Table 1.
Descriptive Statistics of CARs and Control Variables and Results of Abnormal Returns Tests This table presents descriptive statistics of CARs and control variables and the results of abnormal returns tests. All figures of control variables are calculated from the 2019 year-end accounting figures. CARi are the cumulative abnormal returns for airline firm i for event window [-1; 1]; [-1; 5]; SIZEi is the total assets (natural logarithm of total assets, millions of Euro); OWNi is the cumulated ownership of the three main shareholders (%); LIQi is the ratio of current assets to total assets (%); TLEVi is the ratio of total debt to total assets (%); ROAi is the ratio of operating income to total average assets (%); LCDi is a dummy variable that takes the value 1 for low-cost carriers and 0 otherwise; STOi is a dummy variable that takes the value 1 if the main owner is the state or another public entity and 0 otherwise. θ1 and τ1 are the p-values of Brown and Warner (1980, 1985) t-test statistics and z-statistic for the sign test, respectively (see Serra, 2004; for more details). *, ** and *** denote statistical significance at the 10%, 5% and 1% level, respectively.
| Variable | Mean | SD | 25th perc. | Median | 75th perc. | θ1 | τ1 |
|---|---|---|---|---|---|---|---|
| Panel 1: COVID as a Global Pandemic: March 11, 2020 | |||||||
| CAR [-1,1] | −7.94% | 10.12% | −12.99% | −5.90% | −1.77% | 0.007*** | 0.009*** |
| CAR [-1,5] | −24.65% | 26.41% | −45.05% | −17.69% | −6.15% | 0.002*** | 0.006*** |
| Panel 2: Pfizer, BioNTech COVID-19 Vaccine Results: November 9, 2020 | |||||||
| CAR [-1,1] | 14.43% | 10.74% | 8.54% | 12.08% | 18.30% | 0.005*** | 0.007*** |
| CAR [-1,5] | 17.29% | 15.10% | 7.69% | 13.59% | 22.26% | 0.012** | 0.018** |
| Panel 3: Moderna COVID-19 Vaccine Results: November 16, 2020 | |||||||
| CAR [-1,1] | 5.23% | 5.99% | 1.96% | 4.20% | 8.02% | 0.065* | 0.081* |
| CAR [-1,5] | 7.55% | 9.71% | 1.74% | 6.79% | 12.27% | 0.090* | 0.105 |
| Panel 4: AstraZeneca COVID-19 Vaccine Results: November 23, 2020 | |||||||
| CAR [-1,1] | 4.80% | 7.85% | 0.16% | 1.42% | 7.25% | 0.143 | 0.155 |
| CAR [-1,5] | 3.12% | 6.91% | −0.80% | 1.89% | 5.61% | 0.170 | 0.183 |
| Panel 5: Control Variables | |||||||
| Size (SIZE) | €15,065 ml | €25,610 ml | €2,994 ml | €5,926 ml | €19,602 ml | ||
| Ownership Concentration (OWN) | 47.2% | 24.6% | 25.6% | 46.4% | 63.5% | ||
| Liquidity (LIQ) | 24.0% | 12.1% | 16.3% | 21.6% | 28.6% | ||
| Total Leverage (TLEV) | 40.8% | 18.6% | 28.0% | 39.4% | 52.6% | ||
| Return on Assets (ROA) | 2.0% | 4.7% | −0.1% | 2.4% | 5.2% | ||
| Low-Cost Dummy (LCD) | 32.2% | 47.1% | 0 | 0 | 1 | ||
| State Ownership (STO) | 25.4% | 43.9% | 0 | 0 | 0.5 | ||