Table 2 Results of Tesla's (10 days... | Emerald Publishing

Table 2

Results of Tesla's (10 days window model) abnormal returns

Tesla
		Constant return approach	Market return approach	Market model approach
Cumulative abnormal return (CAR)	Event	−0.037	−0.025	−0.015
	Anticipation	0.089	0.070	0.019
	Adjustment	−0.065	−0.041	−0.045
	Total	−0.013	0.004	−0.040
Buy and hold abnormal return (BHAR)	Event	−0.037	−0.025	−0.015
	Anticipation	0.086	0.067	0.016
	Adjustment	−0.068	−0.044	−0.048
	Total	−0.025	−0.005	−0.047
t-stat (CAR)	Event	−1.020	−0.685	−0.404
	Anticipation	2.456**	1.934*	0.536
	Adjustment	−1.804*	−1.136	−1.243
	Total	−0.368	0.112	−1.110
t-stat (BHAR)	Event	−1.020	−0.685	−0.404
	Anticipation	2.383**	1.864*	0.437
	Adjustment	−1.868*	−1.220	−1.327
	Total	−0.679	−0.136	−1.302

Tesla
		Constant return approach	Market return approach	Market model approach
Cumulative abnormal return (CAR)	Event	−0.037	−0.025	−0.015
	Anticipation	0.089	0.070	0.019
	Adjustment	−0.065	−0.041	−0.045
	Total	−0.013	0.004	−0.040
Buy and hold abnormal return (BHAR)	Event	−0.037	−0.025	−0.015
	Anticipation	0.086	0.067	0.016
	Adjustment	−0.068	−0.044	−0.048
	Total	−0.025	−0.005	−0.047
t-stat (CAR)	Event	−1.020	−0.685	−0.404
	Anticipation	2.456**	1.934*	0.536
	Adjustment	−1.804*	−1.136	−1.243
	Total	−0.368	0.112	−1.110
t-stat (BHAR)	Event	−1.020	−0.685	−0.404
	Anticipation	2.383**	1.864*	0.437
	Adjustment	−1.868*	−1.220	−1.327
	Total	−0.679	−0.136	−1.302

Note(s): ***p < 0.001; **p < 0.05; *p < 0.10