Funds	Variables	2008 financial crisis			2015 Chinese market crash			2020 COVID-19 pandemic
Funds	Variables	Mean	SD	Median	Mean	SD	Median	Mean	SD	Median
Panel A: 1 trading day
	Index return	−0.181	2.816	−0.114	−0.246	2.801	0.018	0.051	1.575	0.180
Panel B: 5 trading days
	R_index	−0.999	6.463	−1.978	−1.357	6.158	−0.287	0.447	3.196	1.115
2×	R_target	−1.965	12.856	−4.416	−2.698	12.093	−0.614	0.896	6.341	2.216
	R_expected	−1.997	12.926	−3.956	−2.713	12.316	−0.573	0.893	6.393	2.230
	Deviation	0.032	0.466	−0.025	0.015	0.555	−0.037	0.003	0.168	−0.003
	Multiple	2.011	0.163	2.000	1.973	0.136	1.994	1.999	0.070	2.002
3×	R_target	−2.901	19.197	−7.095	−4.018	17.827	−0.980	1.348	9.441	3.303
	R_expected	−2.996	19.390	−5.934	−4.070	18.474	−0.860	1.340	9.589	3.345
	Deviation	0.095	1.390	−0.075	0.052	1.638	−0.111	0.008	0.504	−0.010
	Multiple	3.028	0.486	2.992	2.916	0.409	2.981	2.997	0.212	3.005
−1×	R_target	1.030	6.553	1.701	1.366	6.404	0.245	−0.442	3.255	−1.174
	R_expected	0.999	6.463	1.978	1.357	6.158	0.287	−0.447	3.196	−1.115
	Deviation	0.032	0.476	−0.034	0.009	0.586	−0.041	0.005	0.168	−0.003
	Multiple	−0.986	0.164	−0.997	−1.023	0.136	−1.005	−1.000	0.069	−0.998
−2×	R_target	2.092	13.216	3.001	2.733	13.080	0.401	−0.878	6.577	−2.369
	R_expected	1.997	12.926	3.956	2.713	12.316	0.573	−0.893	6.393	−2.230
	Deviation	0.095	1.441	−0.098	0.020	1.792	−0.129	0.015	0.506	−0.008
	Multiple	−1.953	0.494	−1.988	−2.066	0.407	−2.013	−2.000	0.208	−1.994
−3×	R_target	3.186	20.011	3.968	4.094	20.058	0.249	−1.307	9.971	−3.590
	R_expected	2.996	19.390	5.934	4.070	18.474	0.860	−1.340	9.589	−3.345
	Deviation	0.191	2.908	−0.188	0.024	3.661	−0.280	0.033	1.015	−0.014
	Multiple	−2.900	0.991	−2.969	−3.123	0.814	−3.025	−2.998	0.414	−2.986
	R_index	−4.942	12.877	−6.251	−6.312	11.463	−6.617	0.464	6.449	2.485
Panel C: 22 trading days
	R_index	−4.942	12.877	−6.251	−4.226	7.291	−4.060	−0.716	−2.191**	−4.226
2×	R_target	−9.599	25.117	−13.613	−12.409	21.978	−14.499	0.906	12.865	4.736
	R_expected	−9.885	25.754	−12.502	−12.623	22.925	−13.233	0.928	12.898	4.969
	Deviation	0.286	2.073	−0.061	0.214	1.749	−0.262	−0.022	0.376	−0.047
	Multiple	1.954	0.450	1.953	1.986	0.346	1.968	1.972	0.111	1.989
3×	R_target	−13.899	36.865	−22.405	−18.122	31.525	−22.428	1.344	19.208	6.740
	R_expected	−14.827	38.631	−18.754	−18.935	34.388	−19.850	1.391	19.347	7.454
	Deviation	0.928	6.160	0.117	0.812	5.175	−0.725	−0.048	1.143	−0.155
	Multiple	2.837	1.329	2.836	2.931	1.035	2.883	2.906	0.336	2.956
−1×	R_target	5.126	13.626	5.033	6.304	12.332	5.632	−0.508	6.436	−2.779
	R_expected	4.942	12.877	6.251	6.312	11.463	6.617	−0.464	6.449	−2.485
	Deviation	0.184	2.139	−0.392	−0.007	1.787	−0.345	−0.044	0.364	−0.090
	Multiple	−1.016	0.452	−1.022	−0.987	0.339	−1.010	−1.019	0.106	−1.006
−2×	R_target	10.301	28.083	8.207	12.338	25.395	10.421	−1.085	12.808	−5.679
	R_expected	9.885	25.754	12.502	12.623	22.925	13.233	−0.928	12.898	−4.969
	Deviation	0.416	6.490	−1.475	−0.285	5.366	−1.191	−0.158	1.086	−0.277
	Multiple	−2.015	1.337	−2.033	−1.932	0.998	−1.996	−2.049	0.315	−2.008
−3×	R_target	15.354	43.423	10.147	17.812	38.998	13.875	−1.760	19.060	−8.687
	R_expected	14.827	38.631	18.754	18.935	34.388	19.850	−1.391	19.347	−7.454
	Deviation	0.527	13.121	−3.124	−1.123	10.709	−2.538	−0.369	2.162	−0.495
	Multiple	−2.962	2.623	−3.008	−2.809	1.949	−2.937	−3.080	0.623	−2.987