Eventus Output All 39

Eventus (R) Software from Cowan Research, L.C.
Eventus (R) software is produced by Cowan Research, L.C.

http://www.eventstudy.com/
ESTIMATION PERIOD: Ends 20 days before the event date;
125 days in length.
TOTAL SECURITY-EVENTS IN REQUEST FILE:
39
SECURITY-EVENTS DROPPED:
SECURITY-EVENTS WITH USEABLE RETURNS:
0
39
Minimum days of return data required for parameter estimation:
125
NOTE: Cumulative window Z statistics are adjusted for serial dependence for the Patell or standardized cross-sectional test.
NOTE: Useable returns means all nonmissing returns except the

first day after a missing estimation period return.

Market Model, Value Weighted Index
PROGRESS ENERGY INC
PERMNO=23114 Event Date=20100114
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-1.34%
-1.538
-1.173
0
0
-4
-0.41%
-0.465
-0.355
1
1
-3
-0.27%
-0.305
-0.232
1
1
-2
-1.24%
-1.408
-1.079
0
0
-1
0.94%
1.078
0.823
0
0
0
0.02%
0.020
0.015
1
1
-0.436
-0.334
1
1
+2
1.58%
1.800
1.377
0
0
+3
-0.14%
-0.159
-0.122
1
1
+4
-0.82%
-0.929
-0.716
0
0
+5
-0.40%
-0.454
-0.351
1
1
-----------------------------------------------------------+1
-0.38%

PROGRESS ENERGY INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-3.22%
-1.419
0
-1.419
0
(-1,0)
0.96%
0.593
1
0.593
1
(+1,+5)
-0.22%
-0.065
1
-0.065
1
-----------------------------------------------------------------

TYCO INTERNATIONAL LTD SWTZLND
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.72%
0.748
0.747
0
0
-4
-1.79%
-1.865
-1.855
0
0
-3
0.71%
0.739
0.734
0
0
-2
1.59%
1.644
1.642
0
0
-1
0.55%
0.574
0.572
1
1
0
0.72%
0.743
0.742
0
0
+1
0.37%
0.385
0.387
1
1
-0.048
-0.048
1
1
+3
-0.94%
-0.975
-0.969
0
0
+4
-0.50%
-0.521
-0.518
1
1
+5
-0.07%
-0.077
-0.077
1
1
-----------------------------------------------------------+2
-0.05%

Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
1.22%
0.634
1
0.634
1
(-1,0)
1.28%
0.929
0
0.929
0
(+1,+5)
-1.16%
-0.548
1
-0.548
1
-----------------------------------------------------------------

KRAFT FOODS INC A
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.39%
0.372
0.300
1
1
-4
1.99%
1.906
1.534
0
0
-3
-0.76%
-0.725
-0.587
0
1
-2
-1.05%
-1.006
-0.814
0
0
-1
0.99%
0.945
0.764
0
0
0
1.19%
1.140
0.921
0
0
+1
0.07%
0.067
0.054
1
1
+2
0.63%
0.581
0.486
1
1
0.082
0.066
1
1
+4
-0.04%
-0.041
-0.033
1
1
+5
1.49%
1.418
1.146
0
0
-----------------------------------------------------------+3
0.09%

KRAFT FOODS INC A
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
0.52%
0.217
1
0.217
1
(-1,0)
2.20%
1.192
0
1.192
0
(+1,+5)
2.23%
0.768
0
0.768
0
-----------------------------------------------------------------

METLIFE INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
1.11%
0.845
0.603
0
1
-4
0.56%
0.425
0.305
1
1
-3
1.57%
1.187
0.852
0
0
-2
-1.34%
-1.012
-0.726
0
0
-1
-1.31%
-0.990
-0.709
0
0
0
-3.05%
-2.311
-1.652
0
0
+1
6.97%
5.097
3.778
0
0
+2
-0.57%
-0.432
-0.308
1
1
+3
-1.01%
-0.765
-0.548
0
1
1.253
0.899
0
0
+5
-0.12%
-0.093
-0.066
1
1
-----------------------------------------------------------+4
1.66%

METLIFE INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
1.90%
0.517
1
0.517
1
(-1,0)
-4.40%
-1.669
0
-1.669
0
(+1,+5)
6.85%
1.679
0
1.679
0
-----------------------------------------------------------------

BERKSHIRE HATHAWAY INC DEL B
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
4.06%
4.113
3.833
0
0
-4
4.28%
4.336
4.038
0
0
-3
-2.29%
-2.320
-2.160
0
0
-2
-0.65%
-0.661
-0.615
1
1
-1
-1.22%
-1.238
-1.149
0
0
0
-0.34%
-0.335
-0.322
1
1
+1
1.14%
1.160
1.075
0
0
+2
1.41%
1.431
1.331
0
0
+3
-0.47%
-0.481
-0.447
1
1
+4
-0.06%
-0.064
-0.059
1
1
2.317
2.153
0
0
-----------------------------------------------------------+5
2.28%

Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
5.45%
2.548
0
2.548
0
(-1,0)
-1.53%
-1.040
0
-1.040
0
(+1,+5)
4.39%
1.812
0
1.812
0
-----------------------------------------------------------------

WINDSTREAM CORP
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.31%
0.267
0.251
1
1
-4
-0.62%
-0.530
-0.498
1
1
-3
-1.65%
-1.412
-1.328
0
0
-2
1.93%
1.657
1.555
0
0
-1
-0.07%
-0.060
-0.056
1
1
0
-1.51%
-1.254
-1.218
0
0
+1
-2.11%
-1.818
-1.700
0
0
+2
0.22%
0.185
0.174
1
1
+3
0.31%
0.267
0.250
1
1
+4
0.60%
0.521
0.488
1
1
+5
-1.57%
-1.355
-1.271
0
0
------------------------------------------------------------

WINDSTREAM CORP
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-0.05%
-0.010
1
-0.010
1
(-1,0)
-1.58%
-0.901
0
-0.901
0
(+1,+5)
-2.58%
-0.921
0
-0.921
0
-----------------------------------------------------------------

AVON PRODUCTS INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-1.70%
-1.240
-1.251
0
0
-4
1.91%
1.391
1.404
0
0
-3
2.94%
2.149
2.164
0
0
-2
0.95%
0.696
0.700
0
0
-1
-3.71%
-2.622
-2.733
0
0
0
-3.75%
-2.748
-2.759
0
0
+1
0.79%
0.576
0.580
1
1
+2
-0.53%
-0.386
-0.390
1
1
+3
-0.29%
-0.209
-0.210
1
1
+4
0.06%
0.041
0.041
1
1
+5
-1.08%
-0.791
-0.794
0
0
------------------------------------------------------------

AVON PRODUCTS INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
4.06%
1.508
0
1.508
0
(-1,0)
-7.20%
-3.884
0
-3.884
0
(+1,+5)
-1.06%
-0.345
1
-0.345
1
-----------------------------------------------------------------

XEROX CORP
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
1.28%
0.559
0.564
1
1
-4
0.47%
0.206
0.207
1
1
-3
-1.10%
-0.482
-0.485
1
1
-2
-0.61%
-0.257
-0.269
1
1
-1
-2.43%
-1.067
-1.071
0
0
0
0.53%
0.233
0.234
1
1
+1
-2.29%
-1.002
-1.010
0
0
+2
0.92%
0.402
0.404
1
1
+3
2.38%
1.042
1.049
0
0
+4
0.11%
0.047
0.047
1
1
+5
-0.86%
-0.375
-0.380
1
1
------------------------------------------------------------

XEROX CORP
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-0.03%
0.009
1
0.009
1
(-1,0)
-1.89%
-0.592
1
-0.592
1
(+1,+5)
0.23%
0.049
1
0.049
1
-----------------------------------------------------------------

AVON PRODUCTS INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-3.93%
-2.647
-2.765
0
0
-4
-3.74%
-2.624
-2.634
0
0
-3
0.72%
0.506
0.510
1
1
-2
-0.45%
-0.317
-0.320
1
1
-1
-0.31%
-0.215
-0.216
1
1
0
0.12%
0.084
0.085
1
1
+1
-1.09%
-0.767
-0.770
0
0
+2
1.04%
0.726
0.735
0
0
+3
0.83%
0.581
0.584
1
1
+4
0.80%
0.561
0.564
1
1
+5
-1.55%
-1.087
-1.091
0
0
------------------------------------------------------------

AVON PRODUCTS INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-7.19%
-2.604
0
-2.604
0
(-1,0)
-0.19%
-0.093
1
-0.093
1
(+1,+5)
-0.03%
0.010
1
0.010
1
-----------------------------------------------------------------

FIRSTENERGY CORP
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.03%
0.031
0.030
1
1
-4
-1.10%
-1.117
-1.066
0
0
-3
-0.79%
-0.800
-0.766
0
0
-2
0.84%
0.855
0.821
0
0
-1
-0.59%
-0.598
-0.571
1
1
0
-5.37%
-5.452
-5.227
0
0
+1
-0.99%
-1.005
-0.960
0
0
+2
-1.23%
-1.239
-1.194
0
0
+3
-1.98%
-2.018
-1.928
0
0
+4
0.14%
0.145
0.139
1
1
+5
2.12%
2.158
2.061
0
0
------------------------------------------------------------

