Event Days

AAR

T-Stats

Significance

−5

−0.353

−2.226

Insignificant

−4

−0.345

−2.166

Insignificant

−3

−0.342

−2.164

Insignificant

−2

−0.350

−2.197

Insignificant

−1

−0.345

−2.176

Insignificant

0

−0.349

−2.186

Insignificant

+1

−0.350

−2.230

Insignificant

+2

−0.348

−2.182

Insignificant

+3

−0.350

−2.213

Insignificant

+4

−0.350

−2.187

Insignificant

+5

−0.347

−2.180

Insignificant