Holding days | KOSPI 50 | SSE 50 | ||||
---|---|---|---|---|---|---|
N | Mean | t-test | N | Mean | t-test | |
Panel A: CARs of continuously falling prices and K ≤ 20 emitted | ||||||
Panel A1: Continuously falling prices and K ≤ 20 for 2 days |  |  |  |  |  |  |
 1 | 429 | 0.17% | 1.806* | 295 | 0.26% | 2.243** |
 2 | 429 | 0.27% | 1.796* | 295 | 0.33% | 2.213** |
 3 | 429 | 0.31% | 1.979* | 295 | 0.46% | 2.705*** |
 4 | 429 | 0.15% | 0.893 | 295 | 0.48% | 2.547** |
 5 | 429 | 0.17% | 0.928 | 295 | 0.72% | 3.714*** |
Panel A2: Continuously falling prices and K ≤ 20 for 3 days |  |  |  |  |  |  |
 1 | 117 | 0.08% | 0.524 | 81 | 0.29% | 1.675* |
 2 | 117 | 0.16% | 0.682 | 81 | 0.38% | 1.575 |
 3 | 117 | 0.07% | 0.224 | 81 | 0.42% | 1.493 |
 4 | 117 | 0.19% | 0.586 | 81 | 0.55% | 1.966* |
 5 | 117 | 0.19% | 0.547 | 81 | 0.66% | 2.038** |
Panel A3: Continuously falling prices and K ≤ 20 for 4 days |  |  |  |  |  |  |
 1 | 39 | 0.03% | 0.101 | 19 | − 0.38% | − 1.290 |
 2 | 39 | − 0.11% | − 0.252 | 19 | − 0.13% | − 0.340 |
 3 | 39 | 0.05% | 0.116 | 19 | 0.33% | 0.745 |
 4 | 39 | 0.42% | 0.944 | 19 | 0.40% | 0.717 |
 5 | 39 | 0.56% | 0.838 | 19 | 0.73% | 0.832 |
Holding days | KOSPI 50 | SSE 50 | ||||
---|---|---|---|---|---|---|
N | Mean | t-test | N | Mean | t-test | |
Panel B CARs of continuously falling prices and RSI ≤ 30 emitted | ||||||
Panel B1: Continuously falling prices and RSI ≤ 30 for 2 days |  |  |  |  |  |  |
 1 | 203 | 0.14% | 0.903 | 210 | 0.07% | 0.560 |
 2 | 203 | 0.16% | 0.758 | 210 | 0.20% | 1.259 |
 3 | 203 | 0.51% | 1.973** | 210 | 0.25% | 1.169 |
 4 | 203 | 0.58% | 1.912* | 210 | 0.41% | 1.680* |
 5 | 203 | 0.65% | 1.993** | 210 | 0.52% | 1.881* |
Panel B2: Continuously falling prices and RSI ≤ 30 for 3 days |  |  |  |  |  |  |
 1 | 59 | 0.38% | 1.501 | 51 | − 0.10% | − 0.483 |
 2 | 59 | 0.54% | 1.377 | 51 | 0.18% | 0.500 |
 3 | 59 | 0.25% | 0.577 | 51 | 0.41% | 0.996 |
 4 | 59 | 0.52% | 1.010 | 51 | 0.48% | 1.141 |
 5 | 59 | 0.26% | 0.480 | 51 | 0.62% | 1.337 |
Panel B3: Continuously falling prices and RSI ≤ 30 for 4 days |  |  |  |  |  |  |
 1 | 16 | 0.37% | 0.471 | 19 | − 0.71% | − 1.342 |
 2 | 16 | 0.86% | 0.644 | 19 | − 0.07% | − 0.135 |
 3 | 16 | 0.72% | 0.553 | 19 | 0.37% | 0.398 |
 4 | 16 | 1.12% | 0.794 | 19 | 0.91% | 0.841 |
 5 | 16 | 0.47% | 0.353 | 19 | 1.60% | 1.486 |