Table 7 Tests of differences in means...

Table 7

Tests of differences in means (IFRS and TPC in pre- and post-event periods)

Panel A: Pre-event period (−20,−1)
		Obs	Mean	St. err
IFRS		415	−0.0197	0.0052
TPC		415	−0.0021	0.0055
Diff	Prob
<0	0.0032***
≠ 0	0.0064***
>0	0.9968

Panel A: Pre-event period (−20,−1)
IFRS		415	−0.0197	0.0052
TPC		415	−0.0021	0.0055
Diff	Prob
<0	0.0032***
≠ 0	0.0064***
>0	0.9968

Panel B: Post-event period (0,20)
		Obs	Mean	St. err
IFRS		415	−0.0091	0.0062
TPC		415	−0.0217	0.0062
Diff	Prob
<0	0.9767
≠ 0	0.0467**
>0	0.0233**

Panel B: Post-event period (0,20)
IFRS		415	−0.0091	0.0062
TPC		415	−0.0217	0.0062
Diff	Prob
<0	0.9767
≠ 0	0.0467**
>0	0.0233**

Note(s): This table presents the results of tests of differences in means of IFRS and TPC CARs in the pre- and post-event periods. *** and ** denote 1% and 5% significance levels, respectively

Source(s): Authors’ own work

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