Investor Sentiment and Stock Market Reactions to COVID-19: Evidence from China

Table 4

Regression result of model (3): excessive trading volume and registered place of listed company.

	T = 1	T = 5	T = 10	T = 15	T = 20	T = 25
	0.1017 (0.484)	0.5210 (2.845)	0.4373 (2.652)	0.3167 (2.155)	0.2620 (2.005)	0.2146 (1.717)
Constant	−0.3515 (−2.368)	0.3070 (2.371)	0.2380 (2.041)	0.2725 (2.622)	0.4233 (4.581)	0.4625 (5.232)
N	190	190	190	190	190	190
R-squared	0.0012	0.0413	0.0361	0.0241	0.0209	0.0154

Note. This table is based on the following regression: , and presents the result of the regression without control variables. T is the number of trading days before and after the event date. T statistics are reported in parentheses. Significance at 10%, 5%, and 1% levels is indicated by , , and , respectively.