Table 3 21-day, 5-day and 3-day CAARs...

Table 3

21-day, 5-day and 3-day CAARs

Event window	Panel A: All		Panel B: Positive EPS adjustments
Event window	CAAR	t-statistic	CAAR	t-statistic
[−10; +10]	−5.2361	−0.6992	−1.6095	−0.3124
[−2; +2]	−2.0272	−0.9956	−3.3636	−0.8153
[−1; +1]	−2.9345	−1.5193	−4.6311	−1.4069

Event window	Panel A: All		Panel B: Positive EPS adjustments
Event window	CAAR	t-statistic	CAAR	t-statistic
[−10; +10]	−5.2361	−0.6992	−1.6095	−0.3124
[−2; +2]	−2.0272	−0.9956	−3.3636	−0.8153
[−1; +1]	−2.9345	−1.5193	−4.6311	−1.4069

Note(s): Table 3 reports the CAAR over three event windows: 21, 5 and 3 days for all announcements (Panel A) and for those announcements resulting in a positive adjustment to prior EPS (Panel B). *, ** and *** indicate significance at the 10%, 5% and 1% levels respectively

Source(s): Authors’ own work

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