FIRSTENERGY CORP
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-1.00%
-0.491
1
-0.491
1
(-1,0)
-5.93%
-4.099
0
-4.099
0
(+1,+5)
-2.00%
-0.842
0
-0.842
0
-----------------------------------------------------------------

COSTCO WHOLESALE CORP NEW
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-0.25%
-0.226
-0.218
1
1
-4
0.07%
0.061
0.058
1
1
-3
1.01%
0.904
0.868
0
0
-2
0.00%
-0.001
-0.001
1
1
-1
-0.68%
-0.606
-0.582
1
1
0
1.06%
0.944
0.915
0
0
+1
0.24%
0.218
0.210
1
1
+2
-0.63%
-0.566
-0.544
1
1
+3
0.06%
0.051
0.049
1
1
+4
-0.56%
-0.499
-0.479
1
1
+5
0.37%
0.327
0.316
1
1
------------------------------------------------------------


Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
0.83%
0.354
1
0.354
1
(-1,0)
0.37%
0.235
1
0.235
1
(+1,+5)
-0.52%
-0.200
1
-0.200
1
-----------------------------------------------------------------

OWENS ILL INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-0.41%
-0.224
-0.224
1
1
-4
-1.28%
-0.711
-0.707
0
0
-3
0.62%
0.342
0.342
1
1
-2
0.46%
0.255
0.253
1
1
-1
0.70%
0.385
0.387
1
1
0
-1.77%
-0.986
-0.981
0
0
+1
1.78%
0.992
0.988
0
0
+2
1.63%
0.910
0.905
0
0
+3
0.16%
0.089
0.088
1
1
+4
0.86%
0.474
0.475
1
1
+5
1.27%
0.705
0.702
0
0
------------------------------------------------------------

OWENS ILL INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-0.65%
-0.168
1
-0.168
1
(-1,0)
-1.12%
-0.420
1
-0.420
1
(+1,+5)
5.80%
1.412
0
1.412
0
-----------------------------------------------------------------

SARA LEE CORP
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.81%
0.475
0.460
1
1
-4
2.23%
1.315
1.266
0
0
-3
-0.47%
-0.279
-0.270
1
1
-2
0.12%
0.071
0.068
1
1
-1
2.45%
1.432
1.392
0
0
0
1.62%
0.957
0.921
0
0
+1
1.07%
0.629
0.606
1
1
+2
0.30%
0.177
0.171
1
1
+3
-1.80%
-1.061
-1.021
0
0
+4
-0.10%
-0.058
-0.057
1
1
+5
1.61%
0.949
0.915
0
0
------------------------------------------------------------

SARA LEE CORP
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
2.72%
0.762
0
0.762
0
(-1,0)
4.13%
1.635
0
1.635
0
(+1,+5)
1.05%
0.275
1
0.275
1
-----------------------------------------------------------------

SIMON PROPERTY GROUP INC NEW
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-2.71%
-1.559
-1.420
0
0
-4
-0.26%
-0.151
-0.137
1
1
-3
0.06%
0.037
0.033
1
1
-2
1.06%
0.616
0.558
1
1
-1
0.65%
0.372
0.340
1
1
0
0.47%
0.271
0.245
1
1
+1
0.63%
0.367
0.332
1
1
+2
0.12%
0.068
0.062
1
1
+3
1.32%
0.766
0.694
0
0
+4
1.33%
0.767
0.701
0
0
+5
-2.09%
-1.206
-1.095
0
0
------------------------------------------------------------

Days
Abnormal
Buy-and-Hold
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-1.86%
-0.483
1
-0.483
1
(-1,0)
1.15%
0.414
1
0.414
1
(+1,+5)
1.34%
0.310
1
0.310
1
-----------------------------------------------------------------

S L M CORP
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
1.47%
0.459
0.450
1
1
-4
1.61%
0.501
0.492
1
1
-3
-0.42%
-0.129
-0.127
1
1
-2
-0.63%
-0.195
-0.192
1
1
-1
-0.18%
-0.055
-0.054
1
1
0
0.59%
0.185
0.182
1
1
+1
-4.07%
-1.266
-1.247
0
0
+2
2.19%
0.682
0.669
0
1
+3
0.62%
0.192
0.189
1
1
+4
1.73%
0.539
0.529
1
1
+5
0.76%
0.236
0.233
1
1
------------------------------------------------------------

S L M CORP
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
2.00%
0.311
1
0.311
1
(-1,0)
0.42%
0.090
1
0.090
1
(+1,+5)
1.26%
0.167
1
0.167
1
-----------------------------------------------------------------

SPRINT NEXTEL CORP
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.54%
0.139
0.138
1
1
-4
1.06%
0.274
0.272
1
1
-3
0.00%
0.000
0.000
1
1
-2
-2.34%
-0.604
-0.598
1
1
-1
-1.32%
-0.341
-0.338
1
1
0
-1.31%
-0.338
-0.335
1
1
+1
-1.58%
-0.406
-0.404
1
1
+2
3.66%
0.947
0.938
0
0
+3
6.32%
1.635
1.620
0
0
+4
0.13%
0.035
0.034
1
1
+5
0.85%
0.220
0.218
1
1
------------------------------------------------------------

SPRINT NEXTEL CORP
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-0.78%
-0.095
1
-0.095
1
(-1,0)
-2.62%
-0.476
1
-0.476
1
(+1,+5)
9.91%
1.075
0
1.075
0
-----------------------------------------------------------------

PROGRESS ENERGY INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-0.31%
-0.420
-0.314
1
1
-4
-0.85%
-1.153
-0.866
0
0
-3
-0.28%
-0.387
-0.289
1
1
-2
-0.30%
-0.405
-0.303
1
1
-1
-0.13%
-0.175
-0.131
1
1
0
0.33%
0.453
0.338
1
1
+1
-0.57%
-0.774
-0.578
0
1
+2
0.99%
1.354
1.011
0
0
+3
0.78%
1.060
0.793
0
0
+4
0.76%
1.045
0.781
0
0
+5
0.16%
0.224
0.168
1
1
------------------------------------------------------------

PROGRESS ENERGY INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-1.73%
-0.886
0
-0.886
0
(-1,0)
0.20%
0.147
1
0.147
1
(+1,+5)
2.14%
0.972
0
0.972
0
-----------------------------------------------------------------

ASHLAND INC NEW
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-0.65%
-0.303
-0.276
1
1
-4
-0.97%
-0.460
-0.416
1
1
-3
0.10%
0.047
0.043
1
1
-2
-0.21%
-0.097
-0.088
1
1
-1
-0.26%
-0.121
-0.109
1
1
0
0.56%
0.264
0.239
1
1
+1
1.60%
0.756
0.685
0
0
+2
-3.24%
-1.524
-1.382
0
0
+3
1.40%
0.661
0.599
1
1
+4
-1.16%
-0.547
-0.496
1
1
+5
-2.41%
-1.135
-1.029
0
0
------------------------------------------------------------

ASHLAND INC NEW
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-1.74%
-0.368
1
-0.368
1
(-1,0)
0.31%
0.091
1
0.091
1
(+1,+5)
-3.89%
-0.726
0
-0.726
0
-----------------------------------------------------------------

MCKESSON H B O C INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.52%
0.474
0.429
1
1
-4
-1.82%
-1.672
-1.501
0
0
-3
-1.03%
-0.946
-0.850
0
0
-2
-0.02%
-0.021
-0.019
1
1
-1
-0.45%
-0.410
-0.368
1
1
0
0.96%
0.883
0.793
0
0
+1
-0.53%
-0.490
-0.439
1
1
+2
0.42%
0.383
0.345
1
1
+3
2.41%
2.213
1.988
0
0
+4
0.63%
0.581
0.522
1
1
+5
1.53%
1.400
1.259
0
0
------------------------------------------------------------

Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-2.38%
-0.970
0
-0.970
0
(-1,0)
0.51%
0.300
1
0.300
1
(+1,+5)
4.53%
1.643
0
1.643
0
-----------------------------------------------------------------

STANLEY BLACK & DECKER INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-0.29%
-0.206
-0.207
1
1
-4
-0.01%
-0.009
-0.009
1
1
-3
-0.52%
-0.369
-0.371
1
1
-2
-1.52%
-1.081
-1.085
0
0
-1
-1.90%
-1.356
-1.362
0
0
0
-0.53%
-0.376
-0.377
1
1
+1
-0.83%
-0.588
-0.591
1
1
+2
0.42%
0.301
0.303
1
1
+3
0.22%
0.153
0.154
1
1
+4
-0.29%
-0.209
-0.210
1
1
+5
0.82%
0.580
0.583
1
1
------------------------------------------------------------

Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-2.35%
-0.836
0
-0.836
0
(-1,0)
-2.43%
-1.229
0
-1.229
0
(+1,+5)
0.34%
0.106
1
0.106
1
-----------------------------------------------------------------

PEPSICO INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-0.17%
-0.191
-0.160
1
1
-4
0.60%
0.663
0.557
1
1
-3
0.12%
0.126
0.106
1
1
-2
1.59%
1.745
1.465
0
0
-1
-0.57%
-0.619
-0.521
1
1
0
0.45%
0.495
0.416
1
1
+1
-0.04%
-0.039
-0.032
1
1
+2
0.32%
0.351
0.295
1
1
+3
-0.69%
-0.762
-0.640
0
1
+4
0.43%
0.469
0.395
1
1
+5
-0.65%
-0.714
-0.601
0
1
------------------------------------------------------------

