Day

Daily Return (in %)

Avg. Abnormal Return (in %)

Cumulative Avg. Abnormal Return (in %)

t-Value of CAAR

t-Value of AAR

−14

−0.536

−0.610

−0.610

−0.762

−0.776

−13

−0.099

−0.173

−0.783

−0.978

−0.220

−12

0.117

0.043

−0.740

−0.924

0.055

−11

−0.417

−0.491

−1.231

−1.538

−0.625

−10

0.104

0.030

−1.200

−1.500

0.039

−9

0.725

0.651

−0.550

−0.687

0.828

−8

−0.042

−0.116

−0.666

−0.831

−0.148

−7

−0.206

−0.280

−0.946

−1.181

−0.356

−6

−0.037

−0.111

−1.057

−1.320

−0.142

−5

−0.572

−0.646

−1.703

−2.127

−0.821

−4

−0.664

−0.738

−2.440

−3.048

−0.939

−3

−0.212

−0.286

−2.726

−3.405

−0.364

−2

0.135

0.061

−2.665

−3.329

0.078

−1

0.177

0.103

−2.562

−3.200

0.131

0

0.988

0.914

0.914

1.063

1.163

1

−0.018

−0.092

0.823

0.957

−0.117

2

0.253

0.179

1.001

1.164

0.227

3

0.383

0.309

1.311

1.524

0.394

4

−0.090

−0.164

1.146

1.333

−0.209

5

1.089

1.015

2.161

2.513

1.291

6

0.154

0.080

2.241

2.606

0.101

7

0.307

0.233

2.474

2.877

0.297

8

0.770

0.696

3.170

3.686

0.886

9

−0.054

−0.128

3.042

3.537

−0.163

10

0.299

0.225

3.267

3.799

0.287

11

−0.896

−0.970

2.298

2.672

−1.233

12

0.737

0.663

2.961

3.443

0.844

13

−0.266

−0.340

2.621

3.048

−0.432

14

0.425

0.351

2.972

3.456

0.446