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Obs. [-15,0] [+1,+15] [15,+15] June/July event windows All 356 -0.0009 -0.0007 -0.0016 (-0.3045) (-0.275) (-0.4589) (a) Past winners >0 252 0.0053 -0.0030 0.0023 (1.6188) (-1.1007)

Obs. [-15,0] [+1,+15] [15,+15]

June/July event windows

All

356

-0.0009 -0.0007 -0.0016
(-0.3045) (-0.275) (-0.4589)

(a)

Past winners

>0

252 0.0053 -0.0030 0.0023
(1.6188) (-1.1007) (0.622)

Past losers

<0

104 -0.0161** 0.0050 -0.0111
(-2.3562) (1.0258) (-1.406)

(b)

Past winners in up-markets

>0 &>0

206

0.0030** -0.0036 -0.0003
(0.9206) (-1.3979) (-0.0877)

Past winners in down-markets

>0 &<0

46

0.0159 -0.0005 0.0159
(1.4698) (-0.047) (1.6106)

Past losers in up-markets

<0 &>0

50

-0.0248*** 0.0042 -0.0186
(-2.5347) (0.668) (-1.8503)

Past losers in down-markets

<0 &<0

54 -0.0081* 0.0058 -0.1774
(-0.8523) (0.7739) (-6.3816)

this tables above is CAARs for event windows [-15,0], [+1,+15] and [15,+15] together with their t-statistics and help me to indication of their statistical significance. please help me to indicate significance in section B at 10%,5%, and 1% level are respectively indictedby*, ** and ***. please help

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