PEPSICO INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
2.16%
0.984
0
0.984
0
(-1,0)
-0.12%
-0.074
1
-0.074
1
(+1,+5)
-0.64%
-0.261
1
-0.261
1
-----------------------------------------------------------------

LIZ CLAIBORNE INC

CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-3.00%
-0.674
-0.632
1
1
-4
0.81%
0.182
0.171
1
1
-3
0.48%
0.108
0.101
1
1
-2
1.04%
0.234
0.219
1
1
-1
-3.82%
-0.859
-0.804
0
0
0
-0.75%
-0.168
-0.158
1
1
+1
0.24%
0.055
0.052
1
1
+2
2.88%
0.647
0.606
1
1
+3
0.93%
0.210
0.196
1
1
+4
-1.65%
-0.371
-0.348
1
1
+5
-0.43%
-0.097
-0.090
1
1
------------------------------------------------------------

LIZ CLAIBORNE INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-0.68%
-0.071
1
-0.071
1
(-1,0)
-4.61%
-0.680
0
-0.680
0
(+1,+5)
1.98%
0.186
1
0.186
1
-----------------------------------------------------------------

MASSEY ENERGY CO
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
5.05%
2.572
1.980
0
0
-4
-2.70%
-1.376
-1.058
0
0
-3
-0.83%
-0.421
-0.324
1
1
-2
-0.95%
-0.485
-0.374
1
1
-1
0.40%
0.205
0.158
1
1
0
-12.18%
-6.206
-4.772
0
0
+1
-5.51%
-2.805
-2.160
0
0
+2
1.06%
0.542
0.417
1
1
+3
-0.68%
-0.347
-0.267
1
1
+4
-2.19%
-1.114
-0.857
0
0
+5
-2.37%
-1.210
-0.930
0
0
------------------------------------------------------------

MASSEY ENERGY CO
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
0.39%
0.112
1
0.112
1
(-1,0)
-12.13%
-3.262
0
-3.262
0
(+1,+5)
-9.73%
-1.698
0
-1.698
0
-----------------------------------------------------------------

MACYS INC
Standardized
CDCSI
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
2.02%
0.925
0.924
0
0
-4
-1.38%
-0.630
-0.629
1
1
-3
1.44%
0.658
0.658
1
1
-2
0.93%
0.423
0.424
1
1
-1
-1.40%
-0.641
-0.640
1
1
0
-0.15%
-0.067
-0.067
1
1
+1
0.35%
0.161
0.161
1
1
+2
2.84%
1.298
1.298
0
0
+3
-2.79%
-1.276
-1.275
0
0
+4
1.08%
0.492
0.491
1
1
+5
1.45%
0.660
0.663
1
1
------------------------------------------------------------

MACYS INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
3.06%
0.688
0
0.688
0
(-1,0)
-1.54%
-0.500
1
-0.500
1
(+1,+5)
2.96%
0.598
1
0.598
1
-----------------------------------------------------------------

LOWES COMPANIES INC
Day
Abnormal
Return
Standardized
Abnormal
Return
CDCSI
Standardized
Abnormal
Return
------------------------------------------------------------5
-0.20%
-0.158
-0.157
1
1
-4
0.51%
0.408
0.406
1
1
-3
0.52%
0.420
0.418
1
1
-2
0.25%
0.198
0.196
1
1
-1
1.51%
1.212
1.206
0
0
0
1.08%
0.872
0.866
0
0
+1
-0.42%
-0.338
-0.336
1
1
+2
-0.29%
-0.237
-0.235
1
1
+3
2.34%
1.881
1.869
0
0
+4
0.36%
0.288
0.287
1
1
+5
0.23%
0.186
0.185
1
1
------------------------------------------------------------

LOWES COMPANIES INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
1.09%
0.432
1
0.432
1
(-1,0)
2.61%
1.465
0
1.465
0
(+1,+5)
2.25%
0.791
0
0.791
0
-----------------------------------------------------------------

DYNEGY INC DEL A
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.87%
0.305
0.307
1
1
0.861
0.864
0
0
-3
-2.94%
-1.034
-1.039
0
0
-2
-4.00%
-1.407
-1.413
0
0
-1
-0.41%
-0.145
-0.146
1
1
0
1.78%
0.625
0.627
1
1
+1
0.23%
0.082
0.083
1
1
+2
4.70%
1.647
1.661
0
0
+3
-2.02%
-0.712
-0.715
0
0
+4
-2.70%
-0.940
-0.953
0
0
+5
-2.45%
-0.861
-0.864
0
0
------------------------------------------------------------4
2.45%

DYNEGY INC DEL A
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-3.75%
-0.640
1
-0.640
1
(-1,0)
1.36%
0.341
1
0.341
1
(+1,+5)
-2.47%
-0.352
1
-0.352
1
-----------------------------------------------------------------

CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.36%
0.376
0.372
1
1
-4
0.21%
0.224
0.221
1
1
-0.045
-0.045
1
1
-2
0.25%
0.260
0.258
1
1
-1
0.18%
0.188
0.186
1
1
0
-0.96%
-1.007
-0.996
0
0
+1
0.17%
0.183
0.180
1
1
+2
-0.13%
-0.135
-0.134
1
1
+3
0.17%
0.181
0.179
1
1
+4
1.06%
1.110
1.109
0
0
+5
-0.52%
-0.549
-0.543
1
1
------------------------------------------------------------3
-0.04%

Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
0.78%
0.403
1
0.403
1
(-1,0)
-0.78%
-0.573
1
-0.573
1
(+1,+5)
0.78%
0.354
1
0.354
1
-----------------------------------------------------------------

PEPCO HOLDINGS INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-0.89%
-0.886
-0.853
0
0
-4
-0.61%
-0.611
-0.585
1
1
-3
-0.35%
-0.352
-0.341
1
1
0.725
0.695
0
0
-1
-4.21%
-4.223
-4.058
0
0
0
4.09%
4.117
3.945
0
0
+1
-2.04%
-2.051
-1.966
0
0
+2
-1.02%
-1.021
-0.980
0
0
+3
-0.50%
-0.506
-0.485
1
1
+4
1.25%
1.234
1.209
0
0
+5
-0.07%
-0.075
-0.072
1
1
------------------------------------------------------------2
0.72%

PEPCO HOLDINGS INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-1.12%
-0.542
1
-0.542
1
(-1,0)
-0.26%
-0.080
1
-0.080
1
(+1,+5)
-2.34%
-1.026
0
-1.026
0
-----------------------------------------------------------------

CENTURYTEL INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.31%
0.297
0.277
1
1
-4
0.16%
0.156
0.147
1
1
-3
0.20%
0.191
0.178
1
1
-2
0.21%
0.205
0.191
1
1
-0.833
-0.777
0
0
0
-3.55%
-3.441
-3.209
0
0
+1
-2.44%
-2.361
-2.205
0
0
+2
-0.92%
-0.895
-0.835
0
0
+3
0.56%
0.527
0.503
1
1
+4
-0.10%
-0.095
-0.089
1
1
+5
0.13%
0.124
0.116
1
1
------------------------------------------------------------1
-0.86%

CENTURYTEL INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
0.88%
0.397
1
0.397
1
(-1,0)
-4.39%
-2.819
0
-2.819
0
(+1,+5)
-2.75%
-1.122
0
-1.122
0
-----------------------------------------------------------------

DILLARDS INC A
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
1.87%
0.700
0.673
0
1
-4
-0.19%
-0.072
-0.070
1
1
-3
0.42%
0.156
0.150
1
1
-2
-1.50%
-0.561
-0.540
1
1
-1
1.29%
0.482
0.463
1
1
1.269
1.219
0
0
+1
2.32%
0.869
0.836
0
0
+2
1.47%
0.551
0.529
1
1
+3
-0.25%
-0.093
-0.091
1
1
+4
-2.11%
-0.787
-0.757
0
0
+5
-0.62%
-0.231
-0.223
1
1
-----------------------------------------------------------0
3.39%

DILLARDS INC A
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
0.55%
0.106
1
0.106
1
(-1,0)
4.74%
1.189
0
1.189
0
(+1,+5)
0.70%
0.131
1
0.131
1
-----------------------------------------------------------------

MATTEL INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
1.75%
1.520
1.540
0
0
-4
-1.71%
-1.496
-1.500
0
0
-3
-0.60%
-0.521
-0.524
1
1
-2
-0.21%
-0.186
-0.186
1
1
-1
-1.20%
-1.052
-1.055
0
0
0
-0.37%
-0.323
-0.325
1
1
1.340
1.344
0
0
+2
-0.32%
-0.275
-0.282
1
1
+3
-0.80%
-0.705
-0.707
0
0
+4
0.34%
0.296
0.298
1
1
+5
-1.20%
-1.041
-1.056
0
0
-----------------------------------------------------------+1
1.53%

MATTEL INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-0.76%
-0.335
1
-0.335
1
(-1,0)
-1.58%
-0.975
0
-0.975
0
(+1,+5)
-0.51%
-0.180
1
-0.180
1
-----------------------------------------------------------------

