Table 9.
Cumulative abnormal return in the event window (28, 34).
| Index | CARi (28, 34) | t-Test | p-Value |
|---|---|---|---|
| TPE TAIEX | −0.1419123 *** | −3.664365 | 0.000248 |
| NSEI | −0.0873618 * | −1.798962 | 0.0720247 |
| AXJO | −0.1167886 * | −1.893935 | 0.0582336 |
| ADX | −0.1858343 | −1.353782 | 0.1758059 |
| JKSE | −0.0139353 | −0.250492 | 0.8022069 |
| CAC40 | −0.0373533 | −0.7463557 | 0.4554526 |
| AAXJ | 0.0505535 | 1.008108 | 0.3134028 |
| SZCS | −0.0345424 | −0.839241 | 0.4013341 |
| FTSE100 | −0.0278968 | −0.7244245 | 0.4688052 |
| SET50 | −0.0710598 | −0.8344743 | 0.4040138 |
| IMOEX.ME | −0.1615433 | −1.63697 | 0.1016367 |
| STI | −0.0350006 | −1.032785 | 0.3017044 |
| N225 | −0.0467718 | −1.409184 | 0.1587808 |
| SSEC | 0.0174407 | 0.3435947 | 0.7311511 |
| KOSPI | 0.0083866 | 0.2428905 | 0.8080902 |
| FTMIB | −0.0572362 | −0.9230368 | 0.3559881 |
| GDAXI | −0.0366837 | −0.6212927 | 0.534407 |
| DJIA | 0.0278418 | 0.7289439 | 0.466036 |
| KLSE | −0.0362832 | −1.060241 | 0.289035 |
| HSI | 0.0095766 | 0.1674873 | 0.8669866 |
| GSPTSE | –0.0940138 | –1.412604 | 0.1577721 |
Notes: * Significant at the 10% level. ** Significant at the 5% level. *** Significant at the 1% level.