Literature Review Women on boards and in TMTS and firm performance140 Panel A Pre Crisis 0 0 1 0 0 1 1 1 5 1 5 5 Panel B Crisis 0 0 1 0 0 1 1 1 5 1 5 5 Panel C Post Crisis 0 0 1 0 0 1 1 1 5 1 5 5 Table 5 5 Event study Banks abnormal stock returns in different periods Event window 0 03 0 08 0 09 0 20 0 24 0 27 0 86 1 06 1 59 1 78 0 58 2 35 0 08 0 40 0 18 0 50 1 08 1 62 Cumulative abnormal return mean 0 30 0 35 0 22 0 20 0 21 0 07 0 89 1 42 0 98 0 77 1 21 2 16 0 05 0 40 0 20 0 56 0 57 1 19 median 0 160 0 305 0 250 0 559 0 566 0 491 1 697 1 418 2 360 2 092 0 596 1 294 0 443 1 689 0 673 1 626 3 268 3 453 t value t test 0 293 0 162 0 113 0 389 0 365 0 388 1 532 1 076 2 196 1 798 0 492 1 065 0 258 1 635 0 631 1 769 3 328 3 505 z score Boehmer 0 856 0 407 0 330 0 108 0 203 0 257 2 703 2 588 3 485 3 398 1 610 2 612 0 728 2 066 0 787 1 909 2 549 3 104 Corrado 1 109 0 140 0 654 0 163 0 397 0 140 1 845 1 845 2 144 2 313 0 562 1 706 0 948 1 960 1 285 2 174 2 664 3 638 z score Wilcoxon Signed Rank 44 44 44 44 44 44 49 49 49 49 49 49 117 117 117 117 117 117 N 0 0 1 0 0 1 1 1 5 1 5 5 Event window 0 04 0 48 0 27 0 70 1 32 1 89 Difference Panel B Panel C mean 0 137 1 147 0 547 1 278 2 205 2 258 t value t test Difference Panel B Panel C median 0 25 0 05 0 27 0 36 0 36 1 12 0 044 1 060 0 248 1 125 1 477 2 282 z score Wilcoxon Rank Sum test This table presents cumulative abnormal stock returns of banks over several event windows around the layoff announcement date Ab normal stock returns are computed using the market model Panel A reports cumulative abnormal stock returns for announcements during the pre crisis period Jan 2004 to Nov 2007 Panel B reports cumulative abnormal stock returns for announcements during the period of the financial crisis Dec 2007 to June 2009 Panel C reports cumulative abnormal stock returns for announcements during the post crisis period July 2009 to Dec 2014 T test and Boehmer test are applied as parametric tests Corrado and Wilcoxon signed rank test are applied as non parametric tests Statistical significance of differences in mean and median values between Panel A 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 Layoffs and shareholder wealth

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 140
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