Table 5.

Price reaction of funds for individual events.

Panel A: Stage 1
Fund Type	Sub Category	Average Cumulative Abnormal Returns using GARCH (1, 1) CAPM Specification
		Event A	Event B	Event C
Capital Market	Equities	0,71%**	0,17%**	−2,36%***
	Debt	1,50%***	−0,22%	−0,95%**
Money Market	Treasury	0,89%**	−0,33%*	0,82%**
	Corporates	−0,04%	−0,01%	−0,20%**
Alternative Investments	Private Equity	1,74%	0,85%*	0,86%*
	Real Estate	0,19%**	0,56%**	0,47%**
	Venture Capital	2,90%**	2,45%*	2,58%**
	Social Entrepreneurship	0,92%**	0,34%**	0,79%**
	Infrastructure	0,65%**	0,58%**	0,06%*
Panel B: Stage 2
Fund Type	Sub Category	Average Cumulative Abnormal Returns using GARCH (1, 1) CAPM Specification
		Event D	Event E	Event F	Event G
Capital Market	Equities	−0,71%**	−0,53%***	−0,45%**	−3,72%***
	Debt	−1,38%**	−0,23%***	−3,70%***	−2,67%**
Money Market	Treasury	−0,13%***	−0,50%**	−0,48%	−0,58%***
	Corporates	−0,06%	−0,39%**	−0,41%***	−1,52%***
Alternative Investments	Private Equity	−0,83%	−0,27%	−0,31%	−3,42%
	Real Estate	−0,19%***	−0,18%**	−0,19%***	−1,54%**
	Venture Capital	−2,51%*	−1,80%**	−1,55%	−3,15%*
	Social Entrepreneurship	0,62%***	1,19%***	0,33%**	4,17%***
	Infrastructure	−2,12%*	−0,23%**	0,58%	−2,12%*
Panel C: Stage 3
Fund Type	Sub Category	Average Cumulative Abnormal Returns using GARCH (1, 1) CAPM Specification
		Event H	Event I	Event J	Event K	Event L	Event M
Capital Market	Equities	−1,03%**	−6,68%***	−13,12%***	−8,12%**	−7,52%**	−12,61%***
	Debt	−0,23%**	−1,47%***	−10,45%***	−7,13%**	−7,23%**	−8,14%**
Money Market	Treasury	−0,90%***	−2,69%**	−1,39%***	−1,27%**	−1,38%***	−1,54%**
	Corporates	−0,60%*	−1,37%**	−1,54%***	−1,30%**	−1,25%**	−1,23%**
Alternative Investments	Private Equity	−0,12%	−1,85%	−5,66%	−5,14%	−3,19%	−3,21%
	Real Estate	−0,55%**	−0,45%***	−6,47%***	−3,18%	−2,07%	−2,11%**
	Venture Capital	−2,30%*	−0,47%**	−13,76%**	−8,12%**	−7,60%	−5,03%**
	Social Entrepreneurship	3,57%***	3,49%***	8,09%***	6,34%***	5,07%***	5,85%***
	Infrastructure	−1,42%**	−2,71%***	−3,54%	−3,09%	−2,84%**	−4,19%**
Panel D: Stage 4
Fund Type	Sub Category	Average Cumulative Abnormal Returns using GARCH (1, 1) CAPM Specification
		Event N	Event O	Event P	Event Q
Capital Market	Equities	0,15%**	0,04%**	0,28%***	0,16%**
	Debt	0,08%**	0,04%**	0,35%	0,21%**
Money Market	Treasury	0,05%**	0,17%**	0,09%**	0,03%**
	Corporates	−0,11%	−0,01%	−0,19%	−0,21%
Alternative Investments	Private Equity	0,07%	0,91%	0,55%	0,07%
	Real Estate	0,62%	0,67%	0,41%	0,18%
	Venture Capital	0,09%	0,08%	0,61%	0,71%
	Social Entrepreneurship	1,21%***	1,09%**	1,03%***	1,01%**
	Infrastructure	−0,66%	−0,86%**	−0,89%	−0,73%

*** represents significance at 99%, ** at 95% and * at 90%.