Table 4.

Cumulative abnormal returns (CARs) for food safety events.

Event window	Cumulative abnormal returns (CARs)		t-Statistics	p-Value
	Mean	SD
t0 − t1	−2.483	4.544	−3.456	.001**
t0 − t2	−3.929	5.821	−4.269	.000***
t0 − t3	−3.957	6.508	−3.846	.000***
t0 − t4	−4.408	7.029	−3.966	.000***
t0 − t5	−5.291	8.931	−3.747	.001**
≈
t0 − t10	−5.170	10.514	−3.110	.003**
≈
t0 − t20	−5.392	10.784	−3.162	.003**
≈
t0 − t30	−5.508	12.494	−2.788	.008**
≈
t0 − t57	−6.812	20.386	−2.060	.046*
t0 − t58	−6.623	20.476	−1.994	.054
t0 − t59	−5.656	20.340	−1.714	.095
≈
t0 − t253	−.827	38.293	−.118	.907
t0 − t254	−.405	35.532	−.063	.951
t0 − t255	.756	34.248	.121	.905
t0 − t256	1.296	33.874	.210	.835
≈
t0 − t370	5.008	37.437	.682	.501
t0 − t371	5.568	38.135	.745	.463

^*p < .05.

^**p < .01.

^***p < .001.