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( S 1 2 . 3 ) The second column in Table 1 2 . 2 shows the monthly return on the British FTSE 1
S The second column in Table shows the monthly return on the British FTSE index from January through July The remaining columns show returns on the stocks of two firmsExecutive Cheese and Paddington Beer. Both firms announced their earningsin July Calculate the average abnormal return of the two stocks during the month of the earnings announcement. The earnings of one of these stocks slightly
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