Shareholder response to mass shootings in the United States firearms industry

Figures & data

Table 1. Abnormal returns (AR) of deadliest mass shootings 2007–2013: Ruger, Smith Wesson, Taurus

(1) Shooting	(2) Date of event	(3) Ruger	(4) S & W	(5) Taurus
Virginia Tech	16 April 2007	−0.797% (0.349)	−4.71% (−1.43)	4.87% (1.641)
Binghamton	3 April 2009	1.14% (0.282)	0.838% (0.155)	−1.63% (−0.576)
Fort Hood	5 November 2009	0.000% (−0.002)	1.951% (0.366)	−1.15% (−0.406)
Aurora (Batman)	20 July 2012	0.685% (0.231)	−0.282% (−0.085)	−2.25% (−0.813)
Sandy Hook	14 December 2012	−4.421% (−1.629)	−4.140% (−1.166)	−1.05% (−0.452)
Navy Yard	16 September 2013	−0.142% (−0.637)	−1.940% (−0.730)	0.070% (0.032)

Note: t-statistics are in parentheses.

Table 2. Aggregated abnormal returns (AARs) for combinations of portfolios/events

(1) Relative date	(2) AARs (All) (%)	(3) AARs (VT and SH) (%)	(4) AARs RGR & S & W (%)	(5) AARs RGR & S & W (VT & SH) (%)
−3	−1.10	−0.99	−0.80	−0.76
−2	−0.98	0.03	−1.36	−0.18
−1	0.46	−0.31	0.09	−0.49
0	−0.79	−1.71	−1.09	−3.52**
1	−1.39*	−3.44**	−1.33	−3.24**
2	−0.58	−3.06*	−0.49	−2.80
3	−1.59	−4.50	−2.13	−6.91*
4	2.10***	2.02	2.23**	3.28
5	−0.19	−0.64	−0.48	−0.89
6	0.70	1.68	1.20	2.14
7	0.19	−0.42	0.12	−0.77
8	−1.02***	−0.65	−0.88	−0.59
9	0.31	0.03	0.45	0.77
10	−0.45	0.35	−0.98	0.20

^* Statistically significant at the 0.10 level.

^** Statistically significant at the 0.05 level.

^*** Statistically significant at the 0.01 level.

Table 3. Cumulative aggregated abnormal returns measuring event persistence

(1) Relative date	(2) CAARs (All) (%)	(3) CAARs (VT & SH) (%)	(4) CAARs RGR & S & W (%)	(5) CAARs RGR & S & W (VT & SH) (%)
−3	−0.52	−0.99	−0.80	−0.76
−2	−1.50	−0.95	−2.16	−0.94
−1	−1.04	−1.27	−2.07	−1.43
0	−1.83	−2.98	−3.16**	−4.95***
1	−3.22*	−6.42**	−4.50*	−8.19***
2	−3.80*	−9.48**	−4.99*	−10.99**
3	−5.39*	−13.97**	−7.13**	−17.90*
4	−3.29	−11.96***	−4.90*	−14.62**
5	−3.48	−12.60**	−5.38*	−15.51**
6	−2.78	−10.92*	−4.18	−13.37
7	−2.59	−11.34**	−4.05	−14.14*
8	−3.61	−11.98**	−4.93	−14.73*
9	−3.31	−11.96**	−4.48	−13.96*
10	−3.76	−11.60**	−5.46*	−13.76*

* Statistically significant at the 0.10 level.

** Statistically significant at the 0.05 level.

*** Statistically significant at the 0.01 level.