Table 5 Market reaction to the...

Table 5

Market reaction to the announcements of financial reports (Entire Sample, n:415)

Date	CAR (%)	Pos:Neg	t-test Prob	BMP	Prob	KP	Prob	GRANK	Prob
Panel A: TPC financial statements
(−20,20)	−1.28	164:251	0.1153	−1.50	0.1347	−1.11	0.2679	−1.60	0.1130
(−10,10)	−0.85	172:243	0.1099	−0.99	0.3206	−0.74	0.4619	−1.34	0.1847
(−5,5)	−0.97	168:247	0.0096***	−1.57	0.1176	−1.16	0.2464	−1.45	0.1516
(−3,3)	−0.81	165:250	0.0058***	−1.92	0.0555*	−1.42	0.1560	−1.55	0.1254
(−2,2)	−0.44	169:246	0.0686*	−1.38	0.1668	−1.02	0.3059	−0.86	0.3933
(−1,1)	−0.34	177:238	0.0709*	−1.66	0.0965*	−1.23	0.3455	−0.95	0.1130
(0,10)	−0.16	185:230	0.6659	0.31	0.7588	0.23	0.8201	−0.04	0.9675
(0,5)	−0.32	186:229	0.6501	−0.45	0.7369	−0.34	0.2679	−0.76	0.4500
(0,3)	−0.56	168:247	0.0096***	−2.29	0.0218**	−1.70	0.0893*	−1.87	0.0640*
(0,20)	−1.55	173:242	0.0047***	−2.01	0.0447**	−1.49	0.1371	−1.59	0.1143
(12,20)	−1.63	164:251	0.0000***	−4.09	0.0000***	−3.03	0.0025***	−2.43	0.0169**
(−5,20)	−2.20	156:259	0.0005***	−2.62	0.0088***	−1.94	0.0522*	−2.43	0.0168**
(−7,20)	−2.55	152:263	0.0001***	−3.17	0.0016***	−2.34	0.0191**	−3.06	0.0028***
Panel B: IFRS financial statements
(−20,20)	−1.76	170:245	0.0340**	−1.72	0.0863*	−1.60	0.1103	−2.23	0.0283**
(−10,10)	−1.26	161:254	0.0218**	−1.29	0.1967	−1.20	0.2294	−1.92	0.0578*
(−5,5)	−1.29	169:246	0.0008***	−2.05	0.0401**	−1.91	0.0560*	−2.00	0.0488**
(−3,3)	−1.20	162:253	0.0001***	−2.41	0.0158**	−2.25	0.0246**	−2.81	0.0060***
(−2,2)	−1.18	160:255	0.000***	−3.21	0.0013***	−2.99	0.0028***	−2.99	0.0035***
(−1,1)	−0.68	168:247	0.0004***	−2.52	0.0118**	−2.35	0.0190**	−2.40	0.0185**
(0,10)	−0.89	183:232	0.0194**	−1.39	0.1646	−1.29	0.1957	−1.41	0.1609
(0,5)	−1.23	171:244	0.0000***	−3.15	0.0017***	−2.93	0.0034**	−2.84	0.0055***
(0,3)	−1.04	153:262	0.0000***	−3.26	0.0011***	−3.04	0.0024**	−3.21	0.0018***
(0,20)	−0.28	194:221	0.6094	−0.16	0.8718	−0.15	0.8806	0.12	0.9077
(12,20)	0.55	207:208	0.1065	1.61	0.1077	1.50	0.1342	2.13	0.0359**
(−5,20)	−0.34	189:226	0.5808	0.11	0.9150	0.10	0.9209	−0.41	0.9968
(−7,20)	−0.41	186:229	0.5242	0.11	0.9168	0.10	0.9225	0.04	0.9709

Date	CAR (%)	Pos:Neg	t-test Prob	BMP	Prob	KP	Prob	GRANK	Prob
Panel A: TPC financial statements
(−20,20)	−1.28	164:251	0.1153	−1.50	0.1347	−1.11	0.2679	−1.60	0.1130
(−10,10)	−0.85	172:243	0.1099	−0.99	0.3206	−0.74	0.4619	−1.34	0.1847
(−5,5)	−0.97	168:247	0.0096***	−1.57	0.1176	−1.16	0.2464	−1.45	0.1516
(−3,3)	−0.81	165:250	0.0058***	−1.92	0.0555*	−1.42	0.1560	−1.55	0.1254
(−2,2)	−0.44	169:246	0.0686*	−1.38	0.1668	−1.02	0.3059	−0.86	0.3933
(−1,1)	−0.34	177:238	0.0709*	−1.66	0.0965*	−1.23	0.3455	−0.95	0.1130
(0,10)	−0.16	185:230	0.6659	0.31	0.7588	0.23	0.8201	−0.04	0.9675
(0,5)	−0.32	186:229	0.6501	−0.45	0.7369	−0.34	0.2679	−0.76	0.4500
(0,3)	−0.56	168:247	0.0096***	−2.29	0.0218**	−1.70	0.0893*	−1.87	0.0640*
(0,20)	−1.55	173:242	0.0047***	−2.01	0.0447**	−1.49	0.1371	−1.59	0.1143
(12,20)	−1.63	164:251	0.0000***	−4.09	0.0000***	−3.03	0.0025***	−2.43	0.0169**
(−5,20)	−2.20	156:259	0.0005***	−2.62	0.0088***	−1.94	0.0522*	−2.43	0.0168**
(−7,20)	−2.55	152:263	0.0001***	−3.17	0.0016***	−2.34	0.0191**	−3.06	0.0028***
Panel B: IFRS financial statements
(−20,20)	−1.76	170:245	0.0340**	−1.72	0.0863*	−1.60	0.1103	−2.23	0.0283**
(−10,10)	−1.26	161:254	0.0218**	−1.29	0.1967	−1.20	0.2294	−1.92	0.0578*
(−5,5)	−1.29	169:246	0.0008***	−2.05	0.0401**	−1.91	0.0560*	−2.00	0.0488**
(−3,3)	−1.20	162:253	0.0001***	−2.41	0.0158**	−2.25	0.0246**	−2.81	0.0060***
(−2,2)	−1.18	160:255	0.000***	−3.21	0.0013***	−2.99	0.0028***	−2.99	0.0035***
(−1,1)	−0.68	168:247	0.0004***	−2.52	0.0118**	−2.35	0.0190**	−2.40	0.0185**
(0,10)	−0.89	183:232	0.0194**	−1.39	0.1646	−1.29	0.1957	−1.41	0.1609
(0,5)	−1.23	171:244	0.0000***	−3.15	0.0017***	−2.93	0.0034**	−2.84	0.0055***
(0,3)	−1.04	153:262	0.0000***	−3.26	0.0011***	−3.04	0.0024**	−3.21	0.0018***
(0,20)	−0.28	194:221	0.6094	−0.16	0.8718	−0.15	0.8806	0.12	0.9077
(12,20)	0.55	207:208	0.1065	1.61	0.1077	1.50	0.1342	2.13	0.0359**
(−5,20)	−0.34	189:226	0.5808	0.11	0.9150	0.10	0.9209	−0.41	0.9968
(−7,20)	−0.41	186:229	0.5242	0.11	0.9168	0.10	0.9225	0.04	0.9709

Note(s): This table presents the event study results corresponding to the market reaction to the disclosure of TPC and IFRS financial statements. CAR is average cumulative abnormal returns. Standard t-test and the BMP test are parametric tests, while KP and GRANK are non-parametric tests. ***, **, and * denote 1%, 5%, and 10% significance levels, respectively

Source(s): Authors’ own work

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