Table 5 Cumulative abnormal returns for...

Table 5

Cumulative abnormal returns for individual shipping SLB announcements

Deal no.	No. of SLB ships	[−1, +1]	[−2, +2]	[−3, +3]	[0, +1]	[0, +2]	[0, +3]
Panel A: estimation window [−255, −6]
1	16	2.49%	7.96%	8.32%	2.59%	5.13%	7.58%
2	1	−2.20%	−3.13%	1.32%	−3.94%	−2.34%	−0.48%
3	1	−1.33%	−2.74%	1.09%	−0.62%	−2.68%	−2.43%
4	1	−2.72%	−2.67%	2.22%	−0.78%	0.89%	1.09%
5	3	1.70%	2.28%	6.85%	3.52%	3.33%	4.07%
6	1	1.21%	−0.53%	−0.32%	1.78%	2.23%	1.22%
7	3	4.59%	5.79%	8.33%	3.70%	4.37%	3.74%
8	1	−6.10%	−8.18%	−8.78%	−3.80%	−3.53%	−4.86%
9	2	0.26%	0.98%	−1.12%	3.31%	3.69%	1.57%
10	1	−1.17%	−1.97%	−3.35%	−2.14%	−1.98%	−2.93%
11	2	−0.39%	−4.69%	−6.14%	2.65%	0.88%	4.76%
12	1	−0.50%	−2.38%	−1.40%	−2.62%	−2.98%	−3.11%
13	10	3.70%	3.39%	4.89%	2.63%	1.90%	5.51%
14	5	−4.75%	−9.83%	−5.81%	−1.25%	−6.73%	−1.41%
15	2	−4.46%	−12.51%	−6.95%	−5.25%	−9.00%	−2.28%
Average	Multiple Ships	0.39%	−0.83%	1.05%	1.49%	0.45%	2.94%
Average	Single Ship	−1.83%	−3.09%	−1.32%	−1.73%	−1.48%	−1.64%
Panel B: estimation window [−301, −64]
1	16	1.85%	6.97%	6.96%	2.15%	4.53%	6.81%
2	1	−2.51%	−3.47%	0.87%	−4.17%	−2.55%	−0.72%
3	1	−1.06%	−2.54%	1.43%	−0.43%	−2.45%	−2.02%
4	1	−2.04%	−1.59%	3.75%	−0.33%	1.56%	2.00%
5	3	1.88%	2.13%	6.75%	3.66%	3.44%	4.39%
6	1	1.51%	−0.05%	0.14%	1.99%	2.46%	1.41%
7	3	5.01%	6.46%	9.17%	3.95%	4.74%	4.19%
8	1	−5.81%	−7.70%	−7.71%	−3.26%	−3.08%	−3.97%
9	2	−0.90%	0.09%	−1.53%	3.51%	4.31%	2.48%
10	1	−1.13%	−1.86%	−3.16%	−2.07%	−1.86%	−2.77%
11	2	0.47%	−3.25%	−4.10%	3.23%	1.74%	5.92%
12	1	0.39%	−0.88%	0.49%	−1.98%	−2.02%	−2.02%
13	10	4.30%	5.12%	6.91%	2.97%	2.63%	6.43%
14	5	−4.56%	−9.52%	−5.35%	−1.12%	−6.54%	−1.14%
15	2	−4.37%	−12.33%	−6.90%	−5.21%	−8.89%	−2.25%
Average	Multiple Ships	0.46%	−0.54%	1.49%	1.64%	0.75%	3.35%
Average	Single Ship	−1.52%	−2.59%	−0.60%	−1.46%	−1.13%	−1.16%

Deal no.	No. of SLB ships	[−1, +1]	[−2, +2]	[−3, +3]	[0, +1]	[0, +2]	[0, +3]
Panel A: estimation window [−255, −6]
1	16	2.49%	7.96%	8.32%	2.59%	5.13%	7.58%
2	1	−2.20%	−3.13%	1.32%	−3.94%	−2.34%	−0.48%
3	1	−1.33%	−2.74%	1.09%	−0.62%	−2.68%	−2.43%
4	1	−2.72%	−2.67%	2.22%	−0.78%	0.89%	1.09%
5	3	1.70%	2.28%	6.85%	3.52%	3.33%	4.07%
6	1	1.21%	−0.53%	−0.32%	1.78%	2.23%	1.22%
7	3	4.59%	5.79%	8.33%	3.70%	4.37%	3.74%
8	1	−6.10%	−8.18%	−8.78%	−3.80%	−3.53%	−4.86%
9	2	0.26%	0.98%	−1.12%	3.31%	3.69%	1.57%
10	1	−1.17%	−1.97%	−3.35%	−2.14%	−1.98%	−2.93%
11	2	−0.39%	−4.69%	−6.14%	2.65%	0.88%	4.76%
12	1	−0.50%	−2.38%	−1.40%	−2.62%	−2.98%	−3.11%
13	10	3.70%	3.39%	4.89%	2.63%	1.90%	5.51%
14	5	−4.75%	−9.83%	−5.81%	−1.25%	−6.73%	−1.41%
15	2	−4.46%	−12.51%	−6.95%	−5.25%	−9.00%	−2.28%
Average	Multiple Ships	0.39%	−0.83%	1.05%	1.49%	0.45%	2.94%
Average	Single Ship	−1.83%	−3.09%	−1.32%	−1.73%	−1.48%	−1.64%
Panel B: estimation window [−301, −64]
1	16	1.85%	6.97%	6.96%	2.15%	4.53%	6.81%
2	1	−2.51%	−3.47%	0.87%	−4.17%	−2.55%	−0.72%
3	1	−1.06%	−2.54%	1.43%	−0.43%	−2.45%	−2.02%
4	1	−2.04%	−1.59%	3.75%	−0.33%	1.56%	2.00%
5	3	1.88%	2.13%	6.75%	3.66%	3.44%	4.39%
6	1	1.51%	−0.05%	0.14%	1.99%	2.46%	1.41%
7	3	5.01%	6.46%	9.17%	3.95%	4.74%	4.19%
8	1	−5.81%	−7.70%	−7.71%	−3.26%	−3.08%	−3.97%
9	2	−0.90%	0.09%	−1.53%	3.51%	4.31%	2.48%
10	1	−1.13%	−1.86%	−3.16%	−2.07%	−1.86%	−2.77%
11	2	0.47%	−3.25%	−4.10%	3.23%	1.74%	5.92%
12	1	0.39%	−0.88%	0.49%	−1.98%	−2.02%	−2.02%
13	10	4.30%	5.12%	6.91%	2.97%	2.63%	6.43%
14	5	−4.56%	−9.52%	−5.35%	−1.12%	−6.54%	−1.14%
15	2	−4.37%	−12.33%	−6.90%	−5.21%	−8.89%	−2.25%
Average	Multiple Ships	0.46%	−0.54%	1.49%	1.64%	0.75%	3.35%
Average	Single Ship	−1.52%	−2.59%	−0.60%	−1.46%	−1.13%	−1.16%

Source(s): Authors’ work

[ViewLarge]

Sharing Unavailable