WEATHERFORD INTL LTD NEW
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
4.73%
2.406
2.385
0
0
-4
-3.01%
-1.537
-1.518
0
0
-3
0.45%
0.232
0.229
1
1
-2
5.38%
2.741
2.713
0
0
-1
3.94%
2.012
1.989
0
0
0
1.82%
0.909
0.919
0
0
+1
1.08%
0.551
0.545
1
1
-0.068
-0.068
1
1
+3
0.64%
0.322
0.322
1
1
+4
-2.46%
-1.251
-1.243
0
0
+5
0.47%
0.233
0.237
1
1
-----------------------------------------------------------+2
-0.13%

Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
7.50%
1.904
0
1.904
0
(-1,0)
5.70%
2.056
0
2.056
0
(+1,+5)
-0.38%
-0.092
1
-0.092
1
-----------------------------------------------------------------

CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
2.29%
1.545
1.496
0
0
-4
0.73%
0.484
0.479
1
1
-3
-0.50%
-0.339
-0.328
1
1
-2
0.64%
0.416
0.420
1
1
-1
3.24%
2.175
2.119
0
0
0
-1.16%
-0.729
-0.758
0
0
+1
0.41%
0.275
0.265
1
1
+2
-1.00%
-0.672
-0.653
1
1
-0.158
-0.153
1
1
+4
-0.55%
-0.364
-0.356
1
1
+5
0.01%
0.010
0.010
1
1
-----------------------------------------------------------+3
-0.23%

Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
2.97%
1.034
0
1.034
0
(-1,0)
2.24%
0.963
0
0.963
0
(+1,+5)
-1.35%
-0.397
1
-0.397
1
-----------------------------------------------------------------

ADVANCED MICRO DEVICES INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-2.78%
-0.789
-0.804
0
0
-4
0.05%
0.015
0.015
1
1
-3
1.36%
0.378
0.392
1
1
-2
3.65%
1.052
1.055
0
0
-1
-0.17%
-0.046
-0.049
1
1
0
0.77%
0.225
0.223
1
1
+1
1.76%
0.508
0.508
1
1
+2
0.75%
0.216
0.215
1
1
+3
-3.73%
-1.069
-1.077
0
0
0.113
0.112
1
1
+5
-2.93%
-0.849
-0.848
0
0
-----------------------------------------------------------+4
0.39%

Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
2.09%
0.328
1
0.328
1
(-1,0)
0.67%
0.123
1
0.123
1
(+1,+5)
-3.95%
-0.487
1
-0.487
1
-----------------------------------------------------------------

MACYS INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-1.27%
-0.583
-0.602
1
1
-4
2.96%
1.399
1.409
0
0
-3
0.22%
0.098
0.103
1
1
-2
-0.36%
-0.169
-0.172
1
1
-1
4.09%
1.798
1.945
0
0
0
-0.24%
-0.115
-0.116
1
1
+1
1.44%
0.675
0.684
1
0
+2
-3.75%
-1.770
-1.784
0
0
+3
-1.84%
-0.859
-0.876
0
0
+4
-1.02%
-0.482
-0.483
1
1
-1.276
-1.290
0
0
-----------------------------------------------------------+5
-2.71%

MACYS INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
1.39%
0.369
1
0.369
1
(-1,0)
3.83%
1.294
0
1.294
0
(+1,+5)
-7.64%
-1.677
0
-1.677
0
-----------------------------------------------------------------

PACTIV CORP
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.44%
0.346
0.374
1
1
-4
-1.50%
-1.273
-1.275
0
0
-3
-1.03%
-0.861
-0.871
0
0
-2
0.22%
0.189
0.191
1
1
-1
1.34%
1.119
1.141
0
0
0
18.81%
15.941
15.973
0
0
+1
-0.51%
-0.431
-0.436
1
1
+2
7.55%
6.379
6.409
0
0
+3
0.56%
0.442
0.474
1
1
+4
-0.64%
-0.536
-0.542
1
1
+5
2.83%
2.385
2.407
0
0
------------------------------------------------------------

PACTIV CORP
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-1.96%
-0.791
0
-0.791
0
(-1,0)
20.05%
12.101
0
12.101
0
(+1,+5)
9.49%
3.717
0
3.717
0
-----------------------------------------------------------------

TYCO ELECTRONICS LTD NEW
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-2.62%
-1.910
-1.870
0
0
-4
-1.38%
-1.010
-0.984
0
0
-3
1.86%
1.371
1.332
0
0
-2
-0.78%
-0.554
-0.554
1
1
-1
1.41%
1.034
1.006
0
0
0
-0.62%
-0.458
-0.445
1
1
+1
-2.40%
-1.732
-1.715
0
0
+2
-0.12%
-0.088
-0.085
1
1
+3
-0.67%
-0.495
-0.481
1
1
+4
-0.12%
-0.091
-0.089
1
1
+5
2.39%
1.760
1.711
0
0
------------------------------------------------------------

Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-3.02%
-1.038
0
-1.038
0
(-1,0)
0.77%
0.396
1
0.396
1
(+1,+5)
-0.91%
-0.295
1
-0.295
1
-----------------------------------------------------------------

SUNOCO INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
2.57%
1.625
1.627
0
0
-4
0.09%
0.056
0.054
1
1
-3
1.88%
1.224
1.189
0
0
-2
-0.41%
-0.259
-0.256
1
1
-1
6.38%
4.156
4.039
0
0
0
-0.29%
-0.186
-0.181
1
1
+1
1.94%
1.261
1.226
0
0
+2
0.45%
0.290
0.282
1
1
+3
0.90%
0.582
0.571
1
1
+4
0.57%
0.369
0.359
1
1
+5
1.92%
1.238
1.215
0
0
------------------------------------------------------------

SUNOCO INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
4.50%
1.307
0
1.307
0
(-1,0)
6.09%
2.728
0
2.728
0
(+1,+5)
5.68%
1.633
0
1.633
0
-----------------------------------------------------------------

X C E L ENERGY INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.58%
0.831
0.701
0
0
-4
1.30%
1.873
1.579
0
0
-3
0.39%
0.561
0.473
1
1
-2
-0.12%
-0.173
-0.146
1
1
-1
-0.78%
-1.118
-0.951
0
0
0
-0.75%
-1.079
-0.910
0
0
+1
1.32%
1.897
1.612
0
0
+2
-0.29%
-0.415
-0.350
1
1
+3
0.98%
1.421
1.198
0
0
+4
0.67%
0.936
0.816
0
0
+5
0.34%
0.491
0.415
1
1
------------------------------------------------------------

X C E L ENERGY INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
2.15%
1.304
0
1.304
0
(-1,0)
-1.51%
-1.316
0
-1.316
0
(+1,+5)
2.97%
1.651
0
1.651
0
-----------------------------------------------------------------

Market Adjusted Returns, Value Weighted Index
PROGRESS ENERGY INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-1.48%
-1.296
-1.296
0
0
-4
-0.62%
-0.540
-0.540
1
1
-3
-0.29%
-0.251
-0.251
1
1
-2
-0.50%
-0.438
-0.438
1
1
-1
0.44%
0.388
0.388
1
1
0
-0.08%
-0.073
-0.073
1
1
+1
0.38%
0.327
0.327
1
1
+2
0.87%
0.757
0.757
0
0
+3
0.59%
0.514
0.514
1
1
+4
0.33%
0.292
0.292
1
1
+5
0.97%
0.847
0.847
0
0
------------------------------------------------------------

PROGRESS ENERGY INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-2.86%
-1.262
0
-1.262
0
(-1,0)
0.36%
0.223
1
0.223
1
(+1,+5)
3.05%
1.224
0
1.224
0
-----------------------------------------------------------------

CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.97%
1.001
1.001
0
0
-4
-1.79%
-1.849
-1.849
0
0
-3
0.79%
0.821
0.821
0
0
-2
1.84%
1.900
1.900
0
0
-1
0.52%
0.536
0.536
1
1
0
0.96%
0.995
0.995
0
0
+1
0.70%
0.725
0.725
0
0
+2
0.32%
0.334
0.334
1
1
+3
-0.87%
-0.901
-0.901
0
0
+4
-0.33%
-0.342
-0.342
1
1
+5
-0.01%
-0.016
-0.016
1
1
------------------------------------------------------------


Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
1.81%
0.937
0
0.937
0
(-1,0)
1.49%
1.082
0
1.082
0
(+1,+5)
-0.17%
-0.089
1
-0.089
1
-----------------------------------------------------------------

KRAFT FOODS INC A
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.74%
0.567
0.567
1
1
-4
1.69%
1.303
1.303
0
0
-3
0.05%
0.039
0.039
1
1
-2
-0.32%
-0.247
-0.247
1
1
-1
-0.06%
-0.047
-0.047
1
1
0
0.33%
0.256
0.256
1
1
+1
0.43%
0.328
0.328
1
1
+2
2.89%
2.231
2.231
0
0
+3
-0.10%
-0.081
-0.081
1
1
+4
0.55%
0.420
0.420
1
1
+5
0.52%
0.400
0.400
1
1
------------------------------------------------------------

KRAFT FOODS INC A
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
2.11%
0.831
0
0.831
0
(-1,0)
0.27%
0.148
1
0.148
1
(+1,+5)
4.29%
1.475
0
1.475
0
-----------------------------------------------------------------

