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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, February 12, and October

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

Ross Co. Westerfield, Inc. Jordan Company
Date Market Return Company Return Date Market Return Company Return Date Market Return Company Return
July 12 0.2 0.4 Feb 8 0.7 0.9 Oct 1 0.3 0.5
July 13 0.1 0.3 Feb 9 0.8 0.9 Oct 2 0.2 0.8
July 16 0.6 0.8 Feb 10 0.6 0.4 Oct 3 0.9 1.3
July 17 0.4 0.2 Feb 11 0.8 1.0 Oct 6 0.1 0.5
July 18 1.9 1.3 Feb 12 0.1 0.1 Oct 7 2.4 0.5
July 19 0.8 0.6 Feb 15 1.3 1.4 Oct 8 0.3 0.3
July 20 0.9 1.0 Feb 16 0.7 0.7 Oct 9 0.5 0.4
July 23 0.6 0.4 Feb 17 0.1 0.0 Oct 10 0.1 0.1
July 24 0.1 0.0 Feb 18 0.5 0.4 Oct 13 0.2 0.6

Abnormal Returns (Ri- RM)

Days from Announcement. Ross. W'field. Jordan Sum Average Abnormal Return Cumulative Average residual.

-4

-3

-2

-1

0

1

2

3

4

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