Event day

Abnormal

return

t-statistic

Standardized abnormal return

t-statistic

−7

0.01397

0.593029

0.043982

0.873902

−6

0.00362

0.258940

0.27490

0.397859

−5

−0.001006

−0.498045

−0.04389

−0.569735

−4

0.00156

0.714690

0.01263

1.526748

−3

0.002559

0.792832

0.11247

1.227725

−2

−0.004572

−1.111311

−0.095848

−0.656361

−1

−0.00356

−1.22945

−0.13727

−1.57783

0

−0.00969

−3.56883***

−0.24587

−2.89821***

1

−0.0013

−0.54812

−0.05757

−0.82778

2

−0.001008

−0.287137

−0.031124

−0.391294

3

−0.00087

−0.28425

0.00424

0.047283

4

0.00159

0.18940

0.00239

0.098459

5

0.059304

0.26746

0.02954

0.039854

6

0.094323

0.67842

0.05986

0.43875

7

0.049879

0.04987

0.03854

0.03386