(1)

(2)

CAR(−2, +2)

CAR(0, +5)

Q1

0.004^*

0.001^*

−0.98

(−0.26)

lngov

−0.010^**

−0.005^*

(−2.06)

(−0.89)

RD

0.007^**

0.005^*

−1.11

(−0.59)

size

−0.002^***

0.003^**

(−0.24)

−0.31

cash1

0.000^**

0.008

−0.03

−1.64

lev

0.046^***

0.025^**

−1.76

−0.74

_cons

0.022^***

0.024^**

−0.31

−0.27

N

195

195

r²

0.049

0.028