| Event day | Abnormal return | ||
| Mean | Median | Proportion of negative values | |
| −20 - −8 | −0.19% (−0.37) | −0.50% | 51.49% |
| −7 | −0.17%** (−2.56) | −0.57% | 57.67% |
| −3 | −0.45%** (4.31) | −0.78% | 60.46% |
| −1 | −0.40%*** (−4.09) | −0.65% | 59.26% |
| 0 | −0.46%*** (−4.67) | −0.60% | 58.76% |
| 1 - 3 | 0.33%** (2.98) | 0.17% | 47.21% |
| 3 - 7 | −1.17%** (−2.26) | −1.79% | 55.48% |
| −20 - 20 | 1.04% (−3.12) | −0.30% | 44.58% |