Summary of the hypothesis testing
| Panel A. Main, relative performance and COVID-19 analysis | |||
|---|---|---|---|
| Hypotheses | Main analysis (2002–2007 vs. 2008–2012) | Relative performance analysis (top vs. bottom in 2008–2012) | COVID-19 analysis (2017 vs 2020) |
| H1a | ✗ | ✗ | ✗ |
| H1b | ✗ | ✗ | ✗ |
| H2a | ✗ | ✓ | ✗ |
| H2b | ✗ | ✓ | ✗ |
| Panel A. Main, relative performance and COVID-19 analysis | |||
|---|---|---|---|
| Hypotheses | Main analysis (2002–2007 vs. 2008–2012) | Relative performance analysis (top vs. bottom in 2008–2012) | COVID-19 analysis (2017 vs 2020) |
| ✗ | ✗ | ✗ | |
| ✗ | ✗ | ✗ | |
| ✗ | ✓ | ✗ | |
| ✗ | ✓ | ✗ | |
| Panel B. Sectors (2002–2007 vs. 2008–2012) | ||||
|---|---|---|---|---|
| Hypotheses | PP | BI | CG | FS |
| H1a | ✗ | ✗ | ✗ | ✗ |
| H1b | ✗ | ✗ | ✗ | ✗ |
| H2a | ✗ | ✗ | ✗ | ✓ |
| H2b | ✗ | ✗ | ✗ | ✗ |
| Panel B. Sectors (2002–2007 vs. 2008–2012) | ||||
|---|---|---|---|---|
| Hypotheses | PP | BI | CG | FS |
| ✗ | ✗ | ✗ | ✗ | |
| ✗ | ✗ | ✗ | ✗ | |
| ✗ | ✗ | ✗ | ✓ | |
| ✗ | ✗ | ✗ | ✗ | |
Note(s): PP: Petrol and Power; BI: Basic Materials, Industry and Construction; CG: Consumer Goods; FS: Financial Services and Real Estate
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