Table 6 The announcement of the draw...

Table 6

The announcement of the draw

	Panel A): Favorite teams					Panel B): Underdog teams
Event window	Number of firms	Mean CAR	T₁	T₂	T₃	Number of firms	Mean CAR	T₁	T₂	T₃
(−10, −1)	71	2.305	2.460	1.199	1.780	81	2.243	2.681	1.111	1.000
(−5, −1)	71	1.485	1.891	1.754	1.068	81	0.446	0.801	−0.231	−0.333
(−3, −1)	72	0.460	0.890	0.370	0.707	81	0.332	0.574	−1.067	0.778
(−1, 0)	72	−0.476	−1.391	0.534	1.414	81	0.258	0.484	−1.162	−2.111
(0, 10)	71	−1.151	−1.364	−1.172	1.780	81	−0.221	−0.206	−1.243	0.778
(0, 5)	72	−1.103	−1.600	−0.702	2.593	81	−0.094	−0.100	−1.517	1.444
(0, 3)	72	−1.360	−2.256	0.027	1.179	81	0.389	0.440	−1.493	−0.778
(0, 1)	72	−0.977	−1.861	0.444	0.943	81	0.778	0.950	0.044	−1.222

	Panel A): Favorite teams					Panel B): Underdog teams
Event window	Number of firms	Mean CAR	T₁	T₂	T₃	Number of firms	Mean CAR	T₁	T₂	T₃
(−10, −1)	71	2.305	2.460	1.199	1.780	81	2.243	2.681	1.111	1.000
(−5, −1)	71	1.485	1.891	1.754	1.068	81	0.446	0.801	−0.231	−0.333
(−3, −1)	72	0.460	0.890	0.370	0.707	81	0.332	0.574	−1.067	0.778
(−1, 0)	72	−0.476	−1.391	0.534	1.414	81	0.258	0.484	−1.162	−2.111
(0, 10)	71	−1.151	−1.364	−1.172	1.780	81	−0.221	−0.206	−1.243	0.778
(0, 5)	72	−1.103	−1.600	−0.702	2.593	81	−0.094	−0.100	−1.517	1.444
(0, 3)	72	−1.360	−2.256	0.027	1.179	81	0.389	0.440	−1.493	−0.778
(0, 1)	72	−0.977	−1.861	0.444	0.943	81	0.778	0.950	0.044	−1.222

Note(s): Table 6 shows the results of event studies carried out on 11 listed football teams participating in the UCL related to the announcement of the draws. We measured the predicted normal bank returns using the market model. The CAR statistical significance is verified using three tests (T₁, T₂ and T₃) reported in Equations (6), (7) and (9)

^*, ^**, ^*** denote the statistical significance at 10%, 5% and 1%, respectively (one-tailed test)

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