Panel C of Table 8.2 reports t-tests on the CARs in intervals around the
announcement of bonus approvals. The t-values for the interval of 20 days before
the event date for the small-bonus sample are below -1.96, which suggests that
investors are pessimistic in their anticipation of the small-bonus approvals. The t-
values for the intervals of 5 and 10 days after the event date for the middle-bonus
sample are below -1.95 or -2.58, which indicates that investment in the middle-
bonus stocks gains significantly negative returns after the announcement dat ...
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