... over the short (-1 , +1)window, zero over the (-3 , +3) window, and slightly positive for the (0, +10) period. Moreover, thesesame firms experienced a relatively mild 3-day decline of -0 .3% - while ... of the event. BANKCAR, defined to be the 3-day CARestimate for the distressed bank, acts as a measure of the level of surprise in the distressedannouncement, weighted by the magnitude of the ... the variation in the relatedfirm CARs. The highest adjusted R-squared using the (-1 , +1) CAR is 1.4%, while the highest for the (- 3, +3) CAR is 4.4%. Nevertheless, a certain number of interesting...