Event study results show a small and marginally significant positive CAR of 0.76% over the (0, + 2) window (significant at 10% level), with no significant effects in other windows.
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Delay, deny, and defend: Public outrage at health insurance companies and stock market debacle.
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However, our initial results indicate that firms in this category were also significantly affected by public sentiment (with a highly significant and negative abnormal return around this event; results are not reported here).