Table 2 Event study results for the main... | Emerald Publishing

Table 2

Event study results for the main source of bonus issues

Event windows	Groups	CAAR (%)	Pos/Neg	Cross-sec	Sign t
(−5,5)	DIV	0.43	71/78	0.828	0.031
(−5,5)	IR	4.17	115/79	3.179^***	3.038^***
(−2,2)	DIV	0.59	73/76	1.469	0.359
(−2,2)	IR	4.23	121/73	4.629^***	3.900^***
(0,5)	DIV	0.03	69/80	0.079	−0.297
(0,5)	IR	3.15	110/84	2.801^***	2.320^**
(0,2)	DIV	0.35	67/82	0.347	−0.625
(0,2)	IR	3.68	120/74	4.435^***	3.756^***
(−5,−1)	DIV	0.39	75/74	1.063	0.687
(−5,−1)	IR	1.02	106/88	2.239^**	1.745^*
(−2,−1)	DIV	0.25	75/74	1.103	0.687
(−2,−1)	IR	0.54	113/81	2.014^**	2.751^***

Event windows	Groups	CAAR (%)	Pos/Neg	Cross-sec	Sign t
(−5,5)	DIV	0.43	71/78	0.828	0.031
(−5,5)	IR	4.17	115/79	3.179^***	3.038^***
(−2,2)	DIV	0.59	73/76	1.469	0.359
(−2,2)	IR	4.23	121/73	4.629^***	3.900^***
(0,5)	DIV	0.03	69/80	0.079	−0.297
(0,5)	IR	3.15	110/84	2.801^***	2.320^**
(0,2)	DIV	0.35	67/82	0.347	−0.625
(0,2)	IR	3.68	120/74	4.435^***	3.756^***
(−5,−1)	DIV	0.39	75/74	1.063	0.687
(−5,−1)	IR	1.02	106/88	2.239^**	1.745^*
(−2,−1)	DIV	0.25	75/74	1.103	0.687
(−2,−1)	IR	0.54	113/81	2.014^**	2.751^***