[Retracted] M&A Short-Term Performance Based on Elman Neural Network Model: Evidence from 2006 to 2019 in China

Table 3

The AR in window period and fitting result of the five models.

Window period	Actual return (%)	Abnormal return
		Market adjustment method (%)	Market model method (%)	Unary nonlinear model (%)	Unary polynomial model l (%)	Elman (%)
−10	0.20	0.05	0.11	−0.01	−0.02	0.01
−9	0.43	0.26	0.30	0.44	0.15	0.14
−8	0.26	0.25	0.33	0.52	0.08	0.17
−7	0.07	0.09	0.15	0.28	−0.15	−0.04
−6	0.35	0.17	0.21	0.35	0.05	0.05
−5	0.15	0.20	0.33	0.10	0.03	0.03
−4	0.32	0.18	0.27	−0.40	0.08	0.04
−3	0.36	0.35	0.43	0.56	0.20	0.27
−2	0.36	0.33	0.45	0.42	0.10	0.30
−1	1.39	1.19	1.27	1.36	1.11	1.15
0	4.15	3.94	4.00	1.27	3.80	3.86
1	3.14	3.14	3.30	3.36	2.91	3.08
2	2.46	2.25	2.35	2.50	2.14	2.06
3	1.52	1.37	1.42	1.60	1.25	1.15
4	0.89	0.79	0.86	1.07	0.60	0.64
5	0.76	0.65	0.75	0.08	0.38	0.59
6	0.62	0.50	0.58	0.71	0.31	0.49
7	0.08	0.19	0.28	0.34	−0.04	0.13
8	0.33	0.23	0.34	0.26	0.01	0.26
9	0.13	0.11	0.22	0.05	−0.10	0.08
10	0.10	0.05	0.11	−0.21	−0.06	−0.01
CAR	18.07	16.28	18.03	14.65	12.84	14.45
R^2	—	0.2813	0.5346	0.5459	0.0163	0.9950