Publication

Period

Region

BHAR

Type

Size

BHAR t + 6

BHAR t + 12

BHAR t + 24

BHAR t + 36

Cusatis et al. (1993)

1965-1988

USA

IND

Mother

Spin-off

Comb.

131

146

141

6.80*

1.00

n.v.

12.50**

4.50

4.70

26.70***

25.00**

18.90**

18.10

33.60**

13.90

Michaely & Shaw (1995)

1981-1988

USA

IND

Spin-off

91

n.v.

−36.60***

−59.13***

n.v.

Desai & Jain (1999)

1975-1991

USA

IND

Mother

Spin-off

Comb.

155

162

155

n.v.

n.v.

n.v.

6.51

15.69***

7.69

10.58

36.19***

12.70

15.18

32.31***

19.82***

McConnell et al. (2001)

1989-1995

USA

IND

Mother

Spin-off

80

96

8.64

8.90

13.48

7.21

19.21

5.75

5.14

−20.87

Veld & Veld-Merkoulova

(2004)

1987-2000

Europe⁵

S/MtB

Mother

Spin-off

Comb.

106

70

61

3.88

11.96

−2.23

−0.65

12.58

−2.33

6.49

13.72

4.24

−0.41

15.15

2.01

Harris & Madura (2010)

1981-2006

USA

S/MtB

Spin-off

311

n.v.

17.32***

24.58***

26.15***