2. Conduct a 21- day event study for the earning announcement for the following three* NY'SE- listed stocks : I; ABM Industries Incorporated | AUNT, the earning announcement was on } June 2013; 2; General Electric Company ( GE ;, the earning announcement Was Only 19 July 2013; and 3; Procter & Gamble Co. ( PG ), the earning announcement was all ! August 2013 . You can follow the textbook section 11. 5 for this exercise . Hints and guides can also be found in question ] in section 11.9 with solution provided in the back of the book . The daily return is computed as ! P ; Phil - 1. You should use market adjusted returns , calculated as returns in the Sect SOO index "Licker* GSPC on Yahoo Finance ; , to calculate Your EXCESS TELLTHIS . a . For each of the 21 days in the analysis , compute I ; average residuals , ? ) the standard deviation of residuals for the three stocks , and 3) normal deviates based on the averages and standard deviations for the three stocks . b . Are average residuals for any of the dates statistically significant at the 95%/'` level? C . Repeat the above analysis for cumulative average residuals