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