Empirical results of cumulative average abnormal returns (CAAR
) following share repurchase announcement programmes indicate that the results vary across different countries.
Conners'Adult ADHD Rating Scales (CAARS
) technical manual.
Then the daily AARs were aggregated across the different event periods to obtain CAARs
for each fund.
In both panels, the CAARs
and SCAARs for targets with inefficient management are positive and significant at the 1% level for all windows.
Looking at Table 5, Panel A, p-values are shown for the difference between the CAARs
during an expansion and contraction period.
ADHD symptomatology was measured by the CAARS
, because it provides scores on continuum dimensions rather than other ADHD questionnaires that classify individuals into two categories (having or having not ADHD).
Six of the subjects evaluated had to be eliminated because they obtained a score of T>65 on the inattention subscale, the hyperactivity/impulsivity subscale and/or the ADHD total symptoms on Conners' Adult ADHD Rating Scale (CAARS
To find out the impact of leverage on CAARs
, the study starts preliminary investigation by presenting descriptive statistics in the following table with primary focus on CAARs
The average of CARs of all the companies is called as cumulative average abnormal returns (CAAR
The cumulative average abnormal returns (CAARs
) are positive and statistically significant for all event windows around the announcement date.