Does the market respond differently to the timing of the announcement of corporate actions?

Figures & data

Table 1. Final sample based on the category and timing of announcement

Category	Type	Total	%
New Product	Development	50	19,46%
	Realization	107	41,63%
System and Technology innovation	Development	50	19,46%
	Realization	50	19,46%
		257	100,00%

Table 2. Descriptive statistics for the development sample group and realization sample group

Variable	Development t (N=100)				Realization (N=157)
	Mean	Min	Max	Std dev	Mean	Min	Max	Std dev
CAR (−5,+5)	0,008	−0,083	0,107	0,036	0,015	−0,066	0,097	0,031
CAR (−2,+2)	0,007	−0,061	0,083	0,025	0,014	−0,049	0,080	0,024
LEV	0,271	0,002	0,622	0,147	0,240	0,002	0,466	0,152
SIZE	10,715	9,433	11,763	0,567	10,719	8,935	11,763	0,647
AGE	1,762	1,279	2,037	0,221	1,777	1,204	2,037	0,215
MSHARE	0,028	0,000	0,223	0,054	0,023	0,000	0,223	0,045
GROWTH	37,564	−1,000	368,68	61,719	22,167	−1,000	149,250	62,050

Table 3. Descriptive statistics per announcement category: new product vs. system and technology innovation

Variable	New Product (N=156)				System and Technology Innovation (N=101)
	Mean	Min	Max	Std dev	Mean	Min	Max	Std dev
CAR (−5,+5)	0,018	−0,071	0,107	0,032	0,002	−0,083	0,086	0,033
CAR (−2,+2)	0,017	−0,031	0,083	0,024	0,003	−0,061	0,057	0,023
LEV	0,250	0,002	0,622	0,153	0,255	0,003	0,622	0,147
SIZE	10,697	8,935	11,763	0,640	10,750	9,433	11,688	0,576
AGE	1,747	1,204	2,033	0,219	1,809	1,279	2,037	0,210
MSHARE	0,029	0,000	0,223	0,053	0,018	0,000	0,223	0,040
GROWTH	30,429	−1,000	368,680	79,189	17,690	−1,000	368,678	60,237

Table 4. Descriptive statistics of full sample

Variable	Full Sample (N=257)
	Mean	Min	Max	Std dev
CAR (−5,+5)	0,012	−0,083	0,107	0,033
CAR (−2,+2)	0,011	−0,061	0,083	0,025
LEV	0,252	0,002	0,622	0,151
SIZE	10,718	8,935	11,763	0,616
AGE	1,771	1,204	2,037	0,217
MSHARE	0,025	0,000	0,223	0,049
GROWTH	29,458	−1,000	368,680	98,256

Table 5. Correlation among variables

	CAR (−5,+5)	CAR(−2,+2)	DUMCAA	DUMCDT	LEV	FSIZE	LOGAGE
CAR (−5,+5)	1
CAR (−2,+2)	0,521(**)	1
DUMCAA	−0,106(*)	−0,128(*)	1
DUMCDT	0,230(**)	0,274(**)	−0,175(**)	1
LEV	−0,176(**)	−0,174(**)	0,101	−0,015	1
FSIZE	−0,214(**)	−0,293(**)	−0,003	−0,041	0,695(**)	1
LOGAGE	−0,065	−0,188(**)	−0,034	−0,139(*)	0,103	0,480(**)	1
MSHARE	−0,061	0,077	0,05	0,114(*)	0,014	0,026	0,067
GROWTH	0,009	0,073	0,081	0,094	0,022	0,009	−0,002
CAR (-5,+5) CAR5 (-2,+2)		MSHARE			GROWTH
DUMCAA
DUMCDT
LEV
FSIZE
LOGAGE
MSHARE		1
GROWTH		291(**)			1

*= Correlation is significance at the 0,05 level (2-tailed)

**= Correlation is significance at the 0,001 level (2-tailed)

Table 6. Mean difference of CAR development and realization for new product category

	Type	N	CAR
			(−5,+5)	(−2,+2)
Mean	Development	50	0,0045	0,0038
	Realization	106	0,0197	0,0183
Significance			0,004***	0,001***

***=significance level <0,01

Table 7. Mean difference of CAR development and realization for system & technology innovation category

	Type	N	CAR
			(−5,+5)	(−2,+2)
Mean	Development	50	0,0008	0,0004
	Realization	51	0,0147	0,0128
Significance			0,056*	0,012**

*= significance level <0,1

**=significance level <0,05

Table 8. Regression (total sample)

Variables	Model without control variables				A model with control variables
	Coef	t-stat	Sig		Coef	t-stat	Sig
DUMCAA	−0,827	−1,354	0,177		−0,156	−2,502	0,116
DUMCDT	0,259	4,244	0,000	***	0,218	3,569	0,000	***
LEV					0,248	2,368	0,019	**
SIZE					−0,412	−3,738	0,000	***
AGE					0,263	2,305	0,022	**
MSHARE					0,058	0,936	0,350
GROWTH					0,039	0,630	0,530
DUMMHK					0,299	2,953	0,003	***
DUMMKO					0,145	2,029	0,044	**
DUMMTA					0,001	0,012	0,990
DUMMCH					0,211	2,085	0,038	**
C	0,050	1,677	0,095	*	0,119	2,528	0,012	**
R2	0,082				0,202
Adj R2	0,074				0,165
F	11,723		0,000	***	5,938		0,000	***