Table 5 Panel A: Univariate statistics High Exprop. Home Std Prohibit Variable Mean CAR1 CAR2 Disclosure Exempt Risk Country Dev Disclosure Host Corruption Countries CAR1 -1.90% 5.17% 1.000 CAR2 1.06% 3.76% -0.285 1.000 Disclosure 0.104 0.391 0.086 -0.143 1.000 Exempt 0.115 0.326 0.379 -0.093 -0.098 1.000 High Exprop. Risk Host Countries 0.269 0.452 -0.311 0.291 -0.130 -0.219 1.000 Prohibit Disclosure 0.423 0.504 -0.353 -0.101 0.286 -0.066 -0.169 1.000 Home Country Corruption -1.376 0.937 0.395 0.220 -0.163 0.341 0.249 -0.169 1.000 Low Foreign Assets 0.500 0.510 0.440 0.223 0.151 0.120 0.260 -0.234 0.265 Panel B: Multivariate Regressions Dependent Variable CAR1 CAR2 Predicted Predicted Parameter Coeff t statistic Coeff t statistic Sign Sign Intercept 0.016 1.06 0.012 0.59 + - Disclosure 0.016 1.76* -0.014 -1.61* + - Exempt 0.014 0.33 -0.017 -0.38 + - Low Foreign Assets 0.038 2.69** 0.013 0.92 - + High Exprop. Risk Host Countries -0.059 -4.24** 0.002 0.71 - + Prohibit Disclosure -0.033 -2.25* 0.007 0.15 + - Home Country Corruption 0.020 3.02** 0.014 0.69
Table 5 Panel A: Univariate statistics Variable Mean Std Dev CAR1 CAR2 Disclosure Exempt High Exprop. Risk Host Countries Prohibit Disclosure Home Country Corruption CAR1 -1.90% 5.17% 1.000 CAR2 1.06% 3.76% -0.285 1.000 Disclosure 0.104 0.391 0.086 -0.143 1.000 Exempt 0.115 0.326 0.379 -0.093 -0.098 1.000 High Exprop. Risk Host Countries 0.269 0.452 -0.311 0.291 -0.130 -0.219 1.000 Prohibit Disclosure 0.423 0.504 -0.353 -0.101 0.286 -0.066 -0.169 1.000 Home Country Corruption -1.376 0.937 0.395 0.220 -0.163 0.341 0.249 -0.169 1.000 Low Foreign Assets 0.500 0.510 0.440 0.223 0.151 0.120 0.260 -0.234 0.265 Panel B: Multivariate Regressions Dependent Variable CAR1 CAR2 Parameter Predicted Sign Coeff t statistic Predicted Sign Coeff t statistic Intercept 0.016 1.06 0.012 0.59 Disclosure + 0.016 1.76* - -0.014 -1.61* Exempt + 0.014 0.33 - -0.017 -0.38 Low Foreign Assets + 0.038 2.69** - 0.013 0.92 High Exprop. Risk Host Countries - -0.059 -4.24** + 0.002 0.71 Prohibit Disclosure - -0.033 -2.25* + 0.007 0.15 Home Country Corruption + 0.020 3.02** - 0.014 0.69
HEALY%20OilGas%20October%202015%20v3%201.docx