Of course, continued increasing provincial public health threats may not affect the local firms’ market performance. First, long-term investors might not be aware of the risks of the continued increase of COVID-19 cases. Second, the COVID-19 outbreak may bring firms opportunities to generate more products to meet the increased demand. Third, investors might not focus on the daily based non-financial information, which leads to less value relevance for the COVID-19 disclosure. These possibilities create tension to our research question and, thus, whether continued increasing provincial public health threats reduce local firms’ cumulative abnormal return is an empirical question.