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

Table 7

Cumulative average abnormal return (CAAR) over event window with two models.

Items	Market model				Market adjusted model
	Event 1	Event 2	Event 3	Event 4	Event 1	Event 2	Event 3	Event 4
Coef.	−0.1282	0.0938	0.0556	0.0428	−0.1185	0.0988	0.0568	0.0438
	−2.473	3.393	3.687	0.777	−2.419	3.341	3.584	0.809
CAR>0	3	11	11	8	3	11	11	8
CAR<0	9	1	1	4	9	1	1	4
Obs.	12	12	12	12	12	12	12	12

^{Significant at the 10% level.Significant at the 5% level.Significant at the 1% level.}