Ace. Pharmaceutical announced FDA approval for a new drug on December 3. West.Drug Co. announced approval for its new drug on December 5. No other information was released that would affect returns over the period. What is the combined cumulative abnormal return for the 5 day period commencing 2 days prior to the approval announcement date? Use the following data to answer this question. No trading occurred on December 6th and 7th.

Date 1-Dec 2-Dec 3-Dec 4-Dec 5-Dec 8-Dec 9-Dec Market 030% 020% 010% 000% -0.10% 0.10% -0.20% Ace Returrn 0.10% 0.20% 070% 050% -0 . 40% -0.30% -0.10% West Return 010% -0.20% 030% 0.20% 0.40% -0.10% -0 . 20%