Table 1 Descriptive statistics for CARs,...

Table 1

Descriptive statistics for CARs, dummy variables and regression control variables

	Mean	Max	Min	Std. dev.	Skewness	Kurtosis	Jarque-Bera
21-day CAR	−5.2361	87.1096	−237.3045	46.1653	−3.1753	18.4089	439.7905***
5-day CAR	−2.0272	41.5836	−26.1345	12.5521	0.8460	5.7748	16.7238***
3-day CAR	−2.9345	35.8251	−37.3810	11.9066	−0.3649	6.8392	24.1803***
King IV	0.5526	1	0	0.5039	−0.2119	0.8749	7.4347**
Error	0.7895	1	0	0.4132	−1.4201	3.0167	12.7727***
Irregularity	0.0789	1	0	0.2733	3.1229	10.7524	156.9225***
Policy	0.1316	1	0	0.3426	2.1798	5.7515	42.0801***
Repeat	0.1053	1	0	0.3110	2.5725	7.6176	75.6727***
$Δ$ EPS	0.0737	214.2800	−123.1900	56.6020	1.1140	8.2141	46.8868***
Prior $Δ$ EPS	−23.7824	58.4900	−664.4400	121.7055	−4.5990	23.8194	755.4884***
EarnPos	0.2424	1	0	0.4352	1.2021	2.4450	8.3710***
EarnNeg	0.2424	1	0	0.4352	1.2021	2.4450	8.3710***
Size	20.7466	26.7428	16.3061	2.6878	0.5586	2.6972	2.1210***
Return	−23.5347	330.9749	−112.5247	75.7609	2.7331	13.6492	226.8688***

	Mean	Max	Min	Std. dev.	Skewness	Kurtosis	Jarque-Bera
21-day CAR	−5.2361	87.1096	−237.3045	46.1653	−3.1753	18.4089	439.7905***
5-day CAR	−2.0272	41.5836	−26.1345	12.5521	0.8460	5.7748	16.7238***
3-day CAR	−2.9345	35.8251	−37.3810	11.9066	−0.3649	6.8392	24.1803***
King IV	0.5526	1	0	0.5039	−0.2119	0.8749	7.4347**
Error	0.7895	1	0	0.4132	−1.4201	3.0167	12.7727***
Irregularity	0.0789	1	0	0.2733	3.1229	10.7524	156.9225***
Policy	0.1316	1	0	0.3426	2.1798	5.7515	42.0801***
Repeat	0.1053	1	0	0.3110	2.5725	7.6176	75.6727***
$Δ$ EPS	0.0737	214.2800	−123.1900	56.6020	1.1140	8.2141	46.8868***
Prior $Δ$ EPS	−23.7824	58.4900	−664.4400	121.7055	−4.5990	23.8194	755.4884***
EarnPos	0.2424	1	0	0.4352	1.2021	2.4450	8.3710***
EarnNeg	0.2424	1	0	0.4352	1.2021	2.4450	8.3710***
Size	20.7466	26.7428	16.3061	2.6878	0.5586	2.6972	2.1210***
Return	−23.5347	330.9749	−112.5247	75.7609	2.7331	13.6492	226.8688***

Note(s): Table 1 reports the descriptive statistics for the model variables. *, ** and *** indicate significance at the 10%, 5% and 1% levels respectively

Source(s): Authors’ own work

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