... explain very little of 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 ... errors with the index values. If part of the next chronological event overlaps with the first, we use the index values from the first event plus or minus the distance in event timebetween the two ... 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...