Table 5.

BMP test statistics for different lengths of the event window

	Full sample
	2 Apr	3 Apr	6 Apr	7 Apr	8 Apr	9 Apr	14 Apr
Average cumulative st. abnormal return	0.6636	− 2.0294	− 1.4901	0.5268	− 0.4456	0.5085	− 1.0488
Test statistic tBMP	1.4823	− 3.1984	− 1.9120	0.5834	− 0.4397	0.4561	− 0.8670
Cumulative distribution function (%)	93.0871	0.0691	2.7941	72.0200	33.0082	67.5850	19.2972
Significance of negative st. abnormal return		***	**

	Reduced sample
	2 Apr	3 Apr	6 Apr	7 Apr	8 Apr	9 Apr	14 Apr
Average cumulative st. abnormal return	3.3784	0.1056	− 0.4358	1.1337	0.6584	1.6642	− 0.3047
Test statistic tBMP	6.7102	0.1480	− 0.4972	1.1163	0.5777	1.3273	− 0.2240
Cumulative distribution function (%)	100.0000	55.8815	30.9510	86.7863	71.8271	90.7803	41.1391
Significance of negative st. abnormal return

	Residual sample
	2 Apr	3 Apr	6 Apr	7 Apr	8 Apr	9 Apr	14 Apr
Average cumulative st. abnormal return	− 0.3545	− 2.8300	− 1.8854	0.2993	− 0.8596	0.0751	− 1.3278
Test statistic tBMP	− 0.7520	− 4.2358	− 2.2975	0.3147	− 0.8055	0.0640	− 1.0424
Cumulative distribution function (%)	22.6034	0.0011	1.0794	62.3522	21.0252	52.5509	14.8602
Significance of negative st. abnormal return		***	**

Test statistics are calculated according to Formula (7). Each column represents the event window starting from 2 April and ending on the day reported in the header of the column. ***, ** and * represent a confidence level lower than 1%, 5% and 10% for the significance of negative abnormal return, respectively

Source own calculations