METLIFE INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
1.44%
0.780
0.780
0
0
-4
-0.97%
-0.526
-0.526
1
1
-3
0.17%
0.090
0.090
1
1
-2
0.25%
0.134
0.134
1
1
-1
-0.04%
-0.021
-0.021
1
1
0
-3.82%
-2.070
-2.070
0
0
+1
3.01%
1.629
1.629
0
0
+2
-0.43%
-0.230
-0.230
1
1
+3
-2.17%
-1.177
-1.177
0
0
+4
3.10%
1.681
1.681
0
0
+5
-0.48%
-0.260
-0.260
1
1
------------------------------------------------------------

METLIFE INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
0.85%
0.239
1
0.239
1
(-1,0)
-3.91%
-1.479
0
-1.479
0
(+1,+5)
2.92%
0.735
0
0.735
0
-----------------------------------------------------------------

CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
4.49%
4.240
4.240
0
0
-4
4.67%
4.406
4.406
0
0
-3
-2.84%
-2.682
-2.682
0
0
-2
-1.10%
-1.041
-1.041
0
0
-1
-1.03%
-0.969
-0.969
0
0
0
0.86%
0.807
0.807
0
0
+1
1.04%
0.982
0.982
0
0
+2
1.72%
1.626
1.626
0
0
+3
-0.98%
-0.926
-0.926
0
0
+4
0.00%
-0.002
-0.002
1
1
+5
1.84%
1.736
1.736
0
0
------------------------------------------------------------

Days
Abnormal
Buy-and-Hold
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
5.28%
2.462
0
2.462
0
(-1,0)
-0.15%
-0.115
1
-0.115
1
(+1,+5)
3.72%
1.528
0
1.528
0
-----------------------------------------------------------------

WINDSTREAM CORP
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.95%
0.769
0.769
0
0
-4
-0.02%
-0.016
-0.016
1
1
-3
-2.09%
-1.686
-1.686
0
0
-2
1.59%
1.286
1.286
0
0
-1
0.31%
0.247
0.247
1
1
0
-0.02%
-0.019
-0.019
1
1
+1
-2.05%
-1.654
-1.654
0
0
+2
0.73%
0.586
0.586
1
1
+3
-0.08%
-0.068
-0.068
1
1
+4
0.84%
0.675
0.675
1
1
+5
-1.90%
-1.532
-1.532
0
0
------------------------------------------------------------

WINDSTREAM CORP
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
0.42%
0.176
1
0.176
1
(-1,0)
0.27%
0.161
1
0.161
1
(+1,+5)
-2.49%
-0.891
0
-0.891
0
-----------------------------------------------------------------

AVON PRODUCTS INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-1.77%
-1.303
-1.303
0
0
-4
1.91%
1.406
1.406
0
0
-3
2.93%
2.161
2.161
0
0
-2
0.90%
0.660
0.660
1
1
-1
-3.85%
-2.832
-2.832
0
0
0
-3.78%
-2.783
-2.783
0
0
+1
0.72%
0.533
0.533
1
1
+2
-0.53%
-0.390
-0.390
1
1
+3
-0.33%
-0.243
-0.243
1
1
+4
0.05%
0.038
0.038
1
1
+5
-1.12%
-0.825
-0.825
0
0
------------------------------------------------------------

AVON PRODUCTS INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
3.93%
1.462
0
1.462
0
(-1,0)
-7.37%
-3.970
0
-3.970
0
(+1,+5)
-1.22%
-0.397
1
-0.397
1
-----------------------------------------------------------------

XEROX CORP
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
1.36%
0.599
0.599
1
1
-4
0.55%
0.241
0.241
1
1
-3
-1.04%
-0.457
-0.457
1
1
-2
-0.57%
-0.253
-0.253
1
1
-1
-2.36%
-1.041
-1.041
0
0
0
0.59%
0.260
0.260
1
1
+1
-2.21%
-0.976
-0.976
0
0
+2
0.98%
0.432
0.432
1
1
+3
2.46%
1.083
1.083
0
0
+4
0.17%
0.076
0.076
1
1
+5
-0.78%
-0.344
-0.344
1
1
------------------------------------------------------------

XEROX CORP
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
0.23%
0.065
1
0.065
1
(-1,0)
-1.76%
-0.552
1
-0.552
1
(+1,+5)
0.60%
0.122
1
0.122
1
-----------------------------------------------------------------

AVON PRODUCTS INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-3.85%
-2.708
-2.708
0
0
-4
-3.78%
-2.661
-2.661
0
0
-3
0.72%
0.510
0.510
1
1
-2
-0.53%
-0.373
-0.373
1
1
-1
-0.33%
-0.232
-0.232
1
1
0
0.05%
0.036
0.036
1
1
+1
-1.12%
-0.789
-0.789
0
0
+2
0.96%
0.672
0.672
1
1
+3
0.78%
0.552
0.552
1
1
+4
0.75%
0.529
0.529
1
1
+5
-1.59%
-1.117
-1.117
0
0
------------------------------------------------------------

AVON PRODUCTS INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-7.23%
-2.616
0
-2.616
0
(-1,0)
-0.28%
-0.139
1
-0.139
1
(+1,+5)
-0.27%
-0.068
1
-0.068
1
-----------------------------------------------------------------

FIRSTENERGY CORP
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
1.02%
0.988
0.988
0
0
-4
-1.16%
-1.132
-1.132
0
0
-3
-0.52%
-0.507
-0.507
1
1
-2
0.44%
0.432
0.432
1
1
-1
-0.53%
-0.511
-0.511
1
1
0
-5.72%
-5.564
-5.564
0
0
+1
-0.95%
-0.926
-0.926
0
0
+2
-1.75%
-1.707
-1.707
0
0
+3
-2.11%
-2.050
-2.050
0
0
+4
-0.03%
-0.027
-0.027
1
1
+5
2.06%
2.001
2.001
0
0
------------------------------------------------------------

FIRSTENERGY CORP
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-0.21%
-0.109
1
-0.109
1
(-1,0)
-6.21%
-4.296
0
-4.296
0
(+1,+5)
-2.86%
-1.211
0
-1.211
0
-----------------------------------------------------------------

CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.08%
0.065
0.065
1
1
-4
-0.32%
-0.275
-0.275
1
1
-3
1.12%
0.961
0.961
0
0
-2
-0.33%
-0.286
-0.286
1
1
-1
-0.60%
-0.513
-0.513
1
1
0
0.54%
0.465
0.465
1
1
+1
0.15%
0.130
0.130
1
1
+2
-0.77%
-0.665
-0.665
1
1
+3
0.03%
0.029
0.029
1
1
+4
-0.46%
-0.394
-0.394
1
1
+5
0.85%
0.734
0.734
0
0
------------------------------------------------------------

Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
0.55%
0.233
1
0.233
1
(-1,0)
-0.07%
-0.034
1
-0.034
1
(+1,+5)
-0.19%
-0.075
1
-0.075
1
-----------------------------------------------------------------

OWENS ILL INC

CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-0.21%
-0.114
-0.114
1
1
-4
-1.43%
-0.794
-0.794
0
0
-3
0.78%
0.430
0.430
1
1
-2
0.32%
0.178
0.178
1
1
-1
1.00%
0.552
0.552
1
1
0
-1.78%
-0.988
-0.988
0
0
+1
1.81%
1.000
1.000
0
0
+2
1.57%
0.870
0.870
0
0
+3
0.01%
0.005
0.005
1
1
+4
0.43%
0.237
0.237
1
1
+5
1.35%
0.746
0.746
0
0
------------------------------------------------------------

OWENS ILL INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-0.58%
-0.150
1
-0.150
1
(-1,0)
-0.83%
-0.308
1
-0.308
1
(+1,+5)
5.25%
1.278
0
1.278
0
-----------------------------------------------------------------

SARA LEE CORP

CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.22%
0.126
0.126
1
1
-4
2.36%
1.342
1.342
0
0
-3
-0.98%
-0.557
-0.557
1
1
-2
0.21%
0.121
0.121
1
1
-1
1.66%
0.945
0.945
0
0
0
1.46%
0.831
0.831
0
0
+1
0.84%
0.476
0.476
1
1
+2
0.24%
0.138
0.138
1
1
+3
-1.68%
-0.954
-0.954
0
0
+4
0.58%
0.332
0.332
1
1
+5
1.27%
0.721
0.721
0
0
------------------------------------------------------------

SARA LEE CORP
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
1.85%
0.516
1
0.516
1
(-1,0)
3.18%
1.256
0
1.256
0
(+1,+5)
1.23%
0.319
1
0.319
1
-----------------------------------------------------------------

CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-1.57%
-0.823
-0.823
0
0
-4
-0.31%
-0.162
-0.162
1
1
-3
1.07%
0.560
0.560
1
1
-2
1.08%
0.568
0.568
1
1
-1
2.11%
1.108
1.108
0
0
0
0.90%
0.473
0.473
1
1
+1
1.18%
0.620
0.620
1
1
+2
0.39%
0.202
0.202
1
1
+3
1.30%
0.682
0.682
0
0
+4
0.38%
0.202
0.202
1
1
+5
-1.35%
-0.710
-0.710
0
0
------------------------------------------------------------

Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
0.26%
0.071
1
0.071
1
(-1,0)
3.06%
1.118
0
1.118
0
(+1,+5)
1.91%
0.446
1
0.446
1
-----------------------------------------------------------------

S L M CORP
Standardized
CDCSI
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
1.66%
0.507
0.507
1
1
-4
1.55%
0.474
0.474
1
1
-3
-1.25%
-0.383
-0.383
1
1
-2
-0.05%
-0.015
-0.015
1
1
-1
-0.20%
-0.062
-0.062
1
1
0
0.73%
0.222
0.222
1
1
+1
-3.27%
-1.000
-1.000
0
0
+2
2.49%
0.761
0.761
0
0
+3
0.73%
0.225
0.225
1
1
+4
1.96%
0.599
0.599
1
1
+5
1.73%
0.528
0.528
1
1
------------------------------------------------------------

S L M CORP
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
1.87%
0.292
1
0.292
1
(-1,0)
0.52%
0.113
1
0.113
1
(+1,+5)
3.71%
0.498
1
0.498
1
-----------------------------------------------------------------

SPRINT NEXTEL CORP
Day
Abnormal
Return
Standardized
Abnormal
Return
CDCSI
Standardized
Abnormal
Return
------------------------------------------------------------5
0.37%
0.095
0.095
1
1
-4
1.04%
0.266
0.266
1
1
-3
0.59%
0.151
0.151
1
1
-2
-2.20%
-0.565
-0.565
1
1
-1
-1.35%
-0.347
-0.347
1
1
0
-1.24%
-0.318
-0.318
1
1
+1
-0.84%
-0.215
-0.215
1
1
+2
3.58%
0.917
0.917
0
0
+3
6.30%
1.614
1.614
0
0
+4
0.31%
0.080
0.080
1
1
+5
0.96%
0.247
0.247
1
1
------------------------------------------------------------

SPRINT NEXTEL CORP
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-0.24%
-0.026
1
-0.026
1
(-1,0)
-2.58%
-0.470
1
-0.470
1
(+1,+5)
10.85%
1.182
0
1.182
0
-----------------------------------------------------------------

PROGRESS ENERGY INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-0.53%
-0.544
-0.544
1
1
-1.775
-1.775
0
0
-3
-0.36%
-0.368
-0.368
1
1
-2
-0.43%
-0.439
-0.439
1
1
-1
-0.46%
-0.473
-0.473
1
1
0
0.06%
0.061
0.061
1
1
+1
-0.64%
-0.657
-0.657
1
1
+2
0.99%
1.015
1.015
0
0
+3
0.23%
0.235
0.235
1
1
+4
0.40%
0.408
0.408
1
1
+5
0.25%
0.254
0.254
1
1
------------------------------------------------------------4
-1.74%

PROGRESS ENERGY INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-3.06%
-1.563
0
-1.563
0
(-1,0)
-0.41%
-0.291
1
-0.291
1
(+1,+5)
1.24%
0.561
1
0.561
1
-----------------------------------------------------------------

ASHLAND INC NEW
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.76%
0.325
0.325
1
1
-4
-0.82%
-0.350
-0.350
1
1
0.145
0.145
1
1
-2
0.35%
0.148
0.148
1
1
-1
0.20%
0.084
0.084
1
1
0
0.71%
0.305
0.305
1
1
+1
1.63%
0.697
0.697
0
0
+2
-2.36%
-1.008
-1.008
0
0
+3
2.00%
0.854
0.854
0
0
+4
-1.26%
-0.537
-0.537
1
1
+5
-2.95%
-1.259
-1.259
0
0
------------------------------------------------------------3
0.34%

ASHLAND INC NEW
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
0.62%
0.134
1
0.134
1
(-1,0)
0.91%
0.275
1
0.275
1
(+1,+5)
-3.03%
-0.560
1
-0.560
1
-----------------------------------------------------------------

CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-0.17%
-0.137
-0.137
1
1
-4
-1.83%
-1.512
-1.512
0
0
-3
-1.09%
-0.898
-0.898
0
0
-0.206
-0.206
1
1
-1
-0.62%
-0.511
-0.511
1
1
0
0.95%
0.782
0.782
0
0
+1
-0.48%
-0.394
-0.394
1
1
+2
0.02%
0.014
0.014
1
1
+3
2.16%
1.782
1.782
0
0
+4
0.75%
0.622
0.622
1
1
+5
1.89%
1.555
1.555
0
0
------------------------------------------------------------2
-0.25%

Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-3.37%
-1.376
0
-1.376
0
(-1,0)
0.33%
0.191
1
0.191
1
(+1,+5)
4.41%
1.600
0
1.600
0
-----------------------------------------------------------------

CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-0.11%
-0.080
-0.080
1
1
-4
0.17%
0.120
0.120
1
1
-3
-0.33%
-0.235
-0.235
1
1
-2
-1.33%
-0.952
-0.952
0
0
-1.234
-1.234
0
0
0
-0.35%
-0.252
-0.252
1
1
+1
-0.63%
-0.450
-0.450
1
1
+2
0.61%
0.439
0.439
1
1
+3
0.39%
0.276
0.276
1
1
+4
-0.13%
-0.096
-0.096
1
1
+5
1.01%
0.720
0.720
0
0
------------------------------------------------------------1
-1.73%

Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-1.61%
-0.574
1
-0.574
1
(-1,0)
-2.07%
-1.051
0
-1.051
0
(+1,+5)
1.25%
0.397
1
0.397
1
-----------------------------------------------------------------

PEPSICO INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-0.41%
-0.374
-0.374
1
1
-4
0.43%
0.399
0.399
1
1
-3
0.12%
0.113
0.113
1
1
-2
1.67%
1.542
1.542
0
0
-1
-0.99%
-0.914
-0.914
0
0
0.178
0.178
1
1
+1
0.12%
0.113
0.113
1
1
+2
0.75%
0.686
0.686
0
0
+3
-0.97%
-0.894
-0.894
0
0
+4
0.05%
0.050
0.050
1
1
+5
-0.25%
-0.227
-0.227
1
1
-----------------------------------------------------------0
0.19%

PEPSICO INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
1.84%
0.840
0
0.840
0
(-1,0)
-0.81%
-0.521
1
-0.521
1
(+1,+5)
-0.29%
-0.121
1
-0.121
1
-----------------------------------------------------------------

LIZ CLAIBORNE INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-1.30%
-0.274
-0.274
1
1
-4
2.02%
0.426
0.426
1
1
-3
0.48%
0.101
0.101
1
1
-2
0.27%
0.056
0.056
1
1
-1
-2.56%
-0.539
-0.539
1
1
0
0.80%
0.168
0.168
1
1
-0.100
-0.100
1
1
+2
2.81%
0.591
0.591
1
1
+3
1.33%
0.281
0.281
1
1
+4
-0.26%
-0.055
-0.055
1
1
+5
-0.04%
-0.009
-0.009
1
1
-----------------------------------------------------------+1
-0.48%

LIZ CLAIBORNE INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
1.46%
0.154
1
0.154
1
(-1,0)
-1.80%
-0.262
1
-0.262
1
(+1,+5)
3.36%
0.316
1
0.316
1
-----------------------------------------------------------------

MASSEY ENERGY CO
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
6.32%
2.479
2.479
0
0
-4
-2.40%
-0.942
-0.942
0
0
-3
-1.04%
-0.406
-0.406
1
1
-2
0.60%
0.234
0.234
1
1
-1
2.13%
0.833
0.833
0
0
0
-11.62%
-4.554
-4.554
0
0
+1
-6.12%
-2.400
-2.400
0
0
0.683
0.683
0
0
+3
0.59%
0.230
0.230
1
1
+4
-1.67%
-0.653
-0.653
1
1
+5
-2.03%
-0.795
-0.795
0
0
-----------------------------------------------------------+2
1.74%

MASSEY ENERGY CO
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
3.30%
0.683
0
0.683
0
(-1,0)
-9.85%
-2.631
0
-2.631
0
(+1,+5)
-7.53%
-1.312
0
-1.312
0
-----------------------------------------------------------------

MACYS INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
2.17%
0.992
0.992
0
0
-4
-1.30%
-0.592
-0.592
1
1
-3
1.76%
0.805
0.805
0
0
-2
1.27%
0.581
0.581
1
1
-1
-1.22%
-0.556
-0.556
1
1
0
-0.12%
-0.055
-0.055
1
1
+1
0.55%
0.253
0.253
1
1
+2
3.13%
1.427
1.427
0
0
-1.192
-1.192
0
0
+4
1.23%
0.563
0.563
1
1
+5
1.85%
0.846
0.846
0
0
-----------------------------------------------------------+3
-2.61%

MACYS INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
3.96%
0.893
0
0.893
0
(-1,0)
-1.33%
-0.432
1
-0.432
1
(+1,+5)
4.19%
0.848
0
0.848
0
-----------------------------------------------------------------

LOWES COMPANIES INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-0.13%
-0.101
-0.101
1
1
-4
0.38%
0.305
0.305
1
1
-3
0.38%
0.303
0.303
1
1
-2
0.23%
0.185
0.185
1
1
-1
1.62%
1.298
1.298
0
0
0
1.06%
0.843
0.843
0
0
+1
-0.51%
-0.411
-0.411
1
1
+2
-0.31%
-0.244
-0.244
1
1
+3
2.35%
1.876
1.876
0
0
0.134
0.134
1
1
+5
0.25%
0.201
0.201
1
1
-----------------------------------------------------------+4
0.17%

