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Cumulative abnormal returns.
| GB | T statistic | RE | T statistic | OVX | T statistic | SOE | T statistic | |
|---|---|---|---|---|---|---|---|---|
| CAR (0, +2) | −0.050*** | −7.518 | −0.041*** | −6.104 | −0.051*** | −11.907 | −0.062*** | −17.310 |
| CAR (0, +5) | −0.102*** | −14.939 | −0.068*** | −8.830 | −0.112*** | −18.141 | −0.150*** | −31.530 |
| CAR (0, +8) | −0.102*** | −12.331 | −0.070*** | −6.171 | −0.130*** | −16.889 | −0.190*** | −29.650 |
| CAR (0, +11) | −0.077*** | −6.770 | −0.052*** | −3.471 | −0.088*** | −12.505 | −0.129*** | −18.061 |
