Table 2 Cumulative abnormal returns for each event in different windows
Company | Event category | Event window | |||||
|---|---|---|---|---|---|---|---|
[0,0] | [− 1,1] | [− 2,2] | [− 5,5] | [0,1] | [0,3] | ||
FRMO Corporation | Investment (N = 21) | − 5.3 | 3.5 | 3.5 | 3.2 | 3.2 | − 0.1 |
AMC Entertainment Holdings | − 5.8 | − 3.1 | − 3.1 | − 0.8 | − 0.8 | 5.6 | |
JPMorgan Chase & Co | − 2.5 | − 2.4 | − 2.4 | − 2.9 | − 2.9 | 6.4 | |
Mastercard Incorporated | 0.5 | 1.4 | 1.4 | − 1.0 | − 1.0 | − 1.7 | |
Meitu | − 4.5 | 2.0 | 2.0 | − 3.2 | − 3.2 | − 3.6 | |
MercadoLibre | 0.6 | − 6.4 | − 6.4 | − 4.4 | − 4.4 | − 13.1 | |
MercadoLibre_2 | 4.1 | 0.7 | 0.7 | − 1.7 | − 1.7 | − 3.5 | |
Metromile | − 3.2 | − 36.6 | − 36.6 | − 30.9 | − 30.9 | − 42.5 | |
MicroStrategy Incorporated | 10.4 | 10.5 | 10.5 | 11.1 | 11.1 | 11.8 | |
Méliuz S.A | − 1.9 | − 0.2 | − 0.2 | 3.2 | 3.2 | − 4.9 | |
NEXON Co | 0.0 | − 0.5 | − 0.5 | − 0.2 | − 0.2 | 3.0 | |
Oracle Corporation | 0.5 | 2.9 | 2.9 | 3.5 | 3.5 | 6.7 | |
Phunware | 11.1 | 20.5 | 20.5 | 13.4 | 13.4 | 1.0 | |
Ruffer Investment Company Limited | − 1.3 | 0.0 | 0.0 | 1.9 | 1.9 | 3.3 | |
Aker ASA | − 1.5 | − 1.2 | − 1.2 | − 2.5 | − 2.5 | − 2.6 | |
Tesla | 0.4 | − 1.7 | − 1.7 | − 8.6 | − 8.6 | − 4.7 | |
The Brooker Group Public Company Limited | 18.5 | 61.4 | 61.4 | 46.2 | 46.2 | 34.9 | |
Townsquare Media | − 6.1 | − 3.3 | − 3.3 | − 0.4 | − 0.4 | 2.6 | |
BlackRock | 0.4 | 1.9 | 1.9 | 1.4 | 1.4 | 6.4 | |
Block | 1.3 | 2.8 | 2.8 | − 2.4 | − 2.4 | 10.1 | |
Globant S.A | 0.2 | − 2.1 | − 2.1 | − 2.8 | − 2.8 | − 1.0 | |
Avg. of "Investment" | 0.76 | 2.39 | 2.39 | 1.05 | 1.05 | 0.67 | |
Microsoft Corporation | Acceptance as Means of Payment (N = 12) | 0.1 | 1.0 | 1.0 | 0.7 | 0.7 | − 0.6 |
AT&T Inc | 1.2 | 1.5 | 1.5 | 1.1 | 1.1 | 5.2 | |
Newegg Commerce | − 5.9 | − 3.9 | − 3.9 | − 8.9 | − 8.9 | − 11.3 | |
Overstock.com | − 0.9 | − 0.6 | − 0.6 | − 4.8 | − 4.8 | − 5.1 | |
PayPal Holdings | 0.5 | − 0.1 | − 0.1 | 1.7 | 1.7 | 1.2 | |
Rakuten Group | − 0.3 | − 0.8 | − 0.8 | 3.0 | 3.0 | 4.5 | |
Restaurant Brands International Inc | − 2.6 | − 1.8 | − 1.8 | − 3.9 | − 3.9 | − 5.1 | |
Starbucks Corporation | − 1.6 | − 4.1 | − 4.1 | − 3.1 | − 3.1 | 0.9 | |
Visa Inc | 1.1 | 1.4 | 1.4 | − 0.4 | − 0.4 | 2.1 | |
Xiaomi Corporation | − 1.2 | 1.8 | 1.8 | 3.8 | 3.8 | 0.7 | |
BMW | 2.5 | 2.0 | 2.0 | 0.7 | 0.7 | − 0.2 | |
Chipotle Mexican Grill | − 1.3 | − 1.9 | − 1.9 | 0.2 | 0.2 | 1.6 | |
Avg. of "Acceptance as means of payment" | − 0.73 | − 0.45 | − 0.45 | − 0.82 | − 0.82 | − 0.52 | |
Tesla_Out | Divestment (N = 2) | 0.4 | − 2.2 | − 2.2 | 0.7 | 0.7 | 2.6 |
Ruffer_Out | 0.2 | 0.2 | 0.2 | 0.0 | 0.0 | − 2.1 | |
Avg. of "Divestment" | 0.32 | − 1.00 | − 1.00 | 0.35 | 0.35 | 0.26 | |
Avg. of all categories | 0.22 | 1.22 | 1.22 | 0.37 | 0.37 | 0.24 | |