Differences in market-adjusted returns
| Location management decision | Change (1) | No change (0) | Difference |
|---|---|---|---|
| mISBS | −0.6% | 0.9% | −1.5%** (0.023) |
| mISBSdis | −0.3% | 0.9% | −1.2%** (0.011) |
| mISCFdis | 0.1% | 0.9% | −0.8% (0.126) |
| Location management decision | Change (1) | No change (0) | Difference |
|---|---|---|---|
| mISBS | −0.6% | 0.9% | −1.5%** (0.023) |
| mISBSdis | −0.3% | 0.9% | −1.2%** (0.011) |
| mISCFdis | 0.1% | 0.9% | −0.8% (0.126) |
This table reflects a difference in means test of MAR, comparing firms who changed location management decisions to those who did not. Variables are defined in the Appendix. Two-tailed p-values are indicated in brackets. ***, ** and * denote significance at the 1, 5 and 10% levels, respectively
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