e. A cumulative daily abnormal return (CAR) is the sum of daily abnormal returns over a certain time period. For example, 5-day cumulative daily abnormal turn (CAR++1,++5) is the sum of daily abnormal returns over the 5-day period (i.e., CAR++1,t+5 AR++2 + AR++3 + AR++4 + AR++5). = ART+1 +