Stock Prices’ Variability around Earnings Announcement Dates at Karachi Stock Exchange

Table 1

Abnormal returns around earnings announcement.

Day	AR	Cumulated Abnormal Returns; (CAR)	𝑡-statistic; for AR
−5	0.0572	0.0573	2.4535
−4	0.0556	0.1129	2.2542
−3	0.0622	0.1752	2.3102
−2	0.0677	0.2428	2.4183
−1	0.0664	0.3092	2.1180
0	0.0657	0.3750	2.1156
1	0.0462	0.4212	1.6614
2	0.0549	0.4761	1.8117
3	0.0654	0.5415	1.7813
4	0.0658	0.6073	1.9119
5	0.0669	0.6741	1.9032
	CAR−5,1=0.4212
	𝑡-statistic = 2.0720