Table 3: Abnormal returns around earnings announcement in domestic/foreign firms.


Domestic companiesForeign companies
DayARCumulative Abnormal Returns (CAR)ARCumulative Abnormal Returns (CAR)

−50.04100.04100.11870.1187
−40.04030.08130.10570.2244
−30.04380.12510.13170.3561
−20.04920.17420.13680.4929
−10.04830.22260.13420.6271
00.04590.26850.13980.7288
10.03420.30260.08630.8135
20.03950.34220.10670.9185
30.05040.39250.11651.0333
40.05060.44320.11751.149
50.05290.49610.12731.2748
C A R 5 , 1 = 0 . 2 6 8 5 C A R 5 , 1 = 0 . 8 1 3 5
𝑡 -statistic = 1.8008 𝑡 -statistic = 2.2523