Moreover, we conduct several additional tests to ensure the robustness of our results. First, we find that the continued decrease of provincial public health threats is positively related to the accumulative abnormal return. Second, we find that the community lockdown has a negative moderating effect on the negative relationship between continued increasing public health threats and accumulative abnormal return. Third, we find that the negative effect of increasing threats is weaker for firms with a higher level of geographical diversification, operating cash flow, and with a clean audit opinion. Fourth, we find that our results are not driven by the fluctuations in the number of new confirmed COVID-19 cases.