Stock Prices’ Variability around Earnings Announcement Dates at Karachi Stock Exchange

Table 4

Abnormal returns around earnings announcement in small/medium/large companies.

Day	Small companies		Medium companies		Large companies
	AR	Cumulative Abnormal Returns; (CAR)	AR	Cumulative Abnormal Returns; (CAR)	AR	Cumulative Abnormal Returns; (CAR)
−5	0.1040	0.1040	0.0433	0.0433	0.0234	0.0234
−4	0.1003	0.2043	0.0390	0.0822	0.0269	0.0511
−3	0.1177	0.3219	0.0393	0.1215	0.0318	0.0828
−2	0.1231	0.4450	0.0453	0.1668	0.0358	0.1186
−1	0.1164	0.5614	0.0467	0.2136	0.0346	0.1532
0	0.1261	0.6875	0.0397	0.2533	0.0353	0.1885
1	0.1175	0.8050	0.0409	0.2942	0.0172	0.2057
2	0.1174	0.9225	0.0525	0.3467	0.0287	0.2344
3	0.1120	1.0345	0.0458	0.3925	0.0419	0.2763
4	0.1191	1.1536	0.0384	0.4309	0.0471	0.3234
5	0.1186	1.2722	0.0391	0.4700	0.0495	0.3729
	CAR5,1=0.8050		CAR5,1=0.2942		CAR5,1=0.2057
	𝑡-statistic = 2.0576		𝑡-statistic = 2.0400		𝑡-statistic =1.8292