Energy Project Financing : Resources and Strategies for Success

When Firms Publicize Energy Management Projects 125

Dj = the number of trading day returns (220) used to estimate the
parameters of firm j.

Finally, the test statistic for the null hypothesis (H 0 ) that CAART 1 , T 2
equals zero is defined as follows:

ZT 1 ,T 2 = 1⁄ N Σ ZTj 1 ,T 2

j= 1

N

where

ZT 1 ,T 2 = 1⁄ QTj 1 ,T 2 Σ SARjt

t=T 1

T 2

and

(^) QT
1 ,T 2
j = T 2 – T 1 + 1 Dj– 2
Dj– 4