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 |