AAR, CAAR, conventional t-statistic, and crude adjustment- BSE CAPINS
| Event day | AAR (%) | CAAR (%) | Cross-sectional T-Statistic | Brown and Warner’s (1980) adjusted t-statistic |
|---|---|---|---|---|
| −1 | 0.764 | 0.764 | 1.615 | 0.875 |
| 0 | 1.932 | 2.697 | 4.889*** | 2.213** |
| 1 | −0.468 | 2.229 | −1.916* | −0.535 |
| Event day | AAR (%) | CAAR (%) | Cross-sectional T-Statistic | |
|---|---|---|---|---|
| −1 | 0.764 | 0.764 | 1.615 | 0.875 |
| 0 | 1.932 | 2.697 | 4.889*** | 2.213** |
| 1 | −0.468 | 2.229 | −1.916* | −0.535 |
Note(s): *, ** and *** indicate statistical significance at the 0.10, 0.05 and 0.01 level respectively
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