LOWES COMPANIES INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
0.88%
0.346
1
0.346
1
(-1,0)
2.70%
1.514
0
1.514
0
(+1,+5)
1.98%
0.695
0
0.695
0
-----------------------------------------------------------------

DYNEGY INC DEL A
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.63%
0.224
0.224
1
1
-4
2.15%
0.759
0.759
0
0
-3
-3.30%
-1.166
-1.166
0
0
-2
-4.29%
-1.515
-1.515
0
0
-1
-0.67%
-0.237
-0.237
1
1
0
1.48%
0.522
0.522
1
1
+1
-0.07%
-0.026
-0.026
1
1
+2
4.49%
1.587
1.587
0
0
+3
-2.34%
-0.825
-0.825
0
0
+4
-3.15%
-1.111
-1.111
0
0
-0.968
-0.968
0
0
-----------------------------------------------------------+5
-2.74%

DYNEGY INC DEL A
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-4.92%
-0.849
0
-0.849
0
(-1,0)
0.81%
0.202
1
0.202
1
(+1,+5)
-4.03%
-0.601
1
-0.601
1
-----------------------------------------------------------------

CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.25%
0.257
0.257
1
1
-4
0.22%
0.231
0.231
1
1
-3
0.09%
0.090
0.090
1
1
-2
0.24%
0.254
0.254
1
1
-1
0.12%
0.120
0.120
1
1
0
-0.94%
-0.982
-0.982
0
0
+1
0.20%
0.213
0.213
1
1
+2
-0.28%
-0.295
-0.295
1
1
+3
0.21%
0.222
0.222
1
1
+4
1.36%
1.421
1.421
0
0
+5
-0.52%
-0.538
-0.538
1
1
------------------------------------------------------------

Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
0.81%
0.416
1
0.416
1
(-1,0)
-0.84%
-0.610
1
-0.610
1
(+1,+5)
1.00%
0.457
1
0.457
1
-----------------------------------------------------------------

PEPCO HOLDINGS INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-1.19%
-1.142
-1.142
0
0
-4
-0.54%
-0.522
-0.522
1
1
-3
0.20%
0.188
0.188
1
1
-2
0.72%
0.693
0.693
0
0
-1
-4.43%
-4.274
-4.274
0
0
0
4.18%
4.028
4.028
0
0
+1
-2.08%
-2.003
-2.003
0
0
+2
-1.17%
-1.127
-1.127
0
0
+3
-0.34%
-0.324
-0.324
1
1
+4
2.04%
1.963
1.963
0
0
+5
-0.16%
-0.156
-0.156
1
1
------------------------------------------------------------

PEPCO HOLDINGS INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-0.80%
-0.392
1
-0.392
1
(-1,0)
-0.40%
-0.174
1
-0.174
1
(+1,+5)
-1.66%
-0.737
0
-0.737
0
-----------------------------------------------------------------

CENTURYTEL INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.35%
0.313
0.313
1
1
-4
0.84%
0.762
0.762
0
0
-3
0.15%
0.133
0.133
1
1
-2
-0.13%
-0.120
-0.120
1
1
-1
-0.79%
-0.716
-0.716
0
0
0
-3.65%
-3.298
-3.298
0
0
+1
-2.69%
-2.431
-2.431
0
0
+2
-0.75%
-0.677
-0.677
0
0
+3
1.55%
1.398
1.398
0
0
+4
-0.26%
-0.236
-0.236
1
1
+5
-0.37%
-0.332
-0.332
1
1
------------------------------------------------------------

CENTURYTEL INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
1.22%
0.544
1
0.544
1
(-1,0)
-4.42%
-2.838
0
-2.838
0
(+1,+5)
-2.48%
-1.019
0
-1.019
0
-----------------------------------------------------------------

DILLARDS INC A
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
2.17%
0.780
0.780
0
0
-4
-1.16%
-0.417
-0.417
1
1
-3
0.89%
0.321
0.321
1
1
-2
-0.45%
-0.160
-0.160
1
1
-1
1.53%
0.551
0.551
1
1
0
3.96%
1.425
1.425
0
0
+1
3.20%
1.149
1.149
0
0
+2
1.51%
0.541
0.541
1
1
+3
-1.83%
-0.659
-0.659
1
1
+4
-1.41%
-0.505
-0.505
1
1
+5
0.74%
0.265
0.265
1
1
------------------------------------------------------------

DILLARDS INC A
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
1.41%
0.262
1
0.262
1
(-1,0)
5.56%
1.397
0
1.397
0
(+1,+5)
2.06%
0.353
1
0.353
1
-----------------------------------------------------------------

MATTEL INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
1.99%
1.752
1.752
0
0
-4
-1.58%
-1.392
-1.392
0
0
-3
-0.52%
-0.458
-0.458
1
1
-2
-0.07%
-0.062
-0.062
1
1
-1
-1.08%
-0.954
-0.954
0
0
0
-0.28%
-0.246
-0.246
1
1
+1
1.69%
1.483
1.483
0
0
+2
-0.03%
-0.025
-0.025
1
1
+3
-0.70%
-0.616
-0.616
1
1
+4
0.39%
0.342
0.342
1
1
+5
-0.95%
-0.839
-0.839
0
0
------------------------------------------------------------

MATTEL INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-0.17%
-0.080
1
-0.080
1
(-1,0)
-1.37%
-0.848
0
-0.848
0
(+1,+5)
0.35%
0.155
1
0.155
1
-----------------------------------------------------------------

CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
4.72%
2.383
2.383
0
0
-4
-3.37%
-1.701
-1.701
0
0
-3
0.24%
0.120
0.120
1
1
-2
5.29%
2.670
2.670
0
0
-1
3.49%
1.759
1.759
0
0
0
0.65%
0.329
0.329
1
1
+1
0.92%
0.463
0.463
1
1
+2
0.00%
-0.002
-0.002
1
1
+3
-0.29%
-0.147
-0.147
1
1
+4
-2.36%
-1.189
-1.189
0
0
+5
-0.75%
-0.378
-0.378
1
1
------------------------------------------------------------


Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
6.85%
1.736
0
1.736
0
(-1,0)
4.08%
1.477
0
1.477
0
(+1,+5)
-2.46%
-0.560
1
-0.560
1
-----------------------------------------------------------------

CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
2.92%
1.906
1.906
0
0
-4
-0.36%
-0.233
-0.233
1
1
-3
-0.87%
-0.567
-0.567
1
1
-2
-0.78%
-0.509
-0.509
1
1
-1
2.56%
1.676
1.676
0
0
0
0.90%
0.589
0.589
1
1
+1
0.41%
0.268
0.268
1
1
+2
-0.22%
-0.145
-0.145
1
1
+3
-0.68%
-0.443
-0.443
1
1
+4
-1.37%
-0.898
-0.898
0
0
+5
0.04%
0.024
0.024
1
1
------------------------------------------------------------

Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
0.74%
0.298
1
0.298
1
(-1,0)
3.59%
1.601
0
1.601
0
(+1,+5)
-1.83%
-0.534
1
-0.534
1
-----------------------------------------------------------------

CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-4.02%
-1.162
-1.162
0
0
-4
-0.23%
-0.067
-0.067
1
1
-3
-0.32%
-0.094
-0.094
1
1
-2
2.95%
0.853
0.853
0
0
-1
2.75%
0.796
0.796
0
0
0
0.98%
0.283
0.283
1
1
+1
2.98%
0.863
0.863
0
0
+2
0.36%
0.104
0.104
1
1
+3
-4.62%
-1.336
-1.336
0
0
+4
0.62%
0.178
0.178
1
1
+5
-3.49%
-1.007
-1.007
0
0
------------------------------------------------------------

Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-1.67%
-0.235
1
-0.235
1
(-1,0)
3.80%
0.763
0
0.763
0
(+1,+5)
-4.33%
-0.536
1
-0.536
1
-----------------------------------------------------------------

MACYS INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-1.54%
-0.733
-0.733
0
0
-4
2.90%
1.377
1.377
0
0
-3
-0.16%
-0.074
-0.074
1
1
-2
-0.52%
-0.247
-0.247
1
1
-1
4.73%
2.247
2.247
0
0
0
-0.20%
-0.097
-0.097
1
1
+1
1.70%
0.809
0.809
0
0
+2
-3.84%
-1.827
-1.827
0
0
+3
-2.04%
-0.972
-0.972
0
0
+4
-0.97%
-0.462
-0.462
1
1
+5
-2.84%
-1.350
-1.350
0
0
------------------------------------------------------------

MACYS INC
Days
Abnormal
Buy-and-Hold
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
0.55%
0.161
1
0.161
1
(-1,0)
4.50%
1.521
0
1.521
0
(+1,+5)
-7.75%
-1.700
0
-1.700
0
-----------------------------------------------------------------

