Literature Review Women on boards and in TMTS and firm performance138 0 0 1 0 0 1 1 1 5 1 5 5 Event window 0 43 0 82 0 85 1 24 0 66 0 0257 Difference Panel B Panel C mean 1 322 1 834 1 832 2 273 1 080 2 544 t value t test Difference Panel B Panel C median 0 08 0 60 0 03 0 59 0 84 0 0188 1 068 2 166 0 600 1 796 1 943 2 482 z score Wilcoxon Rank Sum test This table presents cumulative abnormal stock returns of banks over several event windows around the layoff announcement date Abnor mal stock returns are computed using the market model Panel A reports cumulative abnormal stock returns for the total sample Panel B reports cumulative abnormal stock returns for proactive layoff strategies Panel C reports cumulative abnormal stock returns for reactive layoff strategies T test and Boehmer test are applied as parametric tests Corrado and Wilcoxon signed rank test are applied as non parame tric tests Statistical significance of differences in mean and median values between Panel B and C is tested with parametric standard t test and Wilcoxon rank sum test and denote statistical significance at the 1 5 and 10 level Panel A total sample 0 0 1 0 0 1 1 1 5 1 5 5 Panel B proactive layoff strategies 0 0 1 0 0 1 1 1 5 1 5 5 Panel C reactive layoff strategies 0 0 1 0 0 1 1 1 5 1 5 5 Table 5 4 Event study Banks abnormal stock returns by underlying strategy Event window 0 25 0 45 0 45 0 65 0 69 1 39 0 05 0 06 0 05 0 06 0 37 0 16 0 48 0 88 0 89 1 30 1 03 2 73 Cumulative abnormal return mean 0 16 0 50 0 27 0 55 0 44 1 17 0 09 0 30 0 26 0 26 0 11 0 33 0 17 0 90 0 29 0 85 0 95 2 21 median 1 561 2 008 1 952 2 368 2 250 2 724 0 229 0 193 0 155 0 156 0 982 0 250 1 878 2 577 2 499 3 108 2 111 3 402 t value t test 1 280 1 726 1 732 2 137 2 131 2 521 0 419 0 510 0 518 0 603 0 750 0 309 1 373 1 941 1 931 2 479 2 166 3 107 z score Boehmer 2 096 2 741 2 243 2 859 2 348 3 384 0 966 0 823 1 169 1 069 0 049 0 451 2 120 3 240 2 124 3 156 3 578 4 601 Corrado 2 167 2 552 2 236 2 857 2 424 3 474 0 945 0 579 1 338 1 002 0 540 1 054 2 119 2 952 1 875 3 034 2 617 3 633 z score Wilcoxon Signed Rank 210 210 210 210 210 210 109 109 109 109 109 109 101 101 101 101 101 101 N Layoffs and shareholder wealth

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 138
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