Table 7 Results of Nio's (20 days window... | Emerald Publishing

Table 7

Results of Nio's (20 days window model) abnormal returns

NIO
		Constant return approach	Market return approach	Market model approach
Cumulative abnormal return (CAR)	Event	−0.001	0.013	0.016
	Anticipation	−0.271	−0.216	−0.337
	Adjustment	−0.184	−0.041	−0.097
	Total	−0.457	−0.244	−0.419
Buy and hold abnormal return (BHAR)	Event	−0.001	0.013	0.016
	Anticipation	−0.252	−0.206	−0.298
	Adjustment	−0.182	−0.051	−0.103
	Total	−0.389	−0.237	−0.360
t-stat (CAR)	Event	−0.026	0.276	0.335
	Anticipation	−5.615***	−4.470***	−6.983***
	Adjustment	−3.809***	−0.858	−2.017**
	Total	−9.451***	−5.051***	−8.666***
t-stat (BHAR)	Event	−0.026	0.276	0.335
	Anticipation	−5.215***	−4.274***	−6.170***
	Adjustment	−3.758***	−1.065	−2.122**
	Total	−8.042***	−4.911***	−7.449***

NIO
		Constant return approach	Market return approach	Market model approach
Cumulative abnormal return (CAR)	Event	−0.001	0.013	0.016
	Anticipation	−0.271	−0.216	−0.337
	Adjustment	−0.184	−0.041	−0.097
	Total	−0.457	−0.244	−0.419
Buy and hold abnormal return (BHAR)	Event	−0.001	0.013	0.016
	Anticipation	−0.252	−0.206	−0.298
	Adjustment	−0.182	−0.051	−0.103
	Total	−0.389	−0.237	−0.360
t-stat (CAR)	Event	−0.026	0.276	0.335
	Anticipation	−5.615***	−4.470***	−6.983***
	Adjustment	−3.809***	−0.858	−2.017**
	Total	−9.451***	−5.051***	−8.666***
t-stat (BHAR)	Event	−0.026	0.276	0.335
	Anticipation	−5.215***	−4.274***	−6.170***
	Adjustment	−3.758***	−1.065	−2.122**
	Total	−8.042***	−4.911***	−7.449***

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