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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 American Date

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 American
Date Market Return Company Return Date Market Return Company Return Date Market Return Company Return
7/12 .45 .69 2/8 .94 1.28 10/1 .65 .37
7/13 .00 .35 2/9 1.04 1.28 10/2 .55 .75
7/16 1.68 1.88 2/10 .55 .35 10/3 1.25 1.25
7/17 1.68 1.44 2/11 .75 3.93 10/6 .25 3.17
7/18 2.24 1.14 2/12 .45 .16 10/7 2.35 .42
7/19 .88 .67 2/15 1.25 3.20 10/8 .65 .65
7/20 .94 1.05 2/16 .65 .65 10/9 .45 .34
7/23 .76 .50 2/17 .45 .30 10/10 .45 .22
7/24 .25 .05 2/18 .45 .27 10/13 .00 .25

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.g., 32.16.)

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