... inside the event window. For the resultsreported in the tables, we start the estimation 150 days prior to the start of the event window, include upto 40 days inside the window, and end the estimation ... announcementson the banks themselves. By first studying the stock price reaction of the troubled banks to the distressannouncements, we can jointly gauge the informativeness of the chosen event dates and the ... view of the aggregate impact of these distress announcements on the relatedfirms, the bottom of Table 4 reports the average CARs across all firms. To create the average, we firstestimate the market...