Table 3. Event study test statistics...

Table 3.

Event study test statistics using standardized abnormal returns for n = 36 companies

Event window	Standardized ARs	Patell Z test	Adjusted Patell	BMP	Adjusted BMP
−20	−0.0975678	−0.570545536	−0.5445686	−0.4546222	−0.4332995
−19	0.13710447	0.801743522	0.76524019	0.73050625	0.69624408
−18	−0.1555487	−0.909599794	−0.8681858	−1.1235923	−1.0708936
−17	−0.2419674	−1.414949007	−1.3505265	−1.4020214	−1.3362639
−16	−0.1332872	−0.779421275	−0.7439343	−0.959634	−0.9146252
−15	−0.0196886	−0.115132524	−0.1098905	−0.0977097	−0.0931269
−14	0.09067678	0.530249109	0.5061069	0.57831307	0.55118905
−13	0.40315901	2.35754627**	2.25020735**	2.23407229**	2.1292899**
−12	−0.1261059	−0.737427242	−0.7038522	−0.8365095	−0.7972755
−11	−0.0554148	−0.324048438	−0.3092945	−0.3342438	−0.3185671
−10	−0.2967657	−1.735392142*	−1.6563799	−2.3254925**	−2.2164224**
−9	−0.2711403	−1.585542714	−1.5133531	−1.6478272	−1.5705409
−8	0.21452606	1.254480492	1.19736408	1.07873281	1.02813813
−7	−0.2030034	−1.187099781	−1.1330512	−1.0032454	−0.9561912
−6	−0.1303672	−0.76234588	−0.7276363	−0.6807182	−0.6487912
−5	−0.2100965	−1.228577645	−1.1726406	−0.9686604	−0.9232283
−4	0.06271715	0.366750065	0.35005196	0.27176752	0.25902109
−3	−1.2497473	−7.308126498***	−6.975388***	−0.9237086	−0.8803848
−2	0.09214487	0.538834028	0.51430095	0.43988248	0.41925113
−1	−0.1968234	−1.150960713	−1.0985576	−0.6366504	−0.6067903
0	0.502586	2.938963872***	2.80515305***	1.44589959	1.37808406
1	−0.2514926	−1.470649103	−1.4036906	−1.1194254	−1.0669222
2	0.06781474	0.396559137	0.37850383	0.40241812	0.38354392
3	−0.0378185	−0.221150353	−0.2110814	−0.303579	−0.2893405
4	−0.022718	−0.132847665	−0.1267991	−0.1029622	−0.098133
5	0.18656232	1.090957372	1.04128616	1.14416118	1.09049777
6	0.06181719	0.361487355	0.34502886	0.36821275	0.35094285
7	0.24102132	1.40941641	1.34524578	1.37086597	1.30656966
8	−0.0225	−0.131573035	−0.1255825	−0.0993728	−0.094712
9	0.48249293	2.821465968***	2.69300482***	1.81199669*	1.72701048*
10	0.04087957	0.239050801	0.22816683	0.18346631	0.17486138
11	−0.0267606	−0.156487523	−0.1493627	−0.1284715	−0.1224459
12	−0.2067661	−1.209102587	−1.1540522	−1.2564148	−1.1974865
13	−0.3614145	−2.113437636**	−2.017213**	−2.0110212**	−1.9167003
14	−0.0839115	−0.490687861	−0.4683469	−0.3941382	−0.3756523
15	0.12741066	0.745057202	0.7111348	0.86323342	0.82274607
16	−0.3123372	−1.826449203*	−1.7432911*	−1.274159	−1.2143984
17	−0.1899295	−1.110647499	−1.0600798	−0.6798224	−0.6479374
18	−0.0718096	−0.41991995	−0.400801	−0.5404587	−0.5151102
19	0.39098715	2.286369109**	2.18227088**	1.91056111*	1.82095204*
20	0.19640947	1.148540435	1.09624747	0.92709622	0.88361359

