| Event periods | ||
t + 3 | t + 6 | t + 12 | |
N | 21 | 21 | 19 |
BHAAR | 7.38% | 11.26% | 22.63% |
Min | −44.49% | −61.23% | −57.32% |
Max | 153.48% | 184.39% | 180.46% |
SD | 45.66% | 56.33% | 64.73% |
Median | −5.46% | 0.33% | 13.84% |
% > 0 | 38.10% | 52.38% | 57.89% |
t-value | 0.7402 | 0.9164 | 1.5236 |
Significance level | n.s. | n.s. | * |