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www.mhhe.com/ROSS Abnormal Retuns The following diagram shows the curn: t for 386 olil exploration announcin...

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www.mhhe.com/ROSS Abnormal Retuns The following diagram shows the curn: t for 386 olil exploration announcin 0 in the diagram is the announcement month, Asov market as a whole does not move. is the diagram consistent with mar ve abnorma from 1950 to 1980 mpanies announcing oil discoveries over the r er ino , ram is the announcement month. Assume that no oth is received and th nop 15% | 10% 5%- 0% 6 -4 2 0 2 4 6 -5% Time in months relative to event month WH 1. Ci www.mhhe.com/ROSS Abnormal Retuns The following diagram shows the curn: t for 386 olil exploration announcin 0 in the diagram is the announcement month, Asov market as a whole does not move. is the diagram consistent with mar ve abnorma from 1950 to 1980 mpanies announcing oil discoveries over the r er ino , ram is the announcement month. Assume that no oth is received and th nop 15% | 10% 5%- 0% 6 -4 2 0 2 4 6 -5% Time in months relative to event month WH 1. Ci

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