Event Window

CAAR

T-Stats

t-table

Significance

Comparison

Hypothesis Decision

(−5 to −1) Pre-Event

−0.347

−2.1866

2.0096

Insignificant

t-stats < t-table

Cannot reject H₀

(0 to +1)

Event

−0.349

−2.2084

2.0096

Insignificant

t-stats > t-table

Reject H₀

(+2 to +5)

Post-Event

−0.348

−2.1909

2.0096

Insignificant

t-stats > −t-table

Cannot reject H₀