Table 6 Results of Tesla's (20 days... | Emerald Publishing

Table 6

Results of Tesla's (20 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	0.041	0.036	−0.040
	Adjustment	−0.265	−0.183	−0.160
	Total	−0.221	−0.132	−0.175
Buy and hold abnormal return (BHAR)	Event	0.004	0.015	0.025
	Anticipation	0.030	0.028	−0.047
	Adjustment	−0.241	−0.172	−0.153
	Total	−0.215	−0.136	−0.173
t-stat (CAR)	Event	0.102	0.419	0.682
	Anticipation	1.106	0.976	−1.089
	Adjustment	−7.244***	−4.993***	−4.369***
	Total	−6.036***	−3.597***	−4.777***
t-stat (BHAR)	Event	0.102	0.419	0.682
	Anticipation	0.811	0.756	−1.278
	Adjustment	−6.576***	−4.704***	−4.184***
	Total	−5.881***	−3.721***	−4.716***

Tesla
		Constant return approach	Market return approach	Market model approach
Cumulative abnormal return (CAR)	Event	−0.037	−0.025	−0.015
	Anticipation	0.041	0.036	−0.040
	Adjustment	−0.265	−0.183	−0.160
	Total	−0.221	−0.132	−0.175
Buy and hold abnormal return (BHAR)	Event	0.004	0.015	0.025
	Anticipation	0.030	0.028	−0.047
	Adjustment	−0.241	−0.172	−0.153
	Total	−0.215	−0.136	−0.173
t-stat (CAR)	Event	0.102	0.419	0.682
	Anticipation	1.106	0.976	−1.089
	Adjustment	−7.244***	−4.993***	−4.369***
	Total	−6.036***	−3.597***	−4.777***
t-stat (BHAR)	Event	0.102	0.419	0.682
	Anticipation	0.811	0.756	−1.278
	Adjustment	−6.576***	−4.704***	−4.184***
	Total	−5.881***	−3.721***	−4.716***

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