22 Journal of Economic Literature,Vol.XXXV (March 1997) TABLE 1 Market Model Good News No News Bad News Event Day AR CAR AR CAR AR CAR -20 093 093 .080 .080 -.107 -107 -19 -177 -084 018 .098 -.180 -286 -18 088 004 012 .110 .029 -.258 -17 024 029 -.151 -041 -.079 -337 -16 -018 011 -019 -.060 -.010 -.346 -15 -.040 -.029 013 -.047 -.054 -.401 -14 .038 008 040 -007 -.021 -.421 -13 056 064 -.057 -.065 .007 -.414 -12 .065 .129 .146 .081 -.090 -.504 069 .199 -.020 061 -.088 -.592 0 028 227 .025 .087 -.092 -.683 .155 382 .115 202 -.040 -724 487654321 057 .438 .070 272 .072 -.652 -010 428 -.106 .166 -.026 -.677 104 532 .026 .192 -.013 -.690 .085 616 -.085 107 164 -.527 .099 .715 040 147 -.139 -.666 .117 .832 036 ,183 .098 -.568 006 838 ,226 409 -.112 -.680 164 1.001 -168 241 -180 -,860 0 .965 1.966 -091 .150 -.679 -1.539 251 2.217 -.008 .142 -.204 -1.743 -014 2.203 .007 .148 .072 -1.672 23456789 -164 2.039 .042 .190 .083 -1.589 -.014 2.024 000 190 .106 -1.483 .135 2.160 -.038 .152 .194 -1.289 -.052 2.107 -.302 -.150 .076 -1.213 .060 2.167 -.199 -.349 .120 -1.093 .155 2.323 -.108 -.457 -.041 -1.134 -008 2.315 -.146 -.603 -.069 -1.203 10 164 2.479 .082 -521 .130 -1.073 11 -081 2.398 .040 -.481 -.009 -1.082 12 -.058 2.341 246 -235 -.038 -1.119 13 -165 2.176 .014 -,222 .071 -1.048 14 -.081 2.095 -.091 -,312 019 -1.029 1 -.007 2.088 -.001 -,314 -.043 -1.072 16 .065 2.153 -.020 -.334 -.086 -1.159 17 081 2.234 017 -317 -050 -1.208 1 172 2.406 054 -.263 .066 -1.142 1 -.043 2.363 119 -144 -.088 -1.230 20 .013 2.377 094 -050 -028 -1.258