stock repurchase announcements: a test of market ... - Asbbs.org

Quarterly Earnings Announcements
category of firms are significantly different from zero or that there is a visible graphical or
statistical relationship between time and either AER or CAER for each category. See AER and
CAER graphs for the good news and bad news category in Charts 1 through 4 below.
CHART 1:Good News Stocks: AER over Event period
AER
0.025
0.02
0.015
0.01
0.005
0
-0.005
-0.01
-0.015
AER v/s Time
-30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30
CHART 2: Good News Stocks : CAER over event period
CAER
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0
-0.01
CAER v/s time
-30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30
time
CHART 3: Bad News Stocks : AER over Event period
ASBBS E-Journal, Volume 4, No.1, 2008 28
time