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QUESTION 6 Compute the cumulative abnormal return from time -20 to -2. This number will tell you if there is any pre-announcement drift. (If there

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QUESTION 6 Compute the cumulative abnormal return from time -20 to -2. This number will tell you if there is any pre-announcement drift. (If there is, then it is potentially consistent with information leakage/rumors.) The abnormal return should be expressed in decimal form with three decimals (e.g., 30.5 % is 0.305). QUESTION 7 Compute the cumulative abnormal return (CAR) from time -20 to +47. (If the CAR continues to go up after the announcement, which it has, then it is consistent with an underreaction to unexpected news. The abnormal return should be expressed in decimal form with three decimals (e.g., 30.5 % is 0.305). QUESTION 6 Compute the cumulative abnormal return from time -20 to -2. This number will tell you if there is any pre-announcement drift. (If there is, then it is potentially consistent with information leakage/rumors.) The abnormal return should be expressed in decimal form with three decimals (e.g., 30.5 % is 0.305). QUESTION 7 Compute the cumulative abnormal return (CAR) from time -20 to +47. (If the CAR continues to go up after the announcement, which it has, then it is consistent with an underreaction to unexpected news. The abnormal return should be expressed in decimal form with three decimals (e.g., 30.5 % is 0.305)

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