Event windows

[−10; +1]

[−1; +1]

[−1; 0]

[0]

[0; +1]

N

24

24

24

24

24

CAAR

4.84%

3.14%

3.45%

2.94%

2.63%

Min

−28.62%

−15.51%

−11.99%

−3.52%

−6.33%

Max

53.34%

41.33%

50.89%

39.51%

29.96%

SD

15.71%

10.05%

11.33%

8.40%

7.27%

Median

1.61%

2.03%

1.88%

1.34%

0.86%

% > 0

50.00%

66.67%

58.33%

66.67%

66.67%

t-value

1.510

1.530

1.490

1.713

1.773

Significance level

*

*

*

*

**

Wilcoxon-test

n.s.

**

*

**

**