IOCs NOCs Type Date a Mean t-statistic p-value Mean t-statistic 5 -0.008 -7.670 0.001 0.004 4.516 0.006 10 -0.005 -4.162 0.002 0.009 3.721 0.004 A 15 -0.006 -6.170 0.000 0.010 5.550 0.001 20 -0.006 -5.587 0.000 0.010 6.660 0.001 5 0.005 2.324 0.068 0.014 4.933 0.004 10 0.006 4.084 0.002 0.015 9.471 0.001 B 15 0.010 5.449 0.000 0.017 10.879 0.001 20 0.007 3.562 0.002 0.017 13.372 0.001 5 0.002 6.657 0.001 0.010 8.572 0.001 10 0.001 2.436 0.035 0.013 10.083 0.001 C 15 0.000 -0.365 0.721 0.014 12.936 0.001 20 -0.001 -0.898 0.380 0.015 15.258 0.001 a Date indicate number of days following the event. Table 5. Cumulative abnormal returns of IOCs and t-test results IOCs in countries that participated IOCs in countries that did not in wars participate in wars Event P-value P-value Mean t-statistics Mean t-statistics period Pr(T>t) Pr(T<t) -5 0.001 0.001 to 0.020 5.728 -0.008 -4.877 *** *** +5 days -5 to 0 0.015 0.004 0.012 3.602 -0.011 -4.947 days ** *** 0 to 5 0.027 0.004 0.009 3.073 0.010 5.197 days ** *** 4. Conclusion
IOCs NOCs Type Date a Mean t-statistic p-value Mean t-statistic A 5 -0.008 -7.670 0.001 0.004 4.516 0.006 10 -0.005 -4.162 0.002 0.009 3.721 0.004 15 -0.006 -6.170 0.000 0.010 5.550 0.001 20 -0.006 -5.587 0.000 0.010 6.660 0.001 B 5 0.005 2.324 0.068 0.014 4.933 0.004 10 0.006 4.084 0.002 0.015 9.471 0.001 15 0.010 5.449 0.000 0.017 10.879 0.001 20 0.007 3.562 0.002 0.017 13.372 0.001 C 5 0.002 6.657 0.001 0.010 8.572 0.001 10 0.001 2.436 0.035 0.013 10.083 0.001 15 0.000 -0.365 0.721 0.014 12.936 0.001 20 -0.001 -0.898 0.380 0.015 15.258 0.001 a Date indicate number of days following the event. Table 5. Cumulative abnormal returns of IOCs and t-test results IOCs in countries that participated in wars IOCs in countries that did not participate in wars Event period Mean t-statistics P-value Pr(T>t) Mean t-statistics P-value Pr(T<t) -5 to +5 days 0.020 5.728 0.001 *** -0.008 -4.877 0.001 *** -5 to 0 days 0.012 3.602 0.015 ** -0.011 -4.947 0.004 *** 0 to 5 days 0.009 3.073 0.027 ** 0.010 5.197 0.004 *** 4. Conclusion
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