No t-values in Panel B of Table 8.6 are larger than 1.96 in absolute value, which
shows that the B-shares prices do not significantly react to the announcement of
rights approvals at the 5% significance level. By contrast, the t-values in Panel C of
Table 8.6 are below -1.96 or -2.58 for the 20 days after the event date, which
shows significantly negative returns are generated in the 20 days after the
announcement of rights approvals. Therefore, we conclude that the B-shares prices
cannot fully and instantly reflect the information of right approvals at ...
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.