Table 3 Summary statistics of variables...

Table 3

Summary statistics of variables (N = 1,511)

Variables	Mean	p25	Median	p75	Std dev	Skewness	Kurtosis
CAR (−30, 0)	0.0035	−0.0117	0.0050	0.0178	0.0282	0.3460	3.1927
CAR (−15, 0)	0.0016	−0.0661	0.0010	0.0677	0.1221	0.0362	2.9598
CAR (−10, 0)	0.0045	−0.0726	0.0066	0.0768	0.1392	0.1805	3.1364
CAR (−5, 0)	0.0136	−0.0791	0.0086	0.0966	0.1670	0.2602	3.0856
CAR (−1, 0)	0.0279	−0.0805	0.0168	0.1367	0.1909	0.1559	2.9263
CAR (0, 0)	0.0389	−0.0729	0.0332	0.1520	0.2035	0.0260	2.8460
CAR (0, +1)	0.0300	−0.0779	0.0215	0.1350	0.1939	0.1338	2.8730
CAR (0, +5)	0.0824	−0.0527	0.0690	0.2104	0.2219	0.1934	2.7969
CAR (0, +10)	0.1060	−0.0554	0.0857	0.2519	0.2539	0.2842	2.6550
CAR (0, +15)	0.0555	−0.0984	0.0373	0.2007	0.2520	0.2673	2.7778
CAR (0, +30)	0.0840	−0.1093	0.0641	0.2520	0.3075	0.2854	2.7557
NATO	0.5103	0.0000	1.0000	1.0000	0.5001	−0.0410	1.0016
SIZE	21.823	19.241	21.500	24.171	3.2148	0.2997	2.2148
BSIZE	8.2012	5.0000	7.0000	10.000	3.5028	3.5028	3.1888
INF	3.2186	2.3000	3.2000	4.7000	1.4596	0.8054	2.6651
GDP	47.935	32.350	52.980	66.060	19.449	0.5118	2.8560

Variables	Mean	p25	Median	p75	Std dev	Skewness	Kurtosis
CAR (−30, 0)	0.0035	−0.0117	0.0050	0.0178	0.0282	0.3460	3.1927
CAR (−15, 0)	0.0016	−0.0661	0.0010	0.0677	0.1221	0.0362	2.9598
CAR (−10, 0)	0.0045	−0.0726	0.0066	0.0768	0.1392	0.1805	3.1364
CAR (−5, 0)	0.0136	−0.0791	0.0086	0.0966	0.1670	0.2602	3.0856
CAR (−1, 0)	0.0279	−0.0805	0.0168	0.1367	0.1909	0.1559	2.9263
CAR (0, 0)	0.0389	−0.0729	0.0332	0.1520	0.2035	0.0260	2.8460
CAR (0, +1)	0.0300	−0.0779	0.0215	0.1350	0.1939	0.1338	2.8730
CAR (0, +5)	0.0824	−0.0527	0.0690	0.2104	0.2219	0.1934	2.7969
CAR (0, +10)	0.1060	−0.0554	0.0857	0.2519	0.2539	0.2842	2.6550
CAR (0, +15)	0.0555	−0.0984	0.0373	0.2007	0.2520	0.2673	2.7778
CAR (0, +30)	0.0840	−0.1093	0.0641	0.2520	0.3075	0.2854	2.7557
NATO	0.5103	0.0000	1.0000	1.0000	0.5001	−0.0410	1.0016
SIZE	21.823	19.241	21.500	24.171	3.2148	0.2997	2.2148
BSIZE	8.2012	5.0000	7.0000	10.000	3.5028	3.5028	3.1888
INF	3.2186	2.3000	3.2000	4.7000	1.4596	0.8054	2.6651
GDP	47.935	32.350	52.980	66.060	19.449	0.5118	2.8560

Note(s): CAR = Cumulative abnormal returns. NATO = A dummy variable that takes one for NATO member countries and 0 otherwise. SIZE = Logarithm of market capitalization. BSIZE = Number of Director. INF = Inflation rate. GDP = GDP per capita

Source(s): Elaborated by the authors

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