Table 1.

Cumulative abnormal returns in different regions during crash and vaccine event window periods.

Regions	Window	N	Crash event (Mar 11, 2020)				Vaccine event (Nov 9, 2020)
			Mean	Median	t-test	Wilcoxon	Mean	Median	t-test	Wilcoxon
Asia and Oceania	[-1, +1]	471	−4.313%	−3.408%	−12.738***	−12.530***	0.353%	0.011%	1.067	0.711
Europe	[-1, +1]	118	−3.125%	−0.996%	−3.145***	−2.950***	5.074%	2.052%	4.517***	3.868***
North America	[-1, +1]	112	−6.269%	−3.343%	−4.130***	−4.485***	4.713%	3.842%	3.208***	4.268***
Other	[-1, +1]	26	−3.234%	−2.166%	−1.825*	−2.070**	0.745%	−0.153%	0.575	−0.444
Asia and Oceania	[-3, +3]	471	−7.103%	−5.572%	−10.021***	−9.535***	0.903%	−0.088%	1.934*	−1.174
Europe	[-3, +3]	118	−15.405%	−12.158%	−6.752***	−5.928***	6.135%	2.025%	3.872***	3.428***
North America	[-3, +3]	112	−4.220%	−3.686%	−1.042	−1.274	1.132%	0.506%	0.652	0.946
Other	[-3, +3]	26	−9.759%	−4.540%	−2.128**	−2.172**	1.950%	1.405%	1.797*	1.765*
Asia and Oceania	[-5, +5]	471	−9.254%	−8.232%	−9.877***	−9.112***	3.202%	0.741%	5.263***	4.142***
Europe	[-5, +5]	118	−16.839%	−12.698%	−6.769***	−5.893***	9.174%	4.207%	4.164***	4.027***
North America	[-5, +5]	112	−10.192%	−7.448%	−2.054**	−2.006**	1.387%	2.465%	0.554	1.582
Other	[-5, +5]	26	−11.911%	−9.840%	−2.439**	−2.552**	2.071%	0.550%	0.932	0.775

*, **, and *** indicate statistical significance at the 10%, 5%, and 1%, respectively.