A Study of Network Negative News Based on Behavioral Finance Analysis of Abnormal Fluctuation of Stock Price

Table 2

Descriptive analysis of abnormal returns.

Time (day)	Number of samples	Maximum	Minimum	Average	Standard deviation
T − 10	218	0.1433	−0.0771	0.0030	0.0259
T − 9	218	0.1082	−0.0989	0.0004	0.0285
T − 8	218	0.1566	−0.1155	0.0011	0.0262
T − 7	218	0.1339	−0.0758	0.0037	0.0278
T − 6	218	0.1031	−0.1157	0.0013	0.0243
T − 5	218	0.1102	−0.1155	0.0005	0.0280
T − 4	218	0.1235	−0.1155	−0.0002	0.0285
T − 3	218	0.0968	−0.1026	0.0010	0.0291
T − 2	218	0.1726	−0.1051	0.0018	0.0295
T − 1	218	0.1179	−0.1016	0.0003	0.0305
T	218	0.0746	−0.1035	−0.0025	0.0308
T + 1	218	0.0953	−0.0925	−0.0051	0.0304
T + 2	218	0.1000	−0.0782	−0.0044	0.0307
T + 3	218	0.1051	−0.0685	−0.0017	0.0293
T + 4	218	0.1080	−0.0912	0.0036	0.0307
T + 5	218	0.0899	−0.1148	−0.0009	0.0272
T + 6	218	0.1179	−0.0800	0.0030	0.0277
T + 7	218	0.1151	−0.1150	0.0036	0.0271
T + 8	218	0.0999	−0.1264	−0.0009	0.0260
T + 9	218	0.1001	−0.0942	−0.0034	0.0261
T + 10	218	0.0963	−0.0760	−0.0003	0.0238