Delta, United, and American Airlines announced purchases of planes on July 18 (7/18), February 12 (2/12), and October 7 (1077), respectively. Delta United American Market Company Market Company Market Company Date Return Return Date Return Return Date Return Return 7/12 - 34 - 47 2/8 -.83 -1.06 10/1 .54 .27 7/13 .00 24 2/9 -.93 -1.06 10/2 44 .67 7/16 .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 -28 7/19 -88 -.62 2/15 1.14 1.70 10/8 .54 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 "0" wherever required. Do not round intermediate calculations and round your answers to 2 decimal places, e... 32.16.) Abnormal returns (Ri RM) United American Delta Days from announcement -4 Sum Average abnormal return Cumulative abnormal return -3 -2 - 1 0 1 2 3 4