Table 3.

Average abnormal returns (ARs) for food safety events.

Day	Abnormal returns (ARs)		t-Statistics	p-Value
	Mean	SD
t−5	.061	2.094	.188	.852
t−4	−.029	2.236	−.084	.934
t−3	.119	2.844	.268	.790
t−2	.133	2.051	.977	.085
t−1	.078	1.637	.085	.400
t0	−1.366	5.711	−1.532	.133
t1	−1.076	2.107	−3.269	.002**
t2	−1.416	3.618	−2.508	.016*
t3	−.101	3.123	−.208	.836
t4	−.498	1.653	−1.928	.061
t5	−.936	3.962	−1.514	.138
t6	.376	4.640	.520	.606
t7	.051	2.539	.129	.898
t8	.081	3.184	.164	.871
t9	−.077	2.099	−.237	.813
t10	−.351	2.166	−1.038	.306

t₀, the day when event outbreaks and t_n, nth day since the outbreak day (t₀).

^*p < .05.

^**p < .01.

^***p < .001.