Research Article
Stock Prices’ Variability around Earnings Announcement Dates at Karachi Stock Exchange
Table 3
Abnormal returns around earnings announcement in domestic/foreign firms.
|
| Domestic companies | Foreign companies | Day | AR | Cumulative Abnormal Returns (CAR) | AR | Cumulative Abnormal Returns (CAR) |
| −5 | 0.0410 | 0.0410 | 0.1187 | 0.1187 | −4 | 0.0403 | 0.0813 | 0.1057 | 0.2244 | −3 | 0.0438 | 0.1251 | 0.1317 | 0.3561 | −2 | 0.0492 | 0.1742 | 0.1368 | 0.4929 | −1 | 0.0483 | 0.2226 | 0.1342 | 0.6271 | 0 | 0.0459 | 0.2685 | 0.1398 | 0.7288 | 1 | 0.0342 | 0.3026 | 0.0863 | 0.8135 | 2 | 0.0395 | 0.3422 | 0.1067 | 0.9185 | 3 | 0.0504 | 0.3925 | 0.1165 | 1.0333 | 4 | 0.0506 | 0.4432 | 0.1175 | 1.149 | 5 | 0.0529 | 0.4961 | 0.1273 | 1.2748 | | | | | -statistic = 1.8008 | -statistic = 2.2523 |
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