21. CAR (Pre-Event) The t-stats for these windows posted a result between -0.4097 and 0.3899, which underwent hypothesis testing at 95% confidence interval. Null hypothesis was consistently accepted in all cases, since result is in acceptance region (-2.045<t<2.045) and thus proving that there was no significant movement to show abnormal returns during the pre-event period.
22. CAR (Event Announcement) The t-stat test suggests that there are no significant changes to the returns during the event window H 0 Rejected (0.2760) -2.1100% 1 H 0 Rejected (0.5354) -4.0928% 0 H 0 Rejected (0.4831) -3.6934% -1 Result t-stat AR Event Days Single Day Abnormal Return
23. CAR (Post-Event) . The Calculation of the t-stats was the same as in pre event and it ranged from -1.3257 to 0.1766, which goes to show the stability of the company’s returns and its ability to absorb the effect of the events and not show abnormal return