Stock Market Reaction to the Announcement of the COVID-19 Lockdown: Evidence from Healthcare Companies in Malaysia

Table 2

Average abnormal return (AAR) over the event window.

Event window	Event 1	Event 2	Event 3	Event 4
−3	0.0003	0.0071	0.0109	−0.0037
	(0.073)	(0.975)	(2.147)	(−0.578)
−2	0.0068	−0.0122	−0.0063	−0.0222
	(1.434)	(−2.237)	(−1.329)	(−3.233)
−1	−0.0314	0.0302	0.0139	0.0262
	(−4.956)	(5.947)	(2.909)	(4.053)
0	−0.0572	0.0102	0.0023	0.0096
	(−9.477)	(1.989)	(0.473)	(1.485)
1	−0.0119	0.0206	0.0222	0.0305
	(−2.482)	(4.438)	(4.651)	(4.682)
2	−0.0141	0.0196	0.0068	0.0082
	(−3.028)	(4.139)	(1.407)	(1.269)
3	−0.0208	0.0184	0.0060	−0.0057
	(−4.402)	(3.912)	(1.224)	(−0.876)

(1) Significant at the 10% level. Significant at the 5% level. Significant at the 1% level. value denoted in parentheses.