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

Table 3

Abnormal returns around earnings announcement in domestic/foreign firms.

	Domestic companies		Foreign companies
Day	AR	Cumulative Abnormal Returns (CAR)	AR	Cumulative Abnormal Returns (CAR)
−5	0.0410	0.0410	0.1187	0.1187
−4	0.0403	0.0813	0.1057	0.2244
−3	0.0438	0.1251	0.1317	0.3561
−2	0.0492	0.1742	0.1368	0.4929
−1	0.0483	0.2226	0.1342	0.6271
0	0.0459	0.2685	0.1398	0.7288
1	0.0342	0.3026	0.0863	0.8135
2	0.0395	0.3422	0.1067	0.9185
3	0.0504	0.3925	0.1165	1.0333
4	0.0506	0.4432	0.1175	1.149
5	0.0529	0.4961	0.1273	1.2748
	CAR5,1=0.2685		CAR5,1=0.8135
	𝑡-statistic = 1.8008		𝑡-statistic = 2.2523