| Month of CB issuing | AR | t-stat. | Number of issuers | CAR |
| 1 | −0.2297** | −2.17 | 467 | −0.2297 |
| 2 | −0.1928** | −2.40 | 467 | −0.4225 |
| 3 | −0.1812** | −2.10 | 466 | −0.6037 |
| 4 | −0.1090 | −1.60 | 466 | −0.7127 |
| 5 | −0.0936* | −1.82 | 466 | −0.8063 |
| 6 | −0.1623* | −1.76 | 466 | −0.9686 |
| 7 | −0.1152* | −1.70 | 465 | −1.0838 |
| 8 | −0.0757 | −0.93 | 465 | −1.1595 |
| 9 | −0.1214* | −1.93 | 465 | −1.2809 |
| 10 | −0.1388** | −2.28 | 459 | −1.4197 |
| 11 | −0.0734 | −0.67 | 457 | −1.4931 |
| 12 | −0.1918** | −2.28 | 457 | −1.6849 |
| 13 | −0.1494** | −2.42 | 455 | −1.8343 |
| 14 | −0.0590 | −0.81 | 447 | −1.8933 |
| 15 | −0.1181* | −1.96 | 439 | −2.0114 |
| 16 | 0.0533 | 0.22 | 433 | −1.9581 |
| 17 | −0.0830* | −1.79 | 421 | −2.0411 |
| 18 | −0.1249* | −1.78 | 421 | −2.1660 |
| 19 | 0.1435 | 0.49 | 403 | −2.0225 |
| 20 | −0.1685** | −2.26 | 396 | −2.1910 |
| 21 | −0.1219** | −2.20 | 388 | −2.3129 |
| 22 | 0.9515 | 0.92 | 381 | −1.3614 |
| 23 | −0.1253* | −1.74 | 376 | −1.4867 |
| 24 | −0.1499** | −1.99 | 375 | −1.6366 |
| 26 | 0.5233 | 0.78 | 372 | −1.1133 |
| 27 | −0.1591 | −1.60 | 368 | −1.2724 |
| 28 | −0.1169 | −1.55 | 364 | −1.3893 |
| 29 | −0.1267 | −1.53 | 359 | −1.5160 |
| 30 | −0.0598* | −1.85 | 358 | −1.5758 |
| 31 | −0.0418 | −1.09 | 355 | −1.6176 |
| 32 | −0.0384 | −0.98 | 348 | −1.6560 |
| 33 | −0.0923 | −1.09 | 339 | −1.7483 |
| 34 | −0.0803 | −1.59 | 331 | −1.8286 |
| 35 | −0.1196** | −1.98 | 325 | −1.9482 |
| 36 | −0.1333** | −2.03 | 312 | −2.0815 |