Table 1 Results of Analyses
Study | Cumulative Abnormal Returns (CARs) | GRANK-T Test Statistic (p-value) |
|---|---|---|
Analysis 1 (n = 323) | 3.36% | 2.41 a (0.992) |
Analysis 2 | ||
Oncology (n = 169) | 3.78% | 2.07 a (0.976) |
1985–2005 (n = 67) | 3.47% | 1.09 (0.862) |
2006–2015 (n = 102) | 3.98% | 1.73 (0.958) |
Non-oncology (n = 154) | 2.91% | 1.57 (0.942) |
1985–2005 (n = 67) | 3.28% | 2.17 a (0.985) |
2006–2015 (n = 87) | 2.62% | 0.86 (0.805) |
Analysis 3 | ||
Nano-cap: Market cap <$50 m (n = 40) | 8.87% | 1.02 (0.846) |
Micro-cap: Market cap >$50 m & < $250 m (n = 94) | 4.25% | 1.50 (0.933) |
Small-cap: Market cap >$250 m & < $2b (n = 92) | 0.15% | 0.40 (0.655) |
Mid- & Large-cap: Market cap >$2b (n = 21) | −0.20% | −0.17 (0.433) |