The Impact of Postponing the Olympics on Stock Markets

Comparing the ACAR of sponsors and matched companies, sponsors have significantly larger median CAR than matched firms at the 5% significance level based on the z-stat in the two-day (0, 1) window of the FF3 model, while the t-stat of the same window is at the 10% level, which is at best borderline significant.

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Unlike Farrell and Frame ( 1997 ), their event studies over the 120-day and 100-day estimation periods detected no significant negative events, but found significant positive ACAR at the 5% level in the five-day (-4, 0) window and marginally significant positive ACAR at the 10% level in the four-day (-3, 0) window.

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