Event date	Executive departure		Shareholder executive departure		Non-shareholder executive departure
Event date	CAR	t	CAR	t	CAR	t
t = −10	−0.0050	−0.9135	0.0005	0.1782	0.0049	0.8054
t = −9	−0.0150	−1.8886	0.0000	−1.2992	−0.0140	−1.7981
t = −8	−0.0186	−0.5636	−0.0001	−1.5523	−0.0184	−2.4011
t = −7	−0.0234	−0.7956	0.0001	−0.9646	−0.0070	−0.8284
t = −6	−0.0264	−0.4395	0.0001	−0.9199	−0.0035	−0.3440
t = −5	−0.0200	1.4946	−0.0001	−1.4193	−0.0042	−0.4506
t = −4	−0.0174	0.7142	0.0000	−1.2506	0.0093	1.4170
t = −3	−0.0212	−0.5879	0.0006	0.6016	0.0045	0.7592
t = −2	−0.0245	−0.5127	0.0007	0.6889	−0.0086	−1.0525
t = −1	−0.0225	0.5910	0.0007	0.8327	−0.0048	−0.5266
t = 0	−0.0249	−0.3010	0.0010	1.6641	0.0018	0.3794
t = 1	−0.0336	−1.6222	0.0011	1.9398	0.0006	0.2184
t = 2	−0.0356	−0.2363	0.0007	0.7475	−0.0022	−0.1712
t = 3	−0.0364	0.0261	0.0006	0.5796	−0.0005	0.0647
t = 4	−0.0332	0.8451	0.0007	0.7023	−0.0025	−0.2144
t = 5	−0.0334	0.1341	0.0007	0.7283	0.0044	0.7455
t = 6	−0.0258	1.7479	0.0005	0.1411	−0.0007	0.0362
t = 7	−0.0198	1.4319	0.0003	−0.4613	0.0112	1.6742
t = 8	−0.0215	−0.1759	0.0003	−0.3492	0.0061	0.9784
t = 9	−0.0173	1.0518	0.0003	−0.2316	−0.0022	−0.1638
t = 10	−0.0326	0.7963	0.0003	−0.3561	0.0054	0.8725