Table 8 Tests of differences in means...

Table 8

Tests of differences in means (time lag differentials in different event periods)

Panel A. Pre-Event period (−20,−1)
		Obs	Mean	St. err
Low time lag		215	−0.0191	0.0070
High time lag		200	−0.0268	0.0079
Diff	Prob
>0	0.2335
≠ 0	0.4671
<0	0.7665

Panel A. Pre-Event period (−20,−1)
Low time lag		215	−0.0191	0.0070
High time lag		200	−0.0268	0.0079
Diff	Prob
>0	0.2335
≠ 0	0.4671
<0	0.7665

Panel B. Post-event period (0,20)
		Obs	Mean	St. err
Low time lag		215	−0.0153	0.0087
High time lag		200	−0.0130	0.0081
Diff	Prob
>0	0.5778
≠ 0	0.8444
<0	0.4222

Panel B. Post-event period (0,20)
Low time lag		215	−0.0153	0.0087
High time lag		200	−0.0130	0.0081
Diff	Prob
>0	0.5778
≠ 0	0.8444
<0	0.4222

Panel C. Event period (−1,1)
		Obs	Mean	St. err
Low time lag		215	−0.0015	0.0029
High time lag		200	−0.0107	0.0037
Diff	Prob
>0	0.0244**
≠ 0	0.0489**
<0	0.9756

Panel C. Event period (−1,1)
Low time lag		215	−0.0015	0.0029
High time lag		200	−0.0107	0.0037
Diff	Prob
>0	0.0244**
≠ 0	0.0489**
<0	0.9756

Panel D. Event period (−3,3)
		Obs	Mean	St. err
Low time lag		215	−0.0102	0.0051
High time lag		200	−0.0221	0.0054
Diff	Prob
>0	0.0555*
≠ 0	0.1110
<0	0.9445

Panel D. Event period (−3,3)
Low time lag		215	−0.0102	0.0051
High time lag		200	−0.0221	0.0054
Diff	Prob
>0	0.0555*
≠ 0	0.1110
<0	0.9445

Panel E. Event period (0,3)
		Obs	Mean	St. err
Low time lag		215	−0.0066	0.0039
High time lag		200	−0.0148	0.0042
Diff	Prob
>0	0.0768*
≠ 0	0.1537
<0	0.9232

Panel E. Event period (0,3)
Low time lag		215	−0.0066	0.0039
High time lag		200	−0.0148	0.0042
Diff	Prob
>0	0.0768*
≠ 0	0.1537
<0	0.9232

Note(s): This table presents the results of tests of differences in means of IFRS and TPC CARs in different event periods based on the time lag between IFRS and TPC disclosures. ** and * denote 5% and 10% significance levels, respectively

Source(s): Authors’ own work

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