Figure 4
The chart is titled “CAAR (10 Days).” The horizontal axis is labeled “Day,” ranging from negative 10 to 10 in increments of 1 unit. The vertical axis on the left denotes percentages, ranging from negative 1 to 3 in increments of 1 percent. A dashed blue line shows the Cumulative Average Abnormal Return (CAAR) over a 21-day period centered on day 0. The line starts at a high of over 2 percent at day negative 10, dips to a low of nearly 0 percent at day negative 9, and then fluctuates. It shows significant positive spikes, with a notable peak of over 2.5 percent at day 1, and another peak of around 2.4 percent at day 5. The line ends at around 2 percent on day 10. Note: All numerical values are approximated.Cumulative average abnormal returns (10 days). Source: Authors’ computations