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Ross Co., Westerfield, Inc., and Jordan Company announced a new agreement to market their respective products in China on July 18 (7/18), February 12 (2/12),

Ross Co., Westerfield, Inc., and Jordan Company announced a new agreement to market their respective products in China on July 18 (7/18), February 12 (2/12), and October 7 (10/7), respectively. Given the information below, calculate the cumulative abnormal return (CAR) for these stocks as a group. Assume all companies have an expected return equal to the market return. (Negative values should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations. Round your answers to 1 decimal place.)

Ross Co. Westerfield, Inc. Jordan Company
Date Market Return Company Return Date Market Return Company Return Date Market Return Company Return
7/12 -0.4 -0.5 2/8 -0.4 -0.5 10/1 2.1 0.9
7/13 1.9 0.3 2/9 -0.5 -0.5 10/2 2 0.9
7/16 -0.3 0.2 2/10 0.2 0.6 10/3 0.5 1.3
7/17 -0.6 -0.2 2/11 0.4 2.8 10/6 -0.1 -0.1
7/18 -0.1 1.3 2/12 -0.1 0.1 10/7 -1.5 -0.1
7/19 -2.6 0 2/15 1.2 2 10/8 1.2 0.5
7/20 -0.9 -0.1 2/16 0.7 0.7 10/9 -0.5 -0.4
7/23 0.6 0.4 2/17 -0.1 0 10/10 0.1 -0.1
7/24 1.9 0 2/18 2.3 0.4 10/13 -0.4 -0.6

Abnormal returns (Ri RM)
Days from announcement Ross Wfield Jordan Sum Average abnormal return Cumulative average residual
-4
-3
-2
-1
0
1
2
3
4

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