Table 2.

AR and CAR around M&A announcement. Day 0 is announcement day. *p < 0.1. **p < 0.05. ***p < 0.01

	Acquiring firms		Target firms
	AR	p-value	AR	p-value
Day −5	0.26	0.1021	−1.09	0.1341
Day −4	−1.76	0.2813	−1.23	0.2123
Day −3	1.55	0.1983	−1.76	0.1746
Day −2	2.18	0.3390	−0.45	0.3294
Day −1	−2.14**	0.0371	2.08**	0.0174
Day 0	−1.07**	0.0194	1.2***	0.0024
Day +1	−0.65***	0.0011	1.77***	0.0016
Day +2	−1.76*	0.0569	2.65**	0.0451
Day +3	−0.55*	0.0782	1.93*	0.0652
Day +4	−0.14**	0.0237	0.67**	0.0347
Day +5	−1.21**	0.0135	−1.31**	0.0198
Day +6	0.58	0.2125	2.18	0.1245
Day +7	1.30	0.1980	0.99	0.1212
Day +8	−1.05	0.1783	−1.65	0.2213
Day +9	2.01	0.2090	2.01	0.2150
Day +10	0.08	0.3201	0.05	0.2891
Event window	CAR	p-value	CAR	p-value
Window (−5,-2)	2.23	0.1782	−4.53*	0.0821
Window (−1,+1)	−3.86***	0.0021	5.05***	0.0002
Window (−1,+3)	−6.17***	0.0009	9.63***	0.0042
Window (−1,+5)	−7.52*	0.0561	8.99**	0.0321
Window (−1,+7)	−5.64	0.2091	12.16	0.1021
Window (−1,+10)	−4.60	0.2283	12.57	0.2815