Table 3 Daily abnormal returns (ARs) for...

Table 3

Daily abnormal returns (ARs) for boycott supporting firms

Day	AR	t-test	Boehmer et al. test	Sign test
−5	−0.39%	−1.05	−1.61	−1.64
−4	−0.09%	−0.23	−0.72	−0.87
−3	−1.12%	−3.24***	−4.11***	−3.18***
−2	−0.43%	−0.68	−1.03	−0.10
−1	−0.10%	−0.22	−0.31	−0.10
0	−0.21%	−0.50	−0.38	−0.10
1	1.28%	2.59***	2.55**	2.99***
2	0.29%	0.98	1.16	−0.48
3	0.59%	1.65*	2.16**	2.60***
4	0.52%	1.14	1.59	1.45
5	−0.39%	−0.68	−0.66	−1.25

Day	AR	t-test	Boehmer et al. test	Sign test
−5	−0.39%	−1.05	−1.61	−1.64
−4	−0.09%	−0.23	−0.72	−0.87
−3	−1.12%	−3.24***	−4.11***	−3.18***
−2	−0.43%	−0.68	−1.03	−0.10
−1	−0.10%	−0.22	−0.31	−0.10
0	−0.21%	−0.50	−0.38	−0.10
1	1.28%	2.59***	2.55**	2.99***
2	0.29%	0.98	1.16	−0.48
3	0.59%	1.65*	2.16**	2.60***
4	0.52%	1.14	1.59	1.45
5	−0.39%	−0.68	−0.66	−1.25

Note(s): This table shows the daily abnormal returns (ARs) for boycott supporting firms for each day of the event window. Day 0 is the announcement day (the day firms publicly announced their intention to support the campaign). The t statistic reflects a two-tailed test that the average abnormal returns are different from zero. ***, **, and * indicate statistical significance at the 1%, 5% and 10% level, respectively

[ViewLarge]

Sharing Unavailable