non-parametric statistics suggests that the distribution of B-shares returns is
asymmetric in the period surrounding the announcement of zero-dividend
approvals.
Furthermore in Panel C of Table 7.4, none of the B-shares t-statistics on CARs
in intervals are statistically significant at conventional levels, except for the
intervals of 20 days after and 41 days around the announcement date in the mean
adjusted model section. These t-statistics coincide with the CARs in Panel A of
Table 7.4, which show that the cumulative abnormal returns are relatively small in
the market adjusted model and the market
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month, and much more.