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Date 7/12 7/13 7/16 7/17 7/18 7/19 7/20 7/23 7/24 Market Company Return Return - 35 - 49 00 25 57 85 -57 - 29

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Date 7/12 7/13 7/16 7/17 7/18 7/19 7/20 7/23 7/24 Market Company Return Return - 35 - 49 00 25 57 85 -57 - 29 -2.14 1.26 -89 - 61 - 94 -1.12 75 46 25 08 Market Company Date Return Return 2/8 -.84 -1.08 2/9 -.94 -1.08 2/10 45 .17 2/11 65 1.90 2/12 - 35 -06 2/15 1.15 1.85 2/16 55 155 2/17 - 35 -17 2/18 35 .16 Market Company Date Return Return 10/1 55 .26 10/2 45 _69 10/3 1.15 1.15 10/6 .15 -1.38 10/7 -2.25 - 27 10/8 55 .55 10/9 - 35 -17 10/10 35 -07 10/13 00 -15 Given the above information, calculate the cumulative abnormal return (CAR) for these stocks as a group. (A negative answer should be indicated by a minus sign. Leave no cells blank be certain to enter "0" wherever required. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Abnormal returns (Ri - RM) Days from announcement Delta United American Sum Average abnormal return Cumulative average return -4 -3 -2 -1 0 1 2 3 4

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