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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.(A negative value 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.)image text in transcribed

Inc. pany Market Company Market Market Company Company Date Return Return Date Return Return Date Return Return 7/12 2/8 -0.4 -0.3 -0.4 10/1 2.2 -0.3 7/13 2/9 10/2 10/3 0.3 -0.4 -0.4 2.1 7/16 7/17 7/18 7/19 -0.4 2/10 0.7 0.1 0.6 0.4 1.3 2/11 2/12 2/15 2/16 2/17 2/18 2.9 10/6 -0.2 -0.6 -0.2 0.3 -0.1 -0.4 10/7 1.3 -0.1 0.1 -1.4 -0.2 10/8 -2.7 0.1 1.1 2.1 1.1 0.6 7/20 10/9 -0.9 -0.2 0.7 0.6 -0.5 -0.5 7/23 0.4 10/10 -0.1 0.6 -0.1 0.1 7/24 2.4 10/13 0.4 -0.3 -0.6 Abnormal returns (Ri RM) Days from announcement Average abnormal Cumulative Jordan Sum Ross W'field return average residual -4 -3 -2 -1 4 Inc. pany Market Company Market Market Company Company Date Return Return Date Return Return Date Return Return 7/12 2/8 -0.4 -0.3 -0.4 10/1 2.2 -0.3 7/13 2/9 10/2 10/3 0.3 -0.4 -0.4 2.1 7/16 7/17 7/18 7/19 -0.4 2/10 0.7 0.1 0.6 0.4 1.3 2/11 2/12 2/15 2/16 2/17 2/18 2.9 10/6 -0.2 -0.6 -0.2 0.3 -0.1 -0.4 10/7 1.3 -0.1 0.1 -1.4 -0.2 10/8 -2.7 0.1 1.1 2.1 1.1 0.6 7/20 10/9 -0.9 -0.2 0.7 0.6 -0.5 -0.5 7/23 0.4 10/10 -0.1 0.6 -0.1 0.1 7/24 2.4 10/13 0.4 -0.3 -0.6 Abnormal returns (Ri RM) Days from announcement Average abnormal Cumulative Jordan Sum Ross W'field return average residual -4 -3 -2 -1 4

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