Formation period	Test period CAR
Formation period		One month	Three months	Six months	Twelve months	Twenty four months	Thirty six months
Eighteen months	Winner portfolio (W)	0.1969	0.2918	0.3854	0.5064	0.7110	0.9838
	Loser portfolio (L)	0.2495	0.4350	0.5590	0.6667	0.7864	0.9674
	L-W	0.0526	0.1433	0.1736	0.1603	0.0754	−0.0164