| 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. | ** | * | ** | ** |