Table 10.
Cumulative average abnormal returns of banking and non-banking sub-samples.
| Event window | BlockFirms | Non-BlockFirms | ||||
| Banking | Non-banking | Welch t | Banking | Non-banking | Welch t | |
| -1 to +1 | 0.010 (0.667) [1.403] |
-0.012 (-0.778) [-1.131] |
0.022 {1.019} |
-0.042*** (-2.809) [-3.292] |
-0.083*** (-3.285) [-4.227] |
0.040 {0.894} |
| -2 to +2 | -0.017 (-0.641) [-0.014] |
-0.023 (-0.641) [-1.536] |
0.006 {0.149} |
-0.096*** (-4.086) [-5.463] |
-0.205*** (-2.713) [-5.781] |
0.109 {0.874} |
| -3 to +3 | 0.009 (0.199) [1.080] |
-0.022 (-0.414) [-0.373] |
0.031 {0.472} |
-0.067** (-2.392) [-4.380] |
-0.232*** (-2.570) [-4.882] |
0.165 {1.082} |
| -4 to +4 | -0.001 (-0.081) [0.523] |
-0.021 (-0.395) [-1.474] |
0.019 {0.304} |
-0.102*** (-2.829) [-5.939] |
-0.265** (-2.535) [-4.894] |
0.163 {0.918} |
| -5 to +5 | -0.016 (-0.402) [-0.918] |
-0.020 (-0.285) [-0.606] |
0.004 {0.052} |
-0.141** (-2.234) [-7.224] |
-0.317*** (-2.868) [-5.762] |
0.176 {0.914} |
| -10 to +10 | -0.007 (-0.144) [-0.481] |
0.037 (0.567) [0.054] |
-0.044 {-0.537} |
-0.186*** (-5.235) [-6.496] |
-0.336** (-2.041) [-1.949] |
0.150 {0.573} |
| -15 to +15 | -0.060 (-1.216) [-0.892] |
0.078 (0.878) [0.866] |
-0.138 {-1.367} |
-0.202*** (-4.279) [-4.971] |
-0.416** (-2.099) [-3.077] |
0.214 {0.667} |
| -30 to +50 | -0.132 (-1.359) [-1.472] |
0.069 (0.662) [-0.578] |
-0.201 {-1.366} |
-0.344*** (-6.213) [-4.315] |
-0.463** (-1.974) [-2.381] |
0.119 {0.327} |
Note: *, **, and *** indicate significance at 10%, 5%, and 1% levels, respectively. Skewness-adjusted t-statistics, adjusted Patell Z-statistics, and Welch t-statistics are reported in (), [], and {}, respectively.