Table 5 Event study results for internal...

Table 5

Event study results for internal resources sub-groups

Event windows	Groups	CAAR	Pos/Neg	Cross-sec	Sign t
(−5,5)	IAE	9.30	25/17	2.379^**	1.339
	RE	3.61	23/23	1.263	0.454
	IR	4.33	33/19	2.384^**	2.304^**
	CR	0.50	34/20	0.259	1.898^*
(−2,2)	IAE	9.74	30/12	3.681^***	2.882^***
	RE	2.99	29/17	1.986^**	2.228^**
	IR	4.77	33/19	3.007^***	2.304^**
	CR	0.46	29/25	0.328	0.538
(0,5)	IAE	8.77	28/14	2.708^***	2.265^**
	RE	3.13	23/23	1.244	0.454
	IR	3.74	31/21	2.707^***	1.748^*
	CR	−1.79	28/26	−1.045	0.265
(0,2)	IAE	9.40	29/13	3.807^***	2.573^**
	RE	3.02	28/18	2.299^**	1.932^*
	IR	4.09	34/18	3.167^***	2.581^***
	CR	−0.57	29/25	−0.433	0.538
(−5,−1)	IAE	0.53	21/21	0.409	0.104
	RE	0.47	24/22	0.442	0.750
	IR	0.59	24/28	0.866	−0.196
	CR	2.29	37/17	3.478^***	2.715^***
(−2,−1)	IAE	0.34	26/16	0.481	1.647^*
	RE	−0.03	27/19	−0.054	1.637
	IR	0.68	27/25	1.269	0.638
	CR	1.03	33/21	2.466^**	1.626

Event windows	Groups	CAAR	Pos/Neg	Cross-sec	Sign t
(−5,5)	IAE	9.30	25/17	2.379^**	1.339
	RE	3.61	23/23	1.263	0.454
	IR	4.33	33/19	2.384^**	2.304^**
	CR	0.50	34/20	0.259	1.898^*
(−2,2)	IAE	9.74	30/12	3.681^***	2.882^***
	RE	2.99	29/17	1.986^**	2.228^**
	IR	4.77	33/19	3.007^***	2.304^**
	CR	0.46	29/25	0.328	0.538
(0,5)	IAE	8.77	28/14	2.708^***	2.265^**
	RE	3.13	23/23	1.244	0.454
	IR	3.74	31/21	2.707^***	1.748^*
	CR	−1.79	28/26	−1.045	0.265
(0,2)	IAE	9.40	29/13	3.807^***	2.573^**
	RE	3.02	28/18	2.299^**	1.932^*
	IR	4.09	34/18	3.167^***	2.581^***
	CR	−0.57	29/25	−0.433	0.538
(−5,−1)	IAE	0.53	21/21	0.409	0.104
	RE	0.47	24/22	0.442	0.750
	IR	0.59	24/28	0.866	−0.196
	CR	2.29	37/17	3.478^***	2.715^***
(−2,−1)	IAE	0.34	26/16	0.481	1.647^*
	RE	−0.03	27/19	−0.054	1.637
	IR	0.68	27/25	1.269	0.638
	CR	1.03	33/21	2.466^**	1.626

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