Delta, United, and American Airlines announced purchases ofplanes on July 18 (7/18), February 12 (2/12), and October 7 (10/7),respectively.

  

Delta			United			American
Date	Market Return	Company Return	Date	Market Return	Company Return	Date	Market Return	Company Return
7/12	?.34	?.47	2/8	?.83	?1.06	10/1	.54	.27
7/13	.00	.24	2/9	?.93	?1.06	10/2	.44	.67
7/16	.54	.80	2/10	.44	.18	10/3	1.14	1.14
7/17	?.54	?.28	2/11	.64	1.66	10/6	.14	?1.14
7/18	?2.13	1.25	2/12	?.34	?.07	10/7	?2.24	?.28
7/19	?.88	?.62	2/15	1.14	1.70	10/8	.54	.54
7/20	?.93	?1.09	2/16	.54	.54	10/9	?.34	?.18
7/23	.74	.47	2/17	?.34	?.18	10/10	.34	?.08
7/24	.24	.09	2/18	.34	.17	10/13	.00	?.14

   

Given the above information, calculate the cumulative abnormalreturn (CAR) for these stocks as a group. (A negativeanswer should be indicated by a minus sign. Leave no cells blank -be certain to enter "0" wherever required. Do not roundintermediate calculations and round your answers to 2 decimalplaces, e.g., 32.16.)

  

	Abnormal returns (Ri –R­M)
Days from announcement	Delta	United	American	Sum	Average abnormal return	Cumulative abnormal return
?4
?3
?2
?1
0
1
2
3
4