Table 8.

Impacts of firm size on AR and CAR.

	Day	Descriptive statistics		Parametric test (large firms − small firms)		Non-parametric test (large firms − small firms)
		Small firms (n = 16)	Large firms (n = 24)	F	Sig.	Mann–Whitney U test	Z	Sig.
AR	t0	−2.479	−.638	.971	.331	171	−.580	.562
	t1	−1.358	−.927	.388	.537	136	−1.546	.122
	t2	−2.230	−.894	1.286	.264	150	−1.160	.246
	t3	−.553	.191	.526	.473	158	−.939	.348
	t4	−.267	−.591	.361	.551	184	−.221	.825
	t5	−.505	−1.218	.297	.589	177	−.414	.679
	t6	−1.184	1.420	3.110	.086	140	−1.436	.151
	t7	−.359	.3944	.830	.368	188	−.110	.912
	t8	.945	−.452	1.850	.182	140	−1.436	.151
	t9	.215	−.2713	.500	.484	176	−.442	.659
	t10	−.431	−.294	.036	.850	175	−.469	.639
CAR	t0 − t1	−3.838	−1.550	2.631	.113	163	−0.989	.323
	t0 − t2	−6.068	−2.446	4.156	.048*	122	−2.085	.037*
	t0 − t3	−6.622	−2.258	4.941	.032*	145	−1.47	.142
	t0 − t4	−6.889	−2.904	3.402	.073	155	−1.203	.229
	t0 − t5	−7.395	−4.117	1.352	.252	147	−1.417	.157
	t0 − t10	−8.209	−3.464	2.076	.158	177	−0.615	.539
	t0 − t20	−8.860	−3.800	2.152	.150	177	−0.615	.539
	t0 − t30	−8.909	−3.802	1.662	.205	164	−0.962	.336

^*p < .05.

^**p < .01.

^***p < .001.