Table 7 Event study results for issue...

Table 7

Event study results for issue size groups

Event window	Groups	CAAR (%)	Pos/Neg	Cross-sec	Sign t
(−5,5)	Q1	0.61	42/42	1.217	0.489
	Q2	−0.30	36/48	−0.355	−0.781
	Q3	0.29	47/42	0.217	0.943
	Q4	9.56	61/26	3.835^***	3.804^***
(−2,2)	Q1	−0.16	37/47	−0.432	−0.604
	Q2	−0.09	38/46	−0.173	−0.343
	Q3	1.99	60/29	1.961^**	3.701^***
	Q4	8.60	60/27	5.188^***	3.59^***
(0,5)	Q1	−0.35	33/51	−0.913	−1.478
	Q2	−0.22	39/45	−0.384	−0.125
	Q3	−0.01	49/40	−0.009	1.367
	Q4	7.61	58/29	3.585^***	3.161^***
(0,2)	Q1	−0.64	27/57	−1.977^**	−2.79^***
	Q2	0.19	41/43	0.382	0.312
	Q3	1.43	59/30	1.515	3.489^***
	Q4	7.74	60/27	5.165^***	3.590^***
(−5,−1)	Q1	0.97	48/36	2.550^**	1.800^*
	Q2	−0.08	35/49	−0.162	−0.999
	Q3	0.30	47/42	0.573	0.943
	Q4	1.95	51/36	2.127^**	1.66^*
(−2,−1)	Q1	0.48	42/42	1.760^*	0.489
	Q2	−0.28	41/43	−1.062	0.312
	Q3	0.56	52/37	1.583	2.004^**
	Q4	0.86	54/33	1.769^*	2.303^**

Event window	Groups	CAAR (%)	Pos/Neg	Cross-sec	Sign t
(−5,5)	Q1	0.61	42/42	1.217	0.489
	Q2	−0.30	36/48	−0.355	−0.781
	Q3	0.29	47/42	0.217	0.943
	Q4	9.56	61/26	3.835^***	3.804^***
(−2,2)	Q1	−0.16	37/47	−0.432	−0.604
	Q2	−0.09	38/46	−0.173	−0.343
	Q3	1.99	60/29	1.961^**	3.701^***
	Q4	8.60	60/27	5.188^***	3.59^***
(0,5)	Q1	−0.35	33/51	−0.913	−1.478
	Q2	−0.22	39/45	−0.384	−0.125
	Q3	−0.01	49/40	−0.009	1.367
	Q4	7.61	58/29	3.585^***	3.161^***
(0,2)	Q1	−0.64	27/57	−1.977^**	−2.79^***
	Q2	0.19	41/43	0.382	0.312
	Q3	1.43	59/30	1.515	3.489^***
	Q4	7.74	60/27	5.165^***	3.590^***
(−5,−1)	Q1	0.97	48/36	2.550^**	1.800^*
	Q2	−0.08	35/49	−0.162	−0.999
	Q3	0.30	47/42	0.573	0.943
	Q4	1.95	51/36	2.127^**	1.66^*
(−2,−1)	Q1	0.48	42/42	1.760^*	0.489
	Q2	−0.28	41/43	−1.062	0.312
	Q3	0.56	52/37	1.583	2.004^**
	Q4	0.86	54/33	1.769^*	2.303^**

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