Table 2 Cumulative average abnormal...

Table 2

Cumulative average abnormal returns (CAAR) by event and EUDR exposure tier

Event	Tier	[0, +1]		[−1, +1]		[−5, +5]		[−10, +30]
Event	Tier	CAAR	t	CAAR	t	CAAR	t	CAAR	t
E1 (Adoption)	T1	−0.79	−1.12	−1.43^*	−2.11	−3.80^**	−2.76	−2.36	−0.84
	T2	0.43	0.25	−0.05	−0.03	3.19	1.80	8.65	1.64
	T3	0.18	0.28	0.24	0.33	−0.12	−0.11	4.12	1.56
E2 (OJ Publication)	T1	0.98	1.58	1.15	1.67	5.51^***	4.00	10.19^**	2.85
	T2	0.38	0.53	1.44	0.85	2.31	0.71	−0.52	−0.06
	T3	0.42	0.96	0.37	0.69	3.55^***	3.21	6.19^***	3.34
E3 (Delay Proposal)	T1	1.03^***	4.02	0.77^*	1.80	2.25^*	2.10	12.09^***	4.51
	T2	−1.38^*	−2.45	−0.59	−0.85	0.54	0.51	1.65	0.41
	T3	0.71^**	2.10	0.13	0.33	2.85^***	3.25	2.79^*	1.67
E4 (Council Adoption)	T1	−0.12	−0.17	−2.89^**	−2.36	−2.23	−1.43	−2.18	−0.68
	T2	1.29	1.68	0.70	1.12	2.09	1.49	3.40	0.99
	T3	−0.28	−0.96	−0.13	−0.33	0.06	0.07	−3.25^*	−1.69
E5 (2nd Revision)	T1	−0.66	−0.94	−0.62	−0.90	−8.72^***	−4.29	−14.38^***	−4.52
	T2	−0.05	−0.06	0.31	0.55	−3.19	−1.32	−3.11	−0.71
	T3	0.14	0.41	0.24	0.64	−2.01^**	−2.25	3.33	1.03
E6 (2nd Rev. OJ)	T1	0.79^*	1.88	−0.48	−0.73	−1.48	−1.19	−11.79^***	−2.96
	T2	−1.28^*	−2.62	−2.04	−1.70	−1.32	−0.98	6.51	1.64
	T3	1.08^**	2.60	0.86	1.44	−0.72	−0.59	12.01^***	2.91

Event	Tier	[0, +1]		[−1, +1]		[−5, +5]		[−10, +30]
Event	Tier	CAAR	t	CAAR	t	CAAR	t	CAAR	t
E1 (Adoption)	T1	−0.79	−1.12	−1.43^*	−2.11	−3.80^**	−2.76	−2.36	−0.84
	T2	0.43	0.25	−0.05	−0.03	3.19	1.80	8.65	1.64
	T3	0.18	0.28	0.24	0.33	−0.12	−0.11	4.12	1.56
E2 (OJ Publication)	T1	0.98	1.58	1.15	1.67	5.51^***	4.00	10.19^**	2.85
	T2	0.38	0.53	1.44	0.85	2.31	0.71	−0.52	−0.06
	T3	0.42	0.96	0.37	0.69	3.55^***	3.21	6.19^***	3.34
E3 (Delay Proposal)	T1	1.03^***	4.02	0.77^*	1.80	2.25^*	2.10	12.09^***	4.51
	T2	−1.38^*	−2.45	−0.59	−0.85	0.54	0.51	1.65	0.41
	T3	0.71^**	2.10	0.13	0.33	2.85^***	3.25	2.79^*	1.67
E4 (Council Adoption)	T1	−0.12	−0.17	−2.89^**	−2.36	−2.23	−1.43	−2.18	−0.68
	T2	1.29	1.68	0.70	1.12	2.09	1.49	3.40	0.99
	T3	−0.28	−0.96	−0.13	−0.33	0.06	0.07	−3.25^*	−1.69
E5 (2nd Revision)	T1	−0.66	−0.94	−0.62	−0.90	−8.72^***	−4.29	−14.38^***	−4.52
	T2	−0.05	−0.06	0.31	0.55	−3.19	−1.32	−3.11	−0.71
	T3	0.14	0.41	0.24	0.64	−2.01^**	−2.25	3.33	1.03
E6 (2nd Rev. OJ)	T1	0.79^*	1.88	−0.48	−0.73	−1.48	−1.19	−11.79^***	−2.96
	T2	−1.28^*	−2.62	−2.04	−1.70	−1.32	−0.98	6.51	1.64
	T3	1.08^**	2.60	0.86	1.44	−0.72	−0.59	12.01^***	2.91

Note(s): CAAR in percentage points. Market model estimated over [−252, −31] trading days. t-statistics from cross-sectional test. T1 = Tier 1 upstream producers (N = 17); T2 = Tier 2 processors (N = 5); T3 = Tier 3 reference firms (N = 53). ^*p < 0.10, ^**p < 0.05, ^***p < 0.01

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