Table 3.
CARs for the announcement of SDIL on 16th March 2016.
| Event window | A. G. Barr Plc | Britvic Plc | Fever-Tree Drinks Plc | Nichols Plc |
|---|---|---|---|---|
| 1 day (0,0) | −0.028** | −0.021** | −0.015 | −0.071*** |
| (2.206) | (2.238) | (0.559) | (3.883) | |
| 3 days (-1,1) | −0.079*** | −0.044*** | 0.067 | −0.095*** |
| (3.580) | (2.685) | (1.473) | (2.934) | |
| 5 days (-2,2) | −0.074** | −0.030 | 0.117 | −0.086** |
| (2.534) | (1.380) | (1.996) | (2.024) | |
| 7 days (-3,3) | −0.069* | −0.033 | 0.160** | −0.104** |
| (1.966) | (1.303) | (2.288) | (2.039) | |
| 9 days (-4,4) | −0.051 | −0.030 | 0.179** | −0.103* |
| (1.277) | (1.039) | (2.239) | (1.772) | |
| 11 days (-5,5) | −0.041 | −0.017 | 0.185** | −0.093 |
| (0.915) | (0.516) | (2.083) | (1.440) |
Note: GRANK test statistics are given in parenthesis. ***p < .01, **p < .05, *p < .1.