Table 8.
CARs in (41, 61) event window
| Index | CAR (41, 61) | T-test | P-value |
|---|---|---|---|
| GSPC | –0.010061* | –1.9480 | 0.0649 |
| FCHI | 0.008244 | 0.3381 | 0.7386 |
| GDAXI | 0.066641*** | 2.9579 | 0.0075 |
| GSPTSE | 0.086403*** | 3.5802 | 0.0017 |
| HIS | 0.065723*** | 2.9387 | 0.0078 |
| KS11 | 0.231379*** | 7.4861 | 0.0000 |
| N225 | 0.151319*** | 4.9098 | 0.00007 |
| IMOEX.ME | 0.034533 | 1.6511 | 0.1135 |
| FTSES100 | 0.011788 | 0.5770 | 0.5700 |
| SSEI | 0.023341* | 1.8241 | 0.0824 |
| FII | –0.002909 | –0.0945 | 0.9256 |
Source: authors’ calculation
* and ** indicate significance at the 10% and 5% level, respectively