We describe the regression model for the main test of H1. The regression models for cross-sectional tests are described in Section 5. To test H1, we apply the multiple regression model as follows:CAR = β0 + β1CIPHT + β2PRO_CASE + β3SIZE + β4ROA + β5CURR + β6R&D + β7LOSS+ β8LEV + β9OPCF + β10TURN + β11CEO_AGE+ β12CEO_COM + β13CEO_TEN+ β14CEO_DUA + Week FE + Industry FE + Province FE + ε(2)  where CAR refers to our two types of accumulative abnormal return (CAR [−1, 1] and CAR [−2, 2]), CIPHT is an indicator variable that equals one if there have been provincial new COVID-19 cases for at least six consecutive days including the current day and zero otherwise. Based on H1, we suppose a negative coefficient of CIPHT.