Table 2: Abnormal returns around earnings announcement in manufacturing/service companies.


Manufacturing companiesServices companies
DayARCumulative Abnormal Returns (CAR)ARCumulative Abnormal Returns (CAR)

−50.05530.05530.04210.0421
−40.05610.11140.04240.1014
−30.06100.17240.04470.1560
−20.06760.24000.04730.2127
−10.06270.30270.05010.2728
00.06290.36560.04840.3308
10.05590.42150.02270.3580
20.06330.48480.02920.3931
30.06930.55400.04180.4475
40.06970.62370.04170.4976
50.06740.69110.04640.5533
C A R 5 , 1 = 0 . 3 6 5 6 C A R 5 , 1 = 0 . 3 5 8 0
𝑡 -statistic = 1.7364 𝑡 -statistic = 1.664