Robust examination of political structural breaks and abnormal stock returns in Egypt

Future Business Journal

Table 1 Wilcoxon rank-sum test (asymptotic significance at two tails)

Company	Method 1: market model (SAR) before and after the event	Method 2: mean-adjusted model (SAR) before and after the event	Method 3: market-adjusted model (SAR) before and after the event
Amer Group Holding	0.046	0.015	0.043
Arab Cotton Ginning	0.485	0.200	0.258
Arab Polvara Shipping & Weaving	0.014	0.001	0.006
Arab Real Estate Investment Co.,	0.182	0.054	0.159
Arabia Investments, Development	0.174	0.067	0.191
Commercial International Bank	0.218	0.381	0.551
Eastern Tobacco	0.469	0.709	0.082
Egyptian Financial Group Hermes	0.012	0.001	0.026
Egyptian Kuwaiti Holding	0.107	0.037	0.174
Egyptians For Investment & Urban Development	0.008	0.0001	0.003
El Kahera Housing	0.316	0.030	0.341
El Wadi Co. For Touristic Investment	0.001	0.0005	0.012
ELSWEDY ELECTRIC	0.424	0.159	0.713
Ezz Steel	0.107	0.055	0.082
Global Telecom Holding	0.949	0.269	0.990
Juhayna Food Industries	0.218	0.909	0.055
Maridive & oil services	0.657	0.376	0.869
Medical Packaging Company	0.0005	0.0002	0.0004
Medinet Nasr Housing	0.118	0.770	0.131
Orascom Telecom Media & Technology	0.007	0.001	0.014
Palm Hills Development Company	0.012	0.001	0.005
Pioneers Holding	0.020	0.005	0.008
Remco For Touristic Villages Co	0.395	0.242	0.292
Sidi Kerir Petrochemicals	0.929	0.209	0.228
SODIC	0.066	0.003	0.025
South Valley Cement	0.062	0.008	0.066
T M G Holding	0.015	0.354	0.280
Telecom Egypt	0.304	0.118	0.585
United Housing & Development	0.101	0.849	0.101
Upper Egypt Contracting	0.016	0.001	0.012