where s(k t ) is the standard deviation of the ranks and calculated by
(4.5.13)
The event days of -1, 0, +1 will be examined by the rank test, respectively. All
of the tests in the event studies are conducted at the 5% or 1% significance level.
4.6 The data
The primary data used in this study are drawn from the database of the Newland
Securities Investment Consulting Company.5 Supplementary data was collected
from the Tianjin Northern International Investment and Trust Corporation,6 the
Shanghai S tockE xchangeA nn ual series, the Shanghai
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