How did investors in the United States financial market react to the Evergrande Crisis?

Did US investors and the American public believe that there would be a contagion effect from the Evergrande crisis to American firms? This paper aims to explore the extent to which American investors reacted adversely to the Evergrande crisis through an event study analysis. The results of the event study show that abnormal returns on September 22nd is statistically significant at the 10% level and negative (-0.0111). However, when compared to returns during the estimation window, the magnitude of this abnormal return is essentially zero. I tentatively conclude that US investors did not have a significantly negative reaction to the Evergrande event on September 22nd. This may be explained by the long span of the Evergrande crisis with several events warning investors early as well as the low value of investment of American firms in the Chinese real estate sector