累计超额收益率

然而，无形资产减值准备与累计超额收益率并没有显著的线性关系，与预期不符。

However , provision for impairment of intangible assets has no significant relationship with cumulative abnormal return .

本文将采用事件分析法，通过计算各公司的累计超额收益率（CAR）及累计超额收益对并购活动影响股东价值的短期效应进行分析、检验并以会计分析法作为长期定性分析的指标作为参考。

The paper is adopting the case analysis method to analyze , test and refer to the long-term qualitative index through calculating individual company 's CAR and CA and its influence on the stock value .

相反的是在建工程减值准备与累计超额收益率呈显著的正相关关系。

The opposite is the impairment of construction in progress has a significant positive one .

第三，监管部门的处罚公告存在市场反应，股价出现了一定程度的下跌，超额收益率、累计超额收益率在较短时间窗内均持续下降。

Thirdly , the regulatory penalty notice have the market response , stock prices have a certain extent fall , excess returns and cumulative abnormal declining in a short time window .

他们一般选取公告日及前一天或后一天作为公告期，实证研究得出工业类股票公告期的累计超额收益率，即公告效应一般在-3%左右。

They generally chose Notice Day and the day before or the day after a notice period and empirically studied industrial stocks Notice the cumulative surplus yield , or the general effect of notice about the - 3 % .

其次，对因变量（股票累计超额收益率）按照事件研究的步骤进行了设置，同时根据更正报告包含的信息和干扰因素设置了自变量和控制变量。

Secondly , I set up the dependent variable according to the steps of events study , at the same time , I set up independent variables and control variables based on the information contained in the report and factors interfere with .