Table 3 Results of Nio's (10 days window... | Emerald Publishing

Table 3

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

NIO
		Constant return approach	Market return approach	Market model approach
Cumulative abnormal return (CAR)	Event	0.000	0.013	0.017
	Anticipation	−0.126	−0.107	−0.163
	Adjustment	0.027	0.060	0.028
	Total	−0.099	−0.033	−0.117
Buy and hold abnormal return (BHAR)	Event	0.000	0.013	0.017
	Anticipation	−0.124	−0.107	−0.157
	Adjustment	0.022	0.072	0.042
	Total	−0.105	−0.043	−0.121
t-stat (CAR)	Event	−0.010	0.279	0.363
	Anticipation	−2.623**	−2.239**	−3.406***
	Adjustment	0.560	1.263	0.591
	Total	−2.063**	−0.697	−2.451**
t-stat (BHAR)	Event	−0.010	0.279	0.363
	Anticipation	−2.591**	−2.243**	−3.276***
	Adjustment	0.460	1.499	0.884
	Total	−2.188**	−0.904	−2.531**

NIO
		Constant return approach	Market return approach	Market model approach
Cumulative abnormal return (CAR)	Event	0.000	0.013	0.017
	Anticipation	−0.126	−0.107	−0.163
	Adjustment	0.027	0.060	0.028
	Total	−0.099	−0.033	−0.117
Buy and hold abnormal return (BHAR)	Event	0.000	0.013	0.017
	Anticipation	−0.124	−0.107	−0.157
	Adjustment	0.022	0.072	0.042
	Total	−0.105	−0.043	−0.121
t-stat (CAR)	Event	−0.010	0.279	0.363
	Anticipation	−2.623**	−2.239**	−3.406***
	Adjustment	0.560	1.263	0.591
	Total	−2.063**	−0.697	−2.451**
t-stat (BHAR)	Event	−0.010	0.279	0.363
	Anticipation	−2.591**	−2.243**	−3.276***
	Adjustment	0.460	1.499	0.884
	Total	−2.188**	−0.904	−2.531**

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