What does AR stand for?

First, we test the statistical significance of abnormal returns around the announcements of actual repurchases using Zellner's (1962) seemingly unrelated regression (SUR).

In this study, we investigate abnormal returns to shareholders of bidder firms around the day of M&A announcement for ten emerging Asian markets: China, India, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand.

5) Daily abnormal returns (ARs) for a target firm are calculated by subtracting the local market returns.

In the pre-SOX period, research confirmed the existence of auditor low-bailing and negative abnormal returns were associated with certain auditor changes.

The magnitude of this effect is large: an increase in shorting demand leads to negative abnormal returns of 2.

Nyborg Visiting Associate Professor University of California, Los Angeles Given that the market has had a day to digest Kirk Kerkorian's offer, to evaluate it and reach a consensus regarding GM stock prices, it's doubtful that any abnormal returns are to be had by trading GM now.

To examine any asymmetrical effects of the advertisement event, we test the following hypothesis, stated in the null: H3: The advertisement event had no differential impact on the abnormal returns of client firms possessing different firm-specific characteristics, Tests of shareholder reactions to the events of interest require identification of the clients of E&Y leading up to and during the event periods.

Based on this evidence, there is a widely accepted explanation that abnormal returns are derived from the incentive effects based on the agency theory.