Event Days

AAR

T−Stats

Significance

−5

−0.0016

−0.3336

Insignificant

−4

0.0075

1.5344

Insignificant

−3

0.0041

1.3440

Insignificant

−2

0.0032

0.9702

Insignificant

−1

0.0163

2.5786

@10% and 5% Level

0

−0.0023

−0.5305

Insignificant

+1

−0.0029

−0.5494

Insignificant

+2

0.0055

1.5553

Insignificant

+3

0.0045

1.0977

Insignificant

+4

0.0062

1.7154

@10% Level

+5

0.0001

0.0128

Insignificant