Figure 3
A line graph showing the 21-day cumulative average abnormal return. The x-axis represents the event window ranging from 10 days prior to the event to 10 days post the event, with day zero the event day. The y-axis represents the cumulative abnormal return in percentage, ranging from negative 7 to positive 1. The graph shows fluctuations in the cumulative abnormal return over the 21-day period, with notable drops and peaks at various points. All values are approximated.21-day CAAR. Figure 3 presents the 21-day CAAR for the 38 financial restatements in the sample. Source: Authors’ own work