Month | 2003-2007 | 2008-2012 | ||||||
CAR | StdDev | t-stat | Size | CAR | StdDev | t-stat | Size | |
12 | −0.036*** | 0.128 | −4.291 | 231 | −0.115*** | 0.111 | −9.670 | 87 |
24 | −0.185*** | 0.147 | −19.215 | 231 | −0.203*** | 0.088 | −18.064 | 61 |
36 | −0.258*** | 0.162 | −24.248 | 231 | −0.309*** | 0.140 | −13.057 | 35 |