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

Table 2

Abnormal returns around earnings announcement in manufacturing/service companies.

	Manufacturing companies		Services companies
Day	AR	Cumulative Abnormal Returns (CAR)	AR	Cumulative Abnormal Returns (CAR)
−5	0.0553	0.0553	0.0421	0.0421
−4	0.0561	0.1114	0.0424	0.1014
−3	0.0610	0.1724	0.0447	0.1560
−2	0.0676	0.2400	0.0473	0.2127
−1	0.0627	0.3027	0.0501	0.2728
0	0.0629	0.3656	0.0484	0.3308
1	0.0559	0.4215	0.0227	0.3580
2	0.0633	0.4848	0.0292	0.3931
3	0.0693	0.5540	0.0418	0.4475
4	0.0697	0.6237	0.0417	0.4976
5	0.0674	0.6911	0.0464	0.5533
	CAR5,1=0.3656		CAR−5,1=0.3580
	𝑡-statistic = 1.7364		𝑡-statistic = 1.664