Table 4 Abnormal returns for individual...

Table 4

Abnormal returns for individual shipping SLB announcements

Deal no.	No. of SLB ships	t−3	t−2	t−1	t	t+1	t+2	t+3
Panel A: estimation window [−255, −6]
1	16	−2.09%	2.93%	−0.10%	3.04%	−0.45%	2.53%	2.45%
2	1	2.59%	−2.53%	1.74%	−2.93%	−1.01%	1.60%	1.86%
3	1	3.58%	0.64%	−0.70%	−0.49%	−0.13%	−2.06%	0.25%
4	1	4.70%	−1.63%	−1.94%	0.47%	−1.25%	1.67%	0.20%
5	3	3.84%	0.76%	−1.82%	−2.53%	6.05%	−0.19%	0.73%
6	1	1.22%	−2.19%	−0.57%	2.81%	−1.03%	0.46%	−1.02%
7	3	3.18%	0.53%	0.89%	1.98%	1.73%	0.67%	−0.63%
8	1	0.73%	−2.36%	−2.30%	−1.63%	−2.17%	0.28%	−1.33%
9	2	0.02%	0.34%	−3.05%	−0.25%	3.56%	0.38%	−2.12%
10	1	−0.43%	−0.96%	0.97%	−1.14%	−1.00%	0.16%	−0.95%
11	2	−5.33%	−2.53%	−3.04%	−1.33%	3.99%	−1.77%	3.88%
12	1	1.11%	−1.52%	2.12%	−5.14%	2.52%	−0.36%	−0.13%
13	10	−2.10%	0.41%	1.07%	1.96%	0.67%	−0.73%	3.61%
14	5	−1.30%	0.40%	−3.50%	−2.56%	1.30%	−5.48%	5.32%
15	2	−1.16%	−4.31%	0.79%	−4.88%	−0.37%	−3.74%	6.72%
Average	Multiple Ships	−0.62%	−0.18%	−1.09%	−0.57%	2.06%	−1.04%	2.49%
Average	Single Ship	1.93%	−1.51%	−0.10%	−1.15%	−0.58%	0.25%	−0.16%
Panel B: estimation window [−301, −64]
1	16	−2.29%	2.74%	−0.30%	2.78%	−0.63%	2.38%	2.27%
2	1	2.52%	−2.59%	1.67%	−3.12%	−1.05%	1.63%	1.82%
3	1	3.55%	0.54%	−0.63%	−0.42%	−0.01%	−2.02%	0.43%
4	1	4.90%	−1.44%	−1.72%	0.69%	−1.02%	1.89%	0.44%
5	3	3.67%	0.47%	−1.78%	−2.50%	6.17%	−0.22%	0.95%
6	1	1.24%	−2.02%	−0.49%	2.91%	−0.91%	0.46%	−1.05%
7	3	3.27%	0.66%	1.05%	2.17%	1.78%	0.79%	−0.55%
8	1	0.87%	−2.07%	−2.55%	−1.26%	−2.00%	0.18%	−0.89%
9	2	0.21%	0.20%	−4.42%	−0.24%	3.75%	0.80%	−1.83%
10	1	−0.39%	−0.94%	0.94%	−1.11%	−0.96%	0.21%	−0.91%
11	2	−5.03%	−2.24%	−2.75%	−1.04%	4.27%	−1.48%	4.18%
12	1	1.37%	−1.24%	2.38%	−4.85%	2.87%	−0.04%	0.00%
13	10	−2.00%	1.16%	1.33%	2.02%	0.95%	−0.34%	3.79%
14	5	−1.23%	0.46%	−3.44%	−2.51%	1.38%	−5.42%	5.40%
15	2	−1.21%	−4.29%	0.84%	−4.72%	−0.50%	−3.68%	6.64%
Average	Multiple Ships	−0.58%	−0.10%	−1.18%	−0.50%	2.15%	−0.90%	2.61%
Average	Single Ship	2.01%	−1.39%	−0.06%	−1.02%	−0.44%	0.33%	−0.02%

