Table 1: Abnormal returns around earnings announcement.

DayARCumulated Abnormal Returns
(CAR)
𝑡 -statistic
for AR

−50.05720.05732.4535
−40.05560.11292.2542
−30.06220.17522.3102
−20.06770.24282.4183
−10.06640.30922.1180
00.06570.37502.1156
10.04620.42121.6614
20.05490.47611.8117
30.06540.54151.7813
40.06580.60731.9119
50.06690.67411.9032
C A R 5 , 1 = 0 . 4 2 1 2
𝑡 -statistic = 2.0720