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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. American Market Company Return

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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. American Market Company Return Return .31 -51 .61 1.11 Delta Market Company Return Return -31 -.41 .00 21 51 .71 -.51 -2.10 -.85 -.65 -.90 -1.00 .71 ,51 .21 Date 7/12 7/13 7/16 7/17 7/18 7/19 7/20 7/23 7/24 United Market Company Return Return -.80 -1.00 -,90 -1.00 41 21 1.00 -.31 -.10 1.11 1.31 .51 -31 -.21 .61 Date 2/8 2/9 2/10 2/11 2/12 2/15 2/16 2/17 2/18 Date 10/1 10/2 10/3 10/6 10/7 10/8 10/9 10/10 10/13 1.11 -.48 -.31 .51 -21 -.11 -.11 .51 -31 11 31 20 .00 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 (R; - RM) Days from announcement Delta Average abnormal Cumulative return abnormal return United American Sum AWN-OINA

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