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indicated by * (5%) and **(1%) just like how All,winners and losers section please help me to inncluded correct asterisks indicating significance levels for the

indicated by * (5%) and **(1%)

just like how All,winners and losers section please help me to inncluded correct asterisks indicating significance levels for the CLNY trading day regression for

big, small, big winner, big loser, small winner, small loser

Stock specification Obs. CLNY trading day event window
[-5,0] [+1,+10] [5,+10]

CLNY event CAARs (t-stats)

All

887

-0.032% -0.361%* -0.393%
(-0.23907) (-2.3113) (-1.8977)
Big

270

-1.125% -1.528% -2.652%
(-5.6130) (-6.5076) (-8.7393)
Small

262

0.389% 0.916% 1.305%
(1.3823) (2.6372) (2.8768)
Winners (>0)

406

-0.830%** -1.066%** -1.896%**
(-4.0479)** (-4.4709) (-6.0359)
Losers (<0)

481

0.642%** 0.233% 0.875%**
(3.8190) (1.1502) (3.3408)
Big winners

168

-1.520% -1.798% -3.318%
(-5.5244) (-6.6645) (-8.8723)
Big losers

102

-0.473% -1.083% -1.556%
(-1.7880) (-2.5023) (-3.1159)
Small winners

100

-0.355% 0.051% -0.304%
(-0.6745) (0.0799) (-0.3690)
Small losers

162

0.848% 1.450% 2.298%
(2.6993) (3.6492) (4.4646)

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