Deal no.	No. of SLB ships	t−3	t−2	t−1	t	t+1	t+2	t+3
Panel A: estimation window [−255, −6]
1	16	−2.09%	2.93%	−0.10%	3.04%	−0.45%	2.53%	2.45%
2	1	2.59%	−2.53%	1.74%	−2.93%	−1.01%	1.60%	1.86%
3	1	3.58%	0.64%	−0.70%	−0.49%	−0.13%	−2.06%	0.25%
4	1	4.70%	−1.63%	−1.94%	0.47%	−1.25%	1.67%	0.20%
5	3	3.84%	0.76%	−1.82%	−2.53%	6.05%	−0.19%	0.73%
6	1	1.22%	−2.19%	−0.57%	2.81%	−1.03%	0.46%	−1.02%
7	3	3.18%	0.53%	0.89%	1.98%	1.73%	0.67%	−0.63%
8	1	0.73%	−2.36%	−2.30%	−1.63%	−2.17%	0.28%	−1.33%
9	2	0.02%	0.34%	−3.05%	−0.25%	3.56%	0.38%	−2.12%
10	1	−0.43%	−0.96%	0.97%	−1.14%	−1.00%	0.16%	−0.95%
11	2	−5.33%	−2.53%	−3.04%	−1.33%	3.99%	−1.77%	3.88%
12	1	1.11%	−1.52%	2.12%	−5.14%	2.52%	−0.36%	−0.13%
13	10	−2.10%	0.41%	1.07%	1.96%	0.67%	−0.73%	3.61%
14	5	−1.30%	0.40%	−3.50%	−2.56%	1.30%	−5.48%	5.32%
15	2	−1.16%	−4.31%	0.79%	−4.88%	−0.37%	−3.74%	6.72%
Average	Multiple Ships	−0.62%	−0.18%	−1.09%	−0.57%	2.06%	−1.04%	2.49%
Average	Single Ship	1.93%	−1.51%	−0.10%	−1.15%	−0.58%	0.25%	−0.16%
Panel B: estimation window [−301, −64]
1	16	−2.29%	2.74%	−0.30%	2.78%	−0.63%	2.38%	2.27%
2	1	2.52%	−2.59%	1.67%	−3.12%	−1.05%	1.63%	1.82%
3	1	3.55%	0.54%	−0.63%	−0.42%	−0.01%	−2.02%	0.43%
4	1	4.90%	−1.44%	−1.72%	0.69%	−1.02%	1.89%	0.44%
5	3	3.67%	0.47%	−1.78%	−2.50%	6.17%	−0.22%	0.95%
6	1	1.24%	−2.02%	−0.49%	2.91%	−0.91%	0.46%	−1.05%
7	3	3.27%	0.66%	1.05%	2.17%	1.78%	0.79%	−0.55%
8	1	0.87%	−2.07%	−2.55%	−1.26%	−2.00%	0.18%	−0.89%
9	2	0.21%	0.20%	−4.42%	−0.24%	3.75%	0.80%	−1.83%
10	1	−0.39%	−0.94%	0.94%	−1.11%	−0.96%	0.21%	−0.91%
11	2	−5.03%	−2.24%	−2.75%	−1.04%	4.27%	−1.48%	4.18%
12	1	1.37%	−1.24%	2.38%	−4.85%	2.87%	−0.04%	0.00%
13	10	−2.00%	1.16%	1.33%	2.02%	0.95%	−0.34%	3.79%
14	5	−1.23%	0.46%	−3.44%	−2.51%	1.38%	−5.42%	5.40%
15	2	−1.21%	−4.29%	0.84%	−4.72%	−0.50%	−3.68%	6.64%
Average	Multiple Ships	−0.58%	−0.10%	−1.18%	−0.50%	2.15%	−0.90%	2.61%
Average	Single Ship	2.01%	−1.39%	−0.06%	−1.02%	−0.44%	0.33%	−0.02%

Source(s): Authors’ work

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