Event Window

CAAR

T-Stats

t-table

Significance

Comparison

Hypothesis Decision

(−5 to −1)

Pre-Event

0.030

1.980

2.0096

@10% Level

t-stats < t-table

Cannot reject H₀

(0 to +1)

Event

−0.005

−0.573

2.0096

Insignificant

t-stats > t-table

Reject H₀

(+2 to +5)

Post-Event

0.016

1.404

2.0096

Insignificant

t-stats > −t-table

Cannot reject H₀