Event window	Standardized ARs	Patell Z test	Adjusted Patell	BMP	Adjusted BMP
−20	−0.0975678	−0.570545536	−0.5445686	−0.4546222	−0.4332995
−19	0.13710447	0.801743522	0.76524019	0.73050625	0.69624408
−18	−0.1555487	−0.909599794	−0.8681858	−1.1235923	−1.0708936
−17	−0.2419674	−1.414949007	−1.3505265	−1.4020214	−1.3362639
−16	−0.1332872	−0.779421275	−0.7439343	−0.959634	−0.9146252
−15	−0.0196886	−0.115132524	−0.1098905	−0.0977097	−0.0931269
−14	0.09067678	0.530249109	0.5061069	0.57831307	0.55118905
−13	0.40315901	2.35754627**	2.25020735**	2.23407229**	2.1292899**
−12	−0.1261059	−0.737427242	−0.7038522	−0.8365095	−0.7972755
−11	−0.0554148	−0.324048438	−0.3092945	−0.3342438	−0.3185671
−10	−0.2967657	−1.735392142*	−1.6563799	−2.3254925**	−2.2164224**
−9	−0.2711403	−1.585542714	−1.5133531	−1.6478272	−1.5705409
−8	0.21452606	1.254480492	1.19736408	1.07873281	1.02813813
−7	−0.2030034	−1.187099781	−1.1330512	−1.0032454	−0.9561912
−6	−0.1303672	−0.76234588	−0.7276363	−0.6807182	−0.6487912
−5	−0.2100965	−1.228577645	−1.1726406	−0.9686604	−0.9232283
−4	0.06271715	0.366750065	0.35005196	0.27176752	0.25902109
−3	−1.2497473	−7.308126498***	−6.975388***	−0.9237086	−0.8803848
−2	0.09214487	0.538834028	0.51430095	0.43988248	0.41925113
−1	−0.1968234	−1.150960713	−1.0985576	−0.6366504	−0.6067903
0	0.502586	2.938963872***	2.80515305***	1.44589959	1.37808406
1	−0.2514926	−1.470649103	−1.4036906	−1.1194254	−1.0669222
2	0.06781474	0.396559137	0.37850383	0.40241812	0.38354392
3	−0.0378185	−0.221150353	−0.2110814	−0.303579	−0.2893405
4	−0.022718	−0.132847665	−0.1267991	−0.1029622	−0.098133
5	0.18656232	1.090957372	1.04128616	1.14416118	1.09049777
6	0.06181719	0.361487355	0.34502886	0.36821275	0.35094285
7	0.24102132	1.40941641	1.34524578	1.37086597	1.30656966
8	−0.0225	−0.131573035	−0.1255825	−0.0993728	−0.094712
9	0.48249293	2.821465968***	2.69300482***	1.81199669*	1.72701048*
10	0.04087957	0.239050801	0.22816683	0.18346631	0.17486138
11	−0.0267606	−0.156487523	−0.1493627	−0.1284715	−0.1224459
12	−0.2067661	−1.209102587	−1.1540522	−1.2564148	−1.1974865
13	−0.3614145	−2.113437636**	−2.017213**	−2.0110212**	−1.9167003
14	−0.0839115	−0.490687861	−0.4683469	−0.3941382	−0.3756523
15	0.12741066	0.745057202	0.7111348	0.86323342	0.82274607
16	−0.3123372	−1.826449203*	−1.7432911*	−1.274159	−1.2143984
17	−0.1899295	−1.110647499	−1.0600798	−0.6798224	−0.6479374
18	−0.0718096	−0.41991995	−0.400801	−0.5404587	−0.5151102
19	0.39098715	2.286369109**	2.18227088**	1.91056111*	1.82095204*
20	0.19640947	1.148540435	1.09624747	0.92709622	0.88361359

Notes:

The table shows the significance values of the various event study test statistics (t-values) based on the SR values; *0% level of significance, **5% level of significance, ***1% level of significance and ****0.1% level of significance in two-tailed hypothesis

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