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Does capital market reaction to non-economic factors generate abnormal returns?

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Figure

Fig. 1. Estimation period and event window
Table 1. One sample t-test result for the first period
Table 2 shows that there are abnormal returns on the first date after the event which is -2.627 and on the third date after the event that is -2.079
Table 3. Paired sample t-test result in the
+6

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