Table 5.
Compare the market's responses between various events. The Difference Indicator (DICAR) is calculated by subtracting the CARs of the two compared events.
| Difference Indicator | p-value | |
|---|---|---|
| Panel A. Share repurchase vs Cash dividend payment | ||
| Day (−1,+1) | 2.22*** | 0.0042 |
| Day (−1,+3) | 3.2* | 0.0711 |
| Day (−1,+5) | 5.32 | 0.1002 |
| Day (−1,+7) | 3.44 | 0.1004 |
| Panel B. Share repurchase vs Stock dividend payment | ||
| Day (−1,+1) | 3.57*** | 0.0030 |
| Day (−1,+3) | 4.41* | 0.0692 |
| Day (−1,+5) | 5.64 | 0.2011 |
| Day (−1,+7) | 4.6 | 0.2035 |
| Panel C. Cash dividend payment vs Stock dividend payment | ||
| Day (−1,+1) | 1.35** | 0.0021 |
| Day (−1,+3) | 1.21 | 0.1599 |
| Day (−1,+5) | 0.32 | 0.1077 |
| Day (−1,+7) | 1.16 | 0.2018 |