Table 1: Abnormal returns around earnings announcement.

Day AR Cumulated Abnormal Returns (CAR) -statistic for AR −5 0.0572 0.0573 2.4535 −4 0.0556 0.1129 2.2542 −3 0.0622 0.1752 2.3102 −2 0.0677 0.2428 2.4183 −1 0.0664 0.3092 2.1180 0 0.0657 0.3750 2.1156 1 0.0462 0.4212 1.6614 2 0.0549 0.4761 1.8117 3 0.0654 0.5415 1.7813 4 0.0658 0.6073 1.9119 5 0.0669 0.6741 1.9032 -statistic = 2.0720