Table 4 Results of Tesla's (15 days... | Emerald Publishing

Table 4

Results of Tesla's (15 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	0.112	0.087	0.009
	Adjustment	−0.184	−0.123	−0.104
	Total	−0.068	−0.021	−0.069
Buy and hold abnormal return (BHAR)	Event	0.004	0.015	0.025
	Anticipation	0.109	0.083	0.003
	Adjustment	−0.175	−0.121	−0.103
	Total	−0.081	−0.033	−0.077
t-stat (CAR)	Event	0.110	0.426	0.692
	Anticipation	3.120***	2.408**	0.257
	Adjustment	−5.121***	−3.428***	−2.874**
	Total	−1.891	−0.593	−1.925
t-stat (BHAR)	Event	0.110	0.426	0.692
	Anticipation	3.030**	2.313**	0.093
	Adjustment	−4.854***	−3.348***	−2.848**
	Total	−2.253**	−0.908	−2.141**

Tesla
		Constant return approach	Market return approach	Market model approach
Cumulative abnormal return (CAR)	Event	−0.037	−0.025	−0.015
	Anticipation	0.112	0.087	0.009
	Adjustment	−0.184	−0.123	−0.104
	Total	−0.068	−0.021	−0.069
Buy and hold abnormal return (BHAR)	Event	0.004	0.015	0.025
	Anticipation	0.109	0.083	0.003
	Adjustment	−0.175	−0.121	−0.103
	Total	−0.081	−0.033	−0.077
t-stat (CAR)	Event	0.110	0.426	0.692
	Anticipation	3.120***	2.408**	0.257
	Adjustment	−5.121***	−3.428***	−2.874**
	Total	−1.891	−0.593	−1.925
t-stat (BHAR)	Event	0.110	0.426	0.692
	Anticipation	3.030**	2.313**	0.093
	Adjustment	−4.854***	−3.348***	−2.848**
	Total	−2.253**	−0.908	−2.141**

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