Event Window | N. of observations | Mean CAR (%) | Test Z |
EW (−20, 20) | 277 | −2.781 | −1.433* |
EW (−10, 10) | 277 | −2.812 | −2.637*** |
EW (−5, 5) | 277 | −0.959 | −2.174** |
EW (−3, 3) | 277 | −0.758 | −1.887** |
EW (−20, −1) | 277 | −0.682 | −0.429 |
EW (−10, −1) | 277 | −0.551 | −2.401*** |
EW (−5, −1) | 277 | −0.591 | −3.779*** |
EW (−3, −1) | 277 | −0.478 | −3.196*** |
EW (0, 20) | 277 | −0.703 | −0.436 |
EW (0, 10) | 277 | −1.332 | −0.528 |
EW (0, 5) | 277 | −0.758 | −0.366 |
EW (0, 3) | 277 | −0.434 | −0.340 |
EW (0, 1) | 277 | −0.226 | 0.351 |