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 Market Company Market Company Market Company DateReturn Return 59 30 1.25 86 1.09 56 1.20 41 13 Date Return Return 89 Date Return Return 10/1 10/2 10/3 10/6 10/7 10/8 10/9 10/10 10/13 40 2/8 2/9 2/10 60 50 1.20 20 2.30 60 - 40 40 7/12 7/13 7/16 42 79 1.20 2.23 42 60 19 1.18 50 70 1.00 7/17-1.00 2.19 94 25 2.99 21 2.55 60 24 2/12 2/15 2/16 -40 7/18 7/19 7/20 7/23 7/24 1.20 60 40 40 80 30 2/18 20 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 "" wherever required. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Abnormal returns (R RM) Days fronm Average abnormal Cumulative announcement -4 -3 -2 -1 Delta United American Sum return average residual 2 4