Table 3 Abnormal returns for shipping... | Emerald Publishing

Table 3

Abnormal returns for shipping SLB announcements

	Estimation window [−255, −6]				Estimation window [−301, −64]
	Mean		Median		Mean		Median
AR_t−3	0.57%	[0.8067]	0.73%	[0.7667]	0.63%	[0.8985]	0.87%	[0.9371]
AR_t−2	−0.80%	[−1.6699]	−0.96%	[1.3915]	−0.71%	[−1.5184]	−0.94%	[1.3347]
AR_t−1	−0.63%	[−1.302]	−0.57%	[1.0507]	−0.66%	[−1.2434]	−0.49%	[1.0507]
AR_t	−0.84%	[−1.2704]	−1.14%	[1.0507]	−0.75%	[−1.1432]	−1.04%	[1.0507]
AR_t+₁	0.83%	[1.3734]	−0.13%	[0.9371]	0.94%	[1.5228]	−0.01%	[0.9939]
AR_t+2	−0.44%	[−0.8072]	0.16%	[0.3124]	−0.32%	[−0.6004]	0.18%	[−0.0284]
AR_t+3	1.26%	[1.8509]	0.25%	[1.3347]	1.38%	[2.0769]	0.44%	[1.5051]
CAR_{[−1, +1]}	−0.64%	[−0.8045]	−0.50%	[0.7667]	−0.46%	[−0.5737]	−0.90%	[0.5964]
CAR_{[−2, +2]}	−1.88%	[−1.3044]	−2.38%	[1.2211]	−1.49%	[−1.0503]	−1.59%	[1.0507]
CAR_{[−3, +3]}	−0.06%	[−0.0399]	−0.32%	[0.0852]	0.51%	[0.3709]	0.49%	[0.3692]
CAR_{[0, +1]}	−0.01%	[−0.0188]	−0.62%	[−0.0284]	0.19%	[0.2423]	−0.33%	[0.2556]
CAR_{[0, +2]}	−0.45%	[−0.4227]	0.88%	[0.1988]	−0.13%	[−0.1216]	1.56%	[0.142]
CAR_{[0, +3]}	0.80%	[0.8397]	1.09%	[0.6532]	1.25%	[1.3243]	1.41%	[1.1075]

	Estimation window [−255, −6]				Estimation window [−301, −64]
	Mean		Median		Mean		Median
AR_t−3	0.57%	[0.8067]	0.73%	[0.7667]	0.63%	[0.8985]	0.87%	[0.9371]
AR_t−2	−0.80%	[−1.6699]	−0.96%	[1.3915]	−0.71%	[−1.5184]	−0.94%	[1.3347]
AR_t−1	−0.63%	[−1.302]	−0.57%	[1.0507]	−0.66%	[−1.2434]	−0.49%	[1.0507]
AR_t	−0.84%	[−1.2704]	−1.14%	[1.0507]	−0.75%	[−1.1432]	−1.04%	[1.0507]
AR_t+₁	0.83%	[1.3734]	−0.13%	[0.9371]	0.94%	[1.5228]	−0.01%	[0.9939]
AR_t+2	−0.44%	[−0.8072]	0.16%	[0.3124]	−0.32%	[−0.6004]	0.18%	[−0.0284]
AR_t+3	1.26%	[1.8509]	0.25%	[1.3347]	1.38%	[2.0769]	0.44%	[1.5051]
CAR_{[−1, +1]}	−0.64%	[−0.8045]	−0.50%	[0.7667]	−0.46%	[−0.5737]	−0.90%	[0.5964]
CAR_{[−2, +2]}	−1.88%	[−1.3044]	−2.38%	[1.2211]	−1.49%	[−1.0503]	−1.59%	[1.0507]
CAR_{[−3, +3]}	−0.06%	[−0.0399]	−0.32%	[0.0852]	0.51%	[0.3709]	0.49%	[0.3692]
CAR_{[0, +1]}	−0.01%	[−0.0188]	−0.62%	[−0.0284]	0.19%	[0.2423]	−0.33%	[0.2556]
CAR_{[0, +2]}	−0.45%	[−0.4227]	0.88%	[0.1988]	−0.13%	[−0.1216]	1.56%	[0.142]
CAR_{[0, +3]}	0.80%	[0.8397]	1.09%	[0.6532]	1.25%	[1.3243]	1.41%	[1.1075]

Note(s): 1. *indicates the statistical significance at the 10% level

2. Numbers in [.] are t-statistics for mean and the value of Wilcoxon signed rank for median, respectively

Source(s): Authors’ work