Comparative analysis of Average Abnormal Return (AAR) for top positive/negative Abnormal Return (AR) Categories in pharmaceutical and biotechnology sectors based on Table 3 data.

Side-by-side comparison of average abnormal returns (AAR) for the pharmaceutical and biotechnology sectors across the top categories from Table 3, that elicited (a) positive, (b) negative market reactions. Differences in AR are calculated by subtracting pharmaceutical values from biotechnology counterparts. The significance of these differences is determined using a Welch’s T-test, with p-values (one-tailed) indicating the likelihood of the results occurring by chance. Categories where the p-value exceeds 5% are marked in red to denote lower statistical significance.

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