We estimate the abnormal returns and cumulative abnormal returns
in the event window and report the results in Table 3.
Cumulative abnormal return
means that the return in year 2 includes the return over the 2-year period, not just year 2 alone.
where ACARpt is the average CAR for portfolio p, Z represents the test periods and CAR is the cumulative abnormal return
for portfolio p.
2006), I find that the average bidder also experiences positive abnormal returns around the announcements of stock-financed acquisitions of subsidiaries with a cumulative abnormal return
Second, we discuss the information value difference of different patent lawsuit sources in a competitive environment and determine the financial factors affecting cumulative abnormal returns
of different lawsuit sources.
i,30]: cumulative abnormal return
from 14 days before until 30 days after each change i;
The methodology made use of a unit root test for the daily and cumulative abnormal returns
to test the free-rider problem hypothesis.
i] is the two-month cumulative abnormal return
for bank i.
Table 2: Univariate Analysis of Cumulative Abnormal Returns
N CAR(-1,1) CAR(-5,5) N Earnings 43 -.
Dependent variable is cumulative abnormal return
in thousands USD; t-statistics are in parentheses.
The abnormal returns are cumulated to obtain the cumulative abnormal return
(CAR), and shown in Table 3.
Average Abnormal Return, Cumulative Abnormal Return
and the t-statistics for Trading and Services Sector APPENDICES AAR CAR Event Period AAR t-statistics CAR t-statistics -17 0.