4.5411)	(−2.2796)	(−4.6775)	(−1.5380)
$(-10,+10)$	−28.5712***	−11.0105*	−30.5520***	−15.6840*
	(−3.1332)	(−1.7731)	(−3.8231)	(−1.6604)

Note: This table reports the results of the CARs for Eq. (1) around the time of announcement of the COVID-19 pandemic. Wald test, $Z-statistic$ in parentheses. */**/*** significant at 10%/5%/1%, respectively.