1. Explain step-by-step how are you going to calculate the Cumulative Abnormal Return (CAR) of the acquirer firms stock around the M&A event. Use an estimation window of 60 days and an event window of 5 days (i.e. 3 days pre-event and 1 day post-event). Assume that the underlying asset pricing model is the Fama-French 5 factor model. For simplicity, lets say the M&A event date is July 31^st.