Panel A (−3, +3 yrs)

Parameters

Intercept

Pre

Adjusted R²

N

ROA

0.0052

0.3535^**

0.0631

62

(0.8773)

(2.2601)

ROE

0.1348

0.1079

−0.0155

62

(1.3295)

(0.2649)

CFO/TA

0.0128^*

0.2515

0.0444

62

(1.8375)

(0.0549)

Mat/Sales

−0.0339^***

0.3360^***

0.2970

62

(−3.0217)

(5.1747)

Lab/Sales

0.0073^*

1.0372^***

0.7707

62

(1.7686)

(14.3553)

Oh/Sales

0.0250^**

0.2091^**

0.0758

62

(2.0896)

(2.4499)

Tax/Sales

−0.0039^**

0.6835^***

0.3220

62

(−2.0988)

(5.4751)

Int./Sales

−0.0043

0.2907

0.0551

62

(−0.9337)

(0.0368)

Sales/TA

0.0769^**

0.2209^***

0.0921

62

(1.9977)

(2.6814)