Table 4 Event study results for last... | Emerald Publishing

Table 4

Event study results for last year's net income sub-groups

Event windows	Groups	CAAR (%)	Pos/Neg	Cross-sec	Sign t
(−5,5)	DIV_C	0.47	33/40	0.733	−0.589
(−5,5)	DIV_NC	0.39	38/38	0.476	0.622
(−2,2)	DIV_C	0.57	35/38	0.996	−0.121
(−2,2)	DIV_NC	0.63	38/38	1.074	0.622
(0,5)	DIV_C	−0.54	29/44	−1.099	−1.526
(0,5)	DIV_NC	0.59	40/36	1.047	1.082
(0,2)	DIV_C	0.01	29/44	0.010	−1.526
(0,2)	DIV_NC	0.68	38/38	1.373	0.622
(−5,−1)	DIV_C	1.01	39/34	2.216^**	0.816
(−5,−1)	DIV_NC	−0.20	36/40	−0.347	0.162
(−2,−1)	DIV_C	0.56	43/30	1.725^*	1.752^*
(−2,−1)	DIV_NC	−0.05	32/44	−0.178	−0.758

Event windows	Groups	CAAR (%)	Pos/Neg	Cross-sec	Sign t
(−5,5)	DIV_C	0.47	33/40	0.733	−0.589
(−5,5)	DIV_NC	0.39	38/38	0.476	0.622
(−2,2)	DIV_C	0.57	35/38	0.996	−0.121
(−2,2)	DIV_NC	0.63	38/38	1.074	0.622
(0,5)	DIV_C	−0.54	29/44	−1.099	−1.526
(0,5)	DIV_NC	0.59	40/36	1.047	1.082
(0,2)	DIV_C	0.01	29/44	0.010	−1.526
(0,2)	DIV_NC	0.68	38/38	1.373	0.622
(−5,−1)	DIV_C	1.01	39/34	2.216^**	0.816
(−5,−1)	DIV_NC	−0.20	36/40	−0.347	0.162
(−2,−1)	DIV_C	0.56	43/30	1.725^*	1.752^*
(−2,−1)	DIV_NC	−0.05	32/44	−0.178	−0.758