Average and cumulative average abnormal returns and corresponding t-values for public sector banks (N = 12) and private sector banks (N = 10) in the shorter event windows
| Window | Public sector banks (N = 12) | Private sector banks (N = 10) | Entire sample (N = 22) | |||
|---|---|---|---|---|---|---|
| AAR | CAAR | AAR | CAAR | AAR | CAAR | |
| [−7, +7] | −0.001 (−0.349) | −0.014 (−1.310) | −0.001 (−0.338) | −0.014 (−1.268) | −0.001 (−0.485) | −0.014 (−1.820) |
| [−5, +5] | 0.000 (−0.061) | −0.002 (−0.194) | −0.001 (−0.207) | −0.006 (−0.656) | 0.000 (−0.181) | −0.004 (−0.575) |
| [−2, +2] | 0.001 (0.418) | 0.006 (0.853) | 0.004 (1.469) | 0.021 (2.998*) | 0.003 (1.275) | 0.013 (2.602*) |
| Window | Public sector banks ( | Private sector banks ( | Entire sample ( | |||
|---|---|---|---|---|---|---|
| AAR | CAAR | AAR | CAAR | AAR | CAAR | |
| [−7, +7] | −0.001 (−0.349) | −0.014 (−1.310) | −0.001 (−0.338) | −0.014 (−1.268) | −0.001 (−0.485) | −0.014 (−1.820) |
| [−5, +5] | 0.000 (−0.061) | −0.002 (−0.194) | −0.001 (−0.207) | −0.006 (−0.656) | 0.000 (−0.181) | −0.004 (−0.575) |
| [−2, +2] | 0.001 (0.418) | 0.006 (0.853) | 0.004 (1.469) | 0.021 (2.998*) | 0.003 (1.275) | 0.013 (2.602*) |
Note(s): [−7, +7], [−5, +5], [−2, +2] are the 15-days, 11-days, and 5-days shorter event windows respectively. *Indicates significant values at 5% level