Day

AAR

Std. Deviation (St)

t-statistic

CAAR

+20

0.71%

0.0175

2.231

3.44%

+19

0.11%

0.0165

2.131

3.24%

+18

−0.11%

0.0168

−0.342

2.73%

+17

−0.42%

0.0260

−0.887

2.83%

+16

0.14%

0.0210

0.370

3.26%

+15

−0.35%

0.0116

−1.679

3.11%

+14

0.06%

0.0154

0.227

3.47%

+13

−0.84%

0.0197

−2.338

3.40%

+12

−0.06%

0.0229

−0.135

4.25%

+11

−0.12%

0.0173

−0.372

4.30%

+10

0.25%

0.0157

0.858

4.42%

+9

0.93%

0.0401

1.274

4.17%

+8

−0.24%

0.0230

−0.582

3.24%

+7

0.13%

0.0249

0.285

3.48%

+6

0.38%

0.0183

1.141

3.35%