20%. A t-test for the equality of the mean EPS figure before and after
the event shows no significant values for any of the six countries,
however. Interestingly, earnings also rise after deletion events, as
shown by Table 12 — by around 20% in the UK and Swedish cases
but only by 1% in the Euro-zone. The results with respect to operational
performance, as measured by EPS, do have to be placed into
context when considering real estate firms. The nature of the cash
flows that real estate companies derive generally displays far greater
stability than in many other industries. Therefore, it is not surprising
that our findings do not display the same magnitude of changes as
observed in some of the mainstream finance literature.