Table 7.

Rank 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 rank of abnormal returns	0.5784	0.3760	0.4451	0.5436	0.4981	0.5240	0.4921
Test statistic tRANK	0.5423	− 1.2136	− 0.6586	0.6029	− 0.0292	0.4071	− 0.1443
Cumulative distribution function (%)	70.6206	11.2453	25.5074	72.6723	48.8338	65.8031	44.2648
Significance of negative st. abnormal return

	Reduced sample
	2 Apr	3 Apr	6 Apr	7 Apr	8 Apr	9 Apr	14 Apr
Average rank of abnormal returns	0.9508	0.5129	0.4917	0.5649	0.5266	0.5610	0.5163
Test statistic tRANK	2.6303	0.1066	− 0.0839	0.7574	0.3473	0.8720	0.2521
Cumulative distribution function (%)	99.5734	54.2456	46.6561	77.5607	63.5800	80.8391	59.9503
Significance of negative st. abnormal return

	Residual sample
	2 Apr	3 Apr	6 Apr	7 Apr	8 Apr	9 Apr	14 Apr
Average rank of abnormal returns	0.4387	0.3246	0.4276	0.5356	0.4874	0.5101	0.4830
Test statistic tRANK	− 0.4167	− 1.6857	− 0.8529	0.4834	− 0.1912	0.1689	− 0.3050
Cumulative distribution function (%)	33.8456	4.5927	19.6863	68.5598	42.4183	56.7047	38.0195
Significance of negative st. abnormal return		**

Test statistics are calculated according to Formula (12). 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