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

Table 4

Cumulative abnormal average return (CAAR) in 3 subindustries.

Event no.	Subindustry
	Health Care Equipment & Services		Pharmaceuticals		Healthcare providers
	CAAR	value	CAAR	value	CAAR	value
1	−0.0666	−0.327	−0.2394	−3.422	−0.0831	−1.139
2	0.1122	2.848	0.1270	3.429	0.0192	−0.330
3	0.0723	3.285	0.0531	3.215	0.0314	0.419
4	0.0806	0.673	0.0326	1.475	−0.0066	−0.965

Significant at the 10% level. Significant at the 5% level. Significant at the 1% level.