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CAR[-20,+3] = at bAE-1 + biAQE1 + boAQE2 + b3AQE3 + bsAQE4 + c:AQCEL + cxAQCE2 + cxAQCE3 + cuAQCE4 + €

Table 7 CAR[-20,+3] = at bAE-1 + biAQE1 + boAQE2 + b3AQE3 + bsAQE4 + c:AQCEL + cxAQCE2 + cxAQCE3 + cuAQCE4 + €

Related Figures (9)

Panel A: Sample for 12-month window
Panel A: Sample for 12-month window
Panel B: Sample for 24-month window
Panel B: Sample for 24-month window
Panel B: Pooled regression analyses of quarterly changes in capital expenditures (Combined N = 70,988 firm/quarters Panel A: Pooled regression analysis of annual changes in capital expenditures (N = 21,549 firm/years)
Panel B: Pooled regression analyses of quarterly changes in capital expenditures (Combined N = 70,988 firm/quarters Panel A: Pooled regression analysis of annual changes in capital expenditures (N = 21,549 firm/years)
Panel A: Pooled regression analysis with 12-month CAR[-8,+3] after controlling for annual earnings changes (N = 21,549 firm/years) Panel B: Pooled regression analysis with 24-month CAR[-20,+3] after controlling for two-year earnings changes (N = 19,771 firm/years)
Panel A: Pooled regression analysis with 12-month CAR[-8,+3] after controlling for annual earnings changes (N = 21,549 firm/years) Panel B: Pooled regression analysis with 24-month CAR[-20,+3] after controlling for two-year earnings changes (N = 19,771 firm/years)
anel B: Annual regression analysis with 24-month CAR[-20,+3] after controlling for two-year earnings changes (N = 19,771 firm/years) Panel A: Annual regression analysis with 12-month CAR[-8,+3] after controlling for annual year earnings changes (N = 21,549 firm/years)
anel B: Annual regression analysis with 24-month CAR[-20,+3] after controlling for two-year earnings changes (N = 19,771 firm/years) Panel A: Annual regression analysis with 12-month CAR[-8,+3] after controlling for annual year earnings changes (N = 21,549 firm/years)
CAR[-20,+3] =a + bAE-1 + biAQE] + bxAQE2 + bs AQE3 + bsAQE4 + c:AQCE1 + coAQCE2 + c3AQCE3 + caAQCE4 + € Panel C: Annual regression analysis with 24-month CAR[-20,+3] after controlling for quarterly earnings changes in the current year and annual earnings changes in the prior year (N = 18,684 firm/years) SLU TS UTMOST] LUW SHUWS LI LULMUCL UL VUCLIIVIMIILD Uldt ALe& VPUSIULVEe ALI SISTIIIVALIL \VUSLULVEe ALE LIDISTILIVAIIL), ALINE LI Db LHD J LUW SHU W ss Ue MULUEL UE VUCLIIVIUIItD that are negative and significant (negative and insignificant). CAR[-8, +3] = market-adjusted security returns accumulated over the 12-month period [-8, +3] ending three months after the fiscal year-end. CAR[-20+3] = market-adjusted security returns accumulated over the 24-month period [-20,+3] ending three months after the fiscal year-end. AE1 = one-year change in earnings per share before extraordinary items and discontinued operations divided by share price at the beginning of the fiscal year. AE2 = two-year change in earnings per share before extraordinary items and discontinued operations divided by share price at the beginning of the prior fiscal year. AE-1 = change in earnings per share before extraordinary items and discontinued operations in the prior year divided by share price at the beginning of the prior fiscal year. UK sc were ae - . ® vas . a - = cf — = me om gota ~~. “2 «ss ws - *: ye oaE * «: * an
CAR[-20,+3] =a + bAE-1 + biAQE] + bxAQE2 + bs AQE3 + bsAQE4 + c:AQCE1 + coAQCE2 + c3AQCE3 + caAQCE4 + € Panel C: Annual regression analysis with 24-month CAR[-20,+3] after controlling for quarterly earnings changes in the current year and annual earnings changes in the prior year (N = 18,684 firm/years) SLU TS UTMOST] LUW SHUWS LI LULMUCL UL VUCLIIVIMIILD Uldt ALe& VPUSIULVEe ALI SISTIIIVALIL \VUSLULVEe ALE LIDISTILIVAIIL), ALINE LI Db LHD J LUW SHU W ss Ue MULUEL UE VUCLIIVIUIItD that are negative and significant (negative and insignificant). CAR[-8, +3] = market-adjusted security returns accumulated over the 12-month period [-8, +3] ending three months after the fiscal year-end. CAR[-20+3] = market-adjusted security returns accumulated over the 24-month period [-20,+3] ending three months after the fiscal year-end. AE1 = one-year change in earnings per share before extraordinary items and discontinued operations divided by share price at the beginning of the fiscal year. AE2 = two-year change in earnings per share before extraordinary items and discontinued operations divided by share price at the beginning of the prior fiscal year. AE-1 = change in earnings per share before extraordinary items and discontinued operations in the prior year divided by share price at the beginning of the prior fiscal year. UK sc were ae - . ® vas . a - = cf — = me om gota ~~. “2 «ss ws - *: ye oaE * «: * an
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