AR | Firms with Positive Potentials | Firms with Negative Potentials | ||||||||||
Day | MKT Model | MADJ Model | FF Model | MKT Model | MADJ Model | FF Model | ||||||
−7 | 0.08% | 0.26% | 0.11% | −0.28% | ** | −0.31% | ** | −0.26% | ||||
−6 | −0.07% | −0.01% | −0.11% | −0.32% | *** | −0.38% | *** | −0.32% | *** | |||
−5 | 0.15% | 0.39% | 0.09% | −0.76% | *** | −0.77% | *** | −0.69% | ||||
−4 | 0.34% | * | 0.43% | ** | 0.36% | −0.24% | * | −0.32% | ** | −0.24% | ||
−3 | 0.78% | *** | 0.78% | *** | 0.70% | ** | −0.21% | * | −0.24% | * | −0.21% | *** |
−2 | 0.20% | ** | 0.34% | *** | 0.11% | ** | −0.75% | *** | −0.82% | *** | −0.68% | ** |
−1 | −0.10% | 0.13% | −0.12% | −1.41% | *** | −1.46% | *** | −1.40% | *** | |||
0 | 2.71% | *** | 2.79% | *** | 2.67% | ** | −2.83% | *** | −2.84% | *** | −2.86% | *** |
1 | 0.18% | 0.27% | 0.26% | * | −1.14% | *** | −1.18% | *** | −1.11% | *** | ||
2 | 0.01% | 0.09% | 0.03% | −0.24% | ** | −0.26% | ** | −0.27% | ** | |||
3 | −0.05% | 0.03% | 0.01% | 0.25% | * | 0.20% | 0.28% | |||||
CAR | Firms with Positive Potentials | Firms with Negative Potentials | ||||||||||
Days | MKT Model | MADJ Model | FF Model | MKT Model | MADJ Model | FF Model | ||||||
(−60, −1) | 3.78% | *** | 10.01% | *** | 2.89% | ** | −7.11% | *** | −10.82% | *** | −7.08% | *** |
(−30, −1) | 1.64% | ** | 4.85% | *** | 1.37% | * | −6.23% | *** | −8.20% | *** | −5.95% | *** |
(−7, −1) | 1.39% | *** | 2.32% | *** | 1.16% | −3.97% | *** | −4.32% | *** | −3.80% | *** | |
(0, 0) | 2.71% | *** | 2.79% | *** | 2.67% | ** | −2.83% | *** | −2.84% | *** | −2.86% | *** |
(+1, +3) | 0.13% | 0.40% | 0.29% | −1.13% | *** | −1.24% | *** | −1.10% | ** | |||
N | 101 | 101 | 101 | 503 | 503 | 503 |