Event Window | CAAR | T-Stats | t-table | Significance | Comparison | Hypothesis Decision |
(−5 to −1) Pre-Event | −0.347 | −2.1866 | 2.0096 | Insignificant | t-stats < t-table | Cannot reject H0 |
(0 to +1) Event | −0.349 | −2.2084 | 2.0096 | Insignificant | t-stats > t-table | Reject H0 |
(+2 to +5) Post-Event | −0.348 | −2.1909 | 2.0096 | Insignificant | t-stats > −t-table | Cannot reject H0 |