Table 1.

Sample statistics of REITs and COVID-19 cases’ returns.

Country	Min	Max	Mean	Std. Dev	Skewness	Kurtosis	Normtest.W
Panel I: REIT returns
Australia	−0.1549	0.0779	0.0002	0.0191	−2.1892	17.1138	0.7961***
Canada	−0.1540	0.0966	0.0002	0.0177	−2.8528	29.2284	0.6752***
China	−0.0981	0.0838	−0.0002	0.0178	0.5206	4.1427	0.9449***
France	−0.1336	0.1253	−0.0003	0.0187	−0.0472	14.2908	0.8410***
Germany	−0.0845	0.0580	0.0000	0.0122	−0.9743	9.7521	0.8802***
Hong Kong	−0.0677	0.0562	−0.0002	0.0159	−0.0956	2.9061	0.9524***
Japan	−0.1168	0.1086	−0.0002	0.0160	−0.5015	17.1483	0.7818***
Netherlands	−0.2221	0.1884	−0.0007	0.0367	0.0397	8.1625	0.8634***
New Zealand	−0.1597	0.0654	0.0000	0.0129	−3.8585	50.3013	0.7050***
Singapore	−0.0844	0.0747	0.0000	0.0123	−0.9128	13.5752	0.8037***
UK	−0.1006	0.0734	0.0000	0.0154	−0.5522	6.9119	0.9193***
USA	−0.1947	0.0850	0.0004	0.0197	−2.0915	22.6959	0.7851***
Panel II: COVID-19 cases returns
Australia	0.0000	0.4463	0.0162	0.0408	5.1652	35.2409	0.4167***
Canada	0.0000	0.4189	0.0197	0.0507	4.7072	25.1094	0.3774***
China	0.0000	0.2916	0.0030	0.0200	9.9433	112.2405	0.1202***
France	−0.0712	0.7472	0.0200	0.0633	6.2652	49.3463	0.3290***
Germany	0.0000	0.6096	0.0201	0.0619	6.1743	44.4339	0.3030***
Hong Kong	−0.0001	0.2703	0.0100	0.0281	5.4151	36.5347	0.3795***
Japan	0.0000	0.2647	0.0160	0.0281	3.7579	18.5653	0.5456***
Netherlands	0.0000	0.7691	0.0176	0.0554	8.2469	85.4664	0.2658***
New Zealand	−0.0009	0.6737	0.0133	0.0507	7.4121	69.6642	0.2523***
Singapore	0.0000	0.2877	0.0137	0.0322	3.8256	17.9420	0.4727***
UK	−0.0011	1.3863	0.0234	0.0784	11.2940	177.6106	0.2552***
USA	0.0000	0.5421	0.0230	0.0669	4.8862	25.5497	0.3288***

Notes: This table presents the descriptive statistics of the sample. [***] p < 0.001.