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The skewness-adjusted t-test, introduced by Hall 1992, corrects the cross-sectional t-test for skewed abnormal return distribution. This test is applicable for averaged abnormal return ($H_0: AAR = 0$), the cumulative averaged abnormal return ($H_0: CAAR = 0$), and the averaged buy-and-hold abnormal return ($H_0: ABHAR = 0$). In the following, we are limited by the situation of cumulative averaged abnormal returns.