Table 3

Pairwise comparison of each sub-section

Panel A: CAR (0,2) difference for the main resource of bonus issue groupsLast year's incomeInternal resourcesMean difference
Mean0.00340.0368 
Standard deviation0.04450.1156 
N149194 
Mean difference  −0.0334***
Standard error difference  0.0091
Panel B: CAR (0,2) difference for last year's income groupsNon-cashWith cashMean difference
Mean0.00670.0001 
Standard deviation0.04240.0467 
N7673 
Mean difference  0.0066
Standard error difference  0.0073
Panel C: CAR (0,2) difference for sectoral groupsNon-financialFinancialMean difference
Mean0.02650.0174 
Standard deviation0.11080.0659 
N187156 
Mean difference  0.0092
Standard error difference  0.0097
Panel D: CAR (0,2) difference for market sentiment groupsBullishBearishMean difference
Mean0.02130.0236 
Standard deviation0.09480.0918 
N181162 
Mean difference  −0.0023
Standard error difference  0.0099
Panel E: CAR (0,2) difference for surprise and expected groupsSurpriseExpectedMean difference
Mean0.03770.0176 
Standard deviation0.11940.0833 
N80263 
Mean difference  0.0201
Standard error difference  0.0143
Panel F: CAR (0,2) difference for sequence groupsInitialLatterMean difference
Mean0.04500.0008 
Standard deviation0.12250.0429 
N167176 
Mean difference  0.0442***
Standard error difference  0.0097

Note(s): CAR refers to cumulative abnormal returns, mean difference represents the statistical test results for two-tailed independent two-sample t-test assuming unequal variances for panels A, C, E and F while assuming equal variances for panels B and D. ***p < 0.01

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