Table 2.

Descriptive statistics

	IR	L R (1)	L R (2)	L R (3)	L R (4)	L R (5)	T D i	M R i	Sentiment	Offering size
Mean	0.1674	-0.1493	-0.1009	-0.1047	-0.0847	-0.1338	0.1823	0.0147	-0.0377	45940289
Standard deviation	0.1755	0.8209	0.5972	0.5117	0.5831	0.7996	0.4774	0.4787	0.1868	52693289
Skewness	0.6898	-1.5550	-3.3834	-4.2012	-3.8768	-1.7060	0.6830	-0.5256	0.2299	3.7917
Excess kurtosis	1.3477	4.2849	18.8820	25.2421	22.6924	5.4199	1.4454	1.3726	0.1345	21.2899
Jarque-Bera test	11.6233	72.4156	1039	1828	1485	106	10.2183	7.7218	0.7171	1596
p-value	<0.01	<0.01	<0.01	<0.01	<0.01	<0.01	<0.01	<0.05	>0.10	<0.01