Table 4 Cumulative abnormal returns...

Table 4

Cumulative abnormal returns (CARs) for boycott supporting firms

Event window	CAR	t-test	Boehmer et al. test	Sign test
(−5, −1)	−2.13%	−3.12***	−4.11***	−3.95***
(−3, −1)	−1.65%	−4.51***	−4.34***	−3.57***
(−5, +5)	−0.04%	−0.03	−0.48	−1.25
(−4, +4)	0.73%	0.72	0.49	1.06
(−3, +3)	0.30%	0.51	0.09	0.29
(−2, +2)	0.83%	1.05	0.90	0.68
(−1, +1)	0.97%	1.47	1.3	1.06
(+1, +2)	1.57%	2.85***	3.02***	1.83*
(+1, +3)	2.16%	3.68***	4.12***	2.22**
(+1, +4)	2.68%	3.72***	4.76***	4.14***
(+1, +5)	2.30%	2.42***	3.03***	1.45

Event window	CAR	t-test	Boehmer et al. test	Sign test
(−5, −1)	−2.13%	−3.12***	−4.11***	−3.95***
(−3, −1)	−1.65%	−4.51***	−4.34***	−3.57***
(−5, +5)	−0.04%	−0.03	−0.48	−1.25
(−4, +4)	0.73%	0.72	0.49	1.06
(−3, +3)	0.30%	0.51	0.09	0.29
(−2, +2)	0.83%	1.05	0.90	0.68
(−1, +1)	0.97%	1.47	1.3	1.06
(+1, +2)	1.57%	2.85***	3.02***	1.83*
(+1, +3)	2.16%	3.68***	4.12***	2.22**
(+1, +4)	2.68%	3.72***	4.76***	4.14***
(+1, +5)	2.30%	2.42***	3.03***	1.45

Note(s): This table shows the cumulative abnormal returns (CARs) for boycott supporting firms over several intervals within the event window. The t statistic reflects a two-tailed test that the cumulative abnormal returns are different from zero. ***, **, and * indicate statistical significance at the 1%, 5% and 10% level, respectively

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