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