. 2023 Jan 25;48(1):1–30. doi: 10.1057/s10713-023-00080-7

Table 2.

Return on securities under multiple pandemic states

$s \ i$	0	1	2
u	$r_{f}$	$R_{1} + h$	$R_{2} + h$
d	$r_{f}$	$R_{1} - h^{'}$	$R_{2} - h^{'}$
p	$r_{f}$	$R_{1} + H + ε_{1}$	$R_{2} - H^{'} + ε_{2}$