null hypothesis, if the number of securities is
large. Typically the test is used together with parametric tests.
The test is well-specified for the case, when cross-sectional abnormal
returns are not symmetric. Also this procedure is less sensitive to extreme
returns than the rank test. The significance levels of \(\alpha\) are 0.1,
0.05, and 0.01 (marked respectively by *, **, and ***).</p>
    <h2 class="hasAnchor" id="references"><a class="anchor" href="#references"></a>References</h2>

    <p>Boehmer E