Table 2 Cumulative abnormal returns for...

Table 2

Cumulative abnormal returns for pre-event, the event day and post-event windows by Industry

Industry	Number of company	Pre-event days			Event days			Post-event days
Industry	Number of company	(−10, 0)	(−5, 0)	(−3, 0)	(−1, 0)	(−1, +1)	(0, +1)	(0, +3)	(0, +5)	(0, +10)
Chemicals	391	−0.0052	−0.0053	−0.0073*	−0.0093***	−0.0078***	−0.0011	0.0095***	0.0054	0.0196***
Construction Materials	136	0.0037	0.0054	0.0021	−0.0087	−0.0093	−0.0101	0.0018	0.0040	−0.0022
Containers and Packaging	105	0-.0018	0.0027	0.0033	−0.0055	0.0011	0.0043	0.0116***	0.0101*	0.0184**
Metals and Mining	459	−0.0349***	−0.0203***	−0.0154***	−0.0044*	0.0082***	0.0159***	0.0315***	0.0361***	0.0406***
Paper and Forest Products	83	0.0084	−0.0036	0.0014	0.0039	0.0110**	0.0061	0.0109*	0.0021	0.0188*

Industry	Number of company	Pre-event days			Event days			Post-event days
Industry	Number of company	(−10, 0)	(−5, 0)	(−3, 0)	(−1, 0)	(−1, +1)	(0, +1)	(0, +3)	(0, +5)	(0, +10)
Chemicals	391	−0.0052	−0.0053	−0.0073*	−0.0093***	−0.0078***	−0.0011	0.0095***	0.0054	0.0196***
Construction Materials	136	0.0037	0.0054	0.0021	−0.0087	−0.0093	−0.0101	0.0018	0.0040	−0.0022
Containers and Packaging	105	0-.0018	0.0027	0.0033	−0.0055	0.0011	0.0043	0.0116***	0.0101*	0.0184**
Metals and Mining	459	−0.0349***	−0.0203***	−0.0154***	−0.0044*	0.0082***	0.0159***	0.0315***	0.0361***	0.0406***
Paper and Forest Products	83	0.0084	−0.0036	0.0014	0.0039	0.0110**	0.0061	0.0109*	0.0021	0.0188*

Note(s): CAR stands for cumulative abnormal return. The ordinate represents the event window. ***, ** and * are significant at 1%, 5% and 10% confidence levels, respectively

Source(s): Authors’ own work

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