Table 7 The odds release and the match...

Table 7

The odds release and the match result

	Panel A): Lost matches					Panel B): Won matches					Panel C): Tied matches
Event window	Number of firms	Mean CAR (%)	T₁	T₂	T₃	Number of firms	Mean CAR (%)	T₁	T₂	T₃	Number of firms	Mean CAR (%)	T₁	T₂	T₃
(−10, −1)	243	−0.530	−1.165	−1.525	2.887	246	0.131	0.255	−0.120	−1.275	153	−0.314	−0.595	−1.092	2.183
(−5, −1)	245	−0.116	−0.311	−1.205	1.597	246	0.727	1.855	−1.009	0.510	153	0.430	1.164	−0.698	0.081
(−3, −1)	245	0.016	0.054	−1.178	0.958	246	0.675	2.188	−1.726	1.275	153	0.283	0.897	−0.767	0.081
(−1, 0)	245	−0.243	−0.983	−1.275	1.725	246	0.525	1.800	−0.926	1.148	153	0.648	2.453	1.182	1.051
(0, 10)	245	−2.457^***	−4.086	−6.244	5.558	246	0.137	0.231	−1.163	0.128	153	−2.396	−3.060	−3.318	1.050
(0, 5)	245	−2.279^*	−4.620	−1.305	5.303	246	0.467	0.889	−1.143	0.383	153	−1.211	−2.271	−1.230	2.506
(0, 3)	245	−2.340^*	−5.223	−1.304	6.325	246	0.803	1.801	−0.875	1.785	153	−0.451	−0.951	0.680	1.859
(0, 1)	245	−1.905^*	−5.125	−1.323	5.558	246	1.592	3.454	1.116	3.825	153	0.053	0.123	2.203	0.081

	Panel A): Lost matches					Panel B): Won matches					Panel C): Tied matches
Event window	Number of firms	Mean CAR (%)	T₁	T₂	T₃	Number of firms	Mean CAR (%)	T₁	T₂	T₃	Number of firms	Mean CAR (%)	T₁	T₂	T₃
(−10, −1)	243	−0.530	−1.165	−1.525	2.887	246	0.131	0.255	−0.120	−1.275	153	−0.314	−0.595	−1.092	2.183
(−5, −1)	245	−0.116	−0.311	−1.205	1.597	246	0.727	1.855	−1.009	0.510	153	0.430	1.164	−0.698	0.081
(−3, −1)	245	0.016	0.054	−1.178	0.958	246	0.675	2.188	−1.726	1.275	153	0.283	0.897	−0.767	0.081
(−1, 0)	245	−0.243	−0.983	−1.275	1.725	246	0.525	1.800	−0.926	1.148	153	0.648	2.453	1.182	1.051
(0, 10)	245	−2.457^***	−4.086	−6.244	5.558	246	0.137	0.231	−1.163	0.128	153	−2.396	−3.060	−3.318	1.050
(0, 5)	245	−2.279^*	−4.620	−1.305	5.303	246	0.467	0.889	−1.143	0.383	153	−1.211	−2.271	−1.230	2.506
(0, 3)	245	−2.340^*	−5.223	−1.304	6.325	246	0.803	1.801	−0.875	1.785	153	−0.451	−0.951	0.680	1.859
(0, 1)	245	−1.905^*	−5.125	−1.323	5.558	246	1.592	3.454	1.116	3.825	153	0.053	0.123	2.203	0.081

Note(s): Table 7 shows the results of event studies carried out on 11 listed football teams participating in the UCL related to the announcement of betting odds and match results. We measured the predicted normal bank returns using the market model. The CAR statistical significance was 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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