Table 6.

CARs in (0, 20) event window

Index	CAR (17, 32)	T-test	P-value
GSPC	0.010365***	4.4497	0.0002
FCHI	0.007395	0.9891	0.3338
GDAXI	0.006613	0.8187	0.4221
GSPTSE	0.017052***	9.3962	0.00001
HIS	–0.017449	–1.4198	0.1705
KS11	–0.032515**	–2.6623	0.0145
N225	–0.030312***	–2.9368	0.0078
IMOEX.ME	–0.035265***	–4.7087	0.0001
FTSES100	–0.013710*	–1.8728	0.0752
SSEI	–0.003824	–0.1811	0.8581
FII	–0.044939**	–3.5464	0.0019

Source: authors’ calculation

*, **, and *** indicate statistical significance at the 10%, 5%, and 1% level, respectively