Table 5 Results of Nio's (15 days window... | Emerald Publishing

Table 5

Results of Nio's (15 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	−0.050	−0.040	−0.137
	Adjustment	−0.125	−0.028	−0.056
	Total	−0.175	−0.054	−0.176
Buy and hold abnormal return (BHAR)	Event	0.000	0.013	0.017
	Anticipation	−0.057	−0.047	−0.136
	Adjustment	−0.126	−0.034	−0.060
	Total	−0.176	−0.067	−0.174
t-stat (CAR)	Event	−0.009	0.278	0.361
	Anticipation	−1.033	−0.823	−2.850**
	Adjustment	−2.597***	−0.586	−1.171
	Total	−3.639***	−1.131	−3.660***
t-stat (BHAR)	Event	−0.009	0.278	0.361
	Anticipation	−1.184	−0.971	−2.832**
	Adjustment	−2.623***	−0.708	−1.247
	Total	−3.665***	−1.391	−3.616***

NIO
		Constant return approach	Market return approach	Market model approach
Cumulative abnormal return (CAR)	Event	0.000	0.013	0.017
	Anticipation	−0.050	−0.040	−0.137
	Adjustment	−0.125	−0.028	−0.056
	Total	−0.175	−0.054	−0.176
Buy and hold abnormal return (BHAR)	Event	0.000	0.013	0.017
	Anticipation	−0.057	−0.047	−0.136
	Adjustment	−0.126	−0.034	−0.060
	Total	−0.176	−0.067	−0.174
t-stat (CAR)	Event	−0.009	0.278	0.361
	Anticipation	−1.033	−0.823	−2.850**
	Adjustment	−2.597***	−0.586	−1.171
	Total	−3.639***	−1.131	−3.660***
t-stat (BHAR)	Event	−0.009	0.278	0.361
	Anticipation	−1.184	−0.971	−2.832**
	Adjustment	−2.623***	−0.708	−1.247
	Total	−3.665***	−1.391	−3.616***

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