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Table 3 Correlation matrices results

From: Reaction of stock market returns to COVID-19 pandemic and lockdown policy: evidence from Nigerian firms stock returns

Pairwise correlations

Variables

stockmr

ncovidtcr

ncovidtdr

wcovidtdr

wcovidtdr

stigindr

Exrr

Stockmr

1.000

      

Ncovidtcr

-0.578*

1.000

     

p-value

0.000

      

Ncovidtdr

0.220*

0.660*

1.000

    

p-value

0.000

0.000

     

Wcovidtcr

-0.430*

0.614*

0.479*

1.000

   

p-value

0.000

0.000

0.000

    

Wcovidtdr

-0.397*

0.605*

0.509*

0.976*

1.000

  

p-value

0.000

0.000

0.000

0.000

   

Stigindr

-0.298*

0.415*

-0.077*

0.477*

0.466*

1.000

 

p-value

0.000

0.000

0.000

0.000

0.000

  

Exrr

-0.178*

0.160*

-0.073*

0.192*

0.145*

0.113*

1.000

p-value

0.000

0.000

0.000

0.000

0.000

0.000

 
  1. * shows significance at the 0.05 level
  2. Stockmr, ncovidtcr, ncovidtdr, wcovidtcr, wcovidtdr, stigindr and exrr are stock market returns of firms, growth rate of number of the COVID-19 confirmed cases in Nigeria, growth rate of number of COVID-19 confirmed deaths in Nigeria, growth rate of number of the COVID-19 confirmed cases in the World, growth rate of number of COVID-19 confirmed deaths in the World. Growth rate of stringency index (proxy for lockdown) and growth rate of exchange rate, respectively