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On November 1 1 , Thorogood Enterprises announced that the public and acrimonious battle with its current CEO had been resolved. Under the terms of

On November 11, Thorogood Enterprises announced that the public and acrimonious battle with its current CEO had been resolved. Under the terms of the deal, the CEO would step down from his position immediately. In exchange, he was given a generous severance package. Given the information below, calculate the cumulative abnormal return (CAR) around this announcement. Assume the company has an expected return equal to the market return. What are the CARs on Day +1 and Day +2?
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