Delta, United, and American Airlines announced purchases of planes on July 18 (7/18), February 12 (2/12), and October 7 (10/7), respectively. Delta United Market Company Market Company Date Return Return American Market Company Date Return Return Date Return 7/12 Return -34 -47 2/8 -83 -1.06 10/1 .54 27 7/13 .00 .24 2/9 -93 -1.06 10/2 44 7/16 .67 .54 .80 2/10 .44 .18 10/3 1.14 1.14 7/17 -.54 28 2/11 .64 1.66 10/6 14 -1.14 7/18 -2.13 1.25 2/12 -.34 -.07 10/7 -2.24 7/19 -28 -88 -62 2/15 1.14 1.70 10/8 154 54 7/20 -.93 -1.09 2/16 .54 54 10/9 -34 18 7/23 .74 47 2/17 -34 18 10/10 34 -.08 7/24 .24 .09 2/18 34 17 10/13 .00 -14 Given the above information, calculate the cumulative abnormal return (CAR) for these stocks as a group. All of the stocks have a beta of 1 and no other announcements are made. (A negative answer should be indicated by a minus sign. Leave no cells blank - be certain to enter "O" wherever required. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Days from announcement Abnormal returns (R-RM) Average abnormal Delta United American Sum return -3 -2 1 0 1 2 3 Cumulative abnormal return