PACTIV CORP
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-0.03%
-0.029
-0.029
1
1
-4
-1.61%
-1.371
-1.371
0
0
-3
-1.27%
-1.082
-1.082
0
0
-2
0.19%
0.163
0.163
1
1
-1
1.38%
1.170
1.170
0
0
0
18.70%
15.875
15.875
0
0
+1
-0.53%
-0.446
-0.446
1
1
+2
7.49%
6.355
6.355
0
0
+3
0.76%
0.645
0.645
1
1
+4
-0.88%
-0.745
-0.745
0
0
+5
2.81%
2.387
2.387
0
0
------------------------------------------------------------

PACTIV CORP
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-2.83%
-1.160
0
-1.160
0
(-1,0)
19.97%
12.052
0
12.052
0
(+1,+5)
9.35%
3.665
0
3.665
0
-----------------------------------------------------------------

CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
-2.98%
-2.128
-2.128
0
0
-4
-0.97%
-0.690
-0.690
0
0
-3
1.84%
1.317
1.317
0
0
-2
0.31%
0.222
0.222
1
1
-1
1.72%
1.228
1.228
0
0
0
-0.52%
-0.369
-0.369
1
1
+1
-1.50%
-1.074
-1.074
0
0
+2
-0.05%
-0.037
-0.037
1
1
+3
-0.54%
-0.384
-0.384
1
1
+4
0.04%
0.028
0.028
1
1
+5
2.35%
1.684
1.684
0
0
------------------------------------------------------------

Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
-1.91%
-0.639
1
-0.639
1
(-1,0)
1.19%
0.607
1
0.607
1
(+1,+5)
0.31%
0.096
1
0.096
1
-----------------------------------------------------------------

SUNOCO INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
3.75%
2.374
2.374
0
0
-4
0.39%
0.250
0.250
1
1
-3
1.96%
1.239
1.239
0
0
-2
0.56%
0.355
0.355
1
1
-1
6.42%
4.060
4.060
0
0
0
-0.18%
-0.111
-0.111
1
1
+1
2.08%
1.315
1.315
0
0
+2
0.36%
0.228
0.228
1
1
+3
0.38%
0.240
0.240
1
1
+4
0.53%
0.338
0.338
1
1
+5
1.39%
0.880
0.880
0
0
------------------------------------------------------------

SUNOCO INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
7.08%
2.109
0
2.109
0
(-1,0)
6.24%
2.793
0
2.793
0
(+1,+5)
4.67%
1.342
0
1.342
0
-----------------------------------------------------------------

X C E L ENERGY INC
CDCSI
Standardized
Standardized
Abnormal
Abnormal
Abnormal
Day
Return
Return
Return
------------------------------------------------------------5
0.64%
0.784
0.784
0
0
-4
1.28%
1.562
1.562
0
0
-3
0.34%
0.417
0.417
1
1
-2
0.08%
0.092
0.092
1
1
-1
-0.12%
-0.146
-0.146
1
1
0
-0.61%
-0.741
-0.741
0
0
+1
1.99%
2.423
2.423
0
0
+2
-0.50%
-0.609
-0.609
1
1
+3
1.12%
1.368
1.368
0
0
+4
1.99%
2.426
2.426
0
0
+5
0.72%
0.874
0.874
0
0
------------------------------------------------------------

X C E L ENERGY INC
Abnormal
Buy-and-Hold
Days
Return
p-value
p-value
----------------------------------------------------------------(-5,-2)
2.35%
1.427
0
1.427
0
(-1,0)
-0.72%
-0.627
1
-0.627
1
(+1,+5)
5.23%
2.899
0
2.899
0
-----------------------------------------------------------------

Market Model, Value Weighted Ind
ex
Mean/
Median
Portfolio
N
Abnormal
Patell
StdCsect
EGLS
CDCSI
Time-Series CSectErr Rank Test Jackknife
Day
+:Return
Z
Z
Z
Z
(CDA) t
t
Z
Z
---------------------------------------------------------------------------------------------------------------------------------5
39
0.30%
1.330
1.072
1.036
1.032
0.965
0.945
1.327
0.468
23:16
0.36% (0.184) (0.284)
(0.307) (0.309)
(0.335)
(0.345)
(0.187)
(0.640)
-4
-0.107
(0.915)
-3
0.101
(0.920)
-2
0.262
(0.793)
-1
0.176
(0.861)
0
0.145
(0.885)
+1
-0.027
(0.978)
+2
1.943
39
-0.123
20:19
(0.902)
-0.03%
-0.322
-0.211
-0.051
0.05% (0.748)
(0.834)
(0.959)
39
0.170
20:19
(0.865)
0.03%
-0.046
0.215
0.278
0.06% (0.963)
(0.830)
(0.781)
39
0.326
18:21
(0.744)
0.08%
0.496
0.292
0.484
-0.02% (0.620)
(0.771)
(0.628)
39
0.161
16:23
(0.872)
0.05%
-0.036
-0.264
-0.145
-0.18% (0.972)
(0.792)
(0.885)
39
0.069
20:19
(0.945)
0.04%
0.484
0.206
-0.342
0.02% (0.629)
(0.837)
(0.732)
39
-0.026
22:17
(0.979)
-0.01%
-0.033
0.153
0.142
0.23% (0.974)
(0.878)
(0.887)
39
1.911
23:16
0.60%
1.731
0.32%
1.922
1.654
(0.055)
-0.257
-0.270
-0.316
(0.797)
(0.789)
(0.754)
-0.058
-0.059
-0.226
(0.954)
(0.954)
(0.823)
0.572
0.529
0.989
(0.567)
(0.600)
(0.329)
-0.026
-0.025
-0.398
(0.980)
(0.980)
(0.693)
0.155
0.162
0.394
(0.877)
(0.872)
(0.696)
-0.024
-0.024
-0.223
(0.980)
(0.981)
(0.825)
1.498
1.476
1.231
(0.134)
(0.148)
(0.226)
(0.052)
(0.056)
(0.086)
+3
0.260
39
0.297
21:18
(0.766)
0.08%
0.272
0.390
0.766
0.09% (0.786)
(0.697)
(0.443)
39
-0.308
21:18
(0.758)
-0.05%
0.384
0.807
0.537
0.11% (0.701)
(0.421)
(0.591)
39
-0.115
20:19
(0.908)
-0.03%
0.659
0.476
-0.096
0.01% (0.510)
(0.635)
(0.924)
(0.795)
+4
-0.175
(0.861)
+5
-0.091
(0.927)
(0.098)
0.305
0.281
0.306
(0.760)
(0.780)
(0.762)
0.600
0.568
1.296
(0.549)
(0.573)
(0.203)
0.648
0.644
1.231
(0.517)
(0.523)
(0.226)
--------------------------------------------------------------------------------------------------------------------------------P-values are in parentheses. The symbols (,<,<<,<<< or ),>,>>,>>>

show the direction and significance
of a two-tail generalized sign test at the 0.10, 0.05, 0.01
and 0.001 levels, respectively.

Mean
Compound
Abnormal
Return
Portfolio
N
/PWCAAR
Patell
StdCsect
EGLS
CDCSI
Days
+:/Median
Z
Z
Z
Z
(CDA) t
t
Z
Z
-----------------------------------------------------------------------------------------------------------------------------(-5,-2)
39
0.36%
0.717
0.753
0.776
0.774
0.582
0.815
0.811
0.563
21:18
0.65%
(0.473) (0.451)
(0.442) (0.444)
(0.561)
(0.415)
(0.419)
(0.573)
0.52%
(-1,0)
0.223
(0.824)
(+1,+5)
39
0.126
20:19
(0.900)
39
0.10%
-0.040
0.24%
(0.968)
0.20%
0.576
-0.300
(0.564)
(0.764)
0.234
0.248
0.190
(0.815)
(0.805)
(0.850)
0.58%
1.298
1.211
1.205
1.483
0.847
(0.397)
0.925
20:19
(0.355)
1.591
1.48%
(0.114)
0.23%
1.347
(0.194)
(0.178)
(0.226)
(0.236)
(0.146)
-----------------------------------------------------------------------------------------------------------------------------P-values are in parentheses. The symbols (,<,<<,<<< or ),>,>>,>>> s

how the direction and significance
of a two-tail generalized sign test at the 0.10, 0.05, 0.01 an
d 0.001 levels, respectively.

Market Adjusted Returns, Value Weight
ed Index
Mean/
Median
Portfolio
N
Abnormal
Patell
StdCsect
EGLS
CDCSI
Day
+:Return
Z
Z
Z
Z
(CDA) t
t
Z
Z
---------------------------------------------------------------------------------------------------------------------------------5
39
0.48%
1.804
1.389
1.414
1.545
1.504
1.395
1.588
1.007
23:16
0.35% (0.071) (0.165)
(0.165) (0.131)
(0.133)
(0.163)
(0.115)
(0.314)
-4
-0.302
39
-0.348
17:22
(0.728)
-0.10%
-0.617
-0.766
-0.455
-0.31% (0.537)
(0.445)
(0.649)
39
-0.165
22:17
(0.869)
-0.03%
-0.137
0.053
0.326
0.12% (0.891)
(0.958)
(0.744)
39
0.838
22:17
(0.402)
0.19%
0.937
0.926
0.892
0.21% (0.349)
(0.356)
(0.373)
(0.438)
39
0.732
18:21
(0.464)
0.25%
0.392
0.296
0.253
-0.06% (0.695)
(0.768)
(0.800)
0
0.492
39
0.244
(0.762)
-3
-0.102
(0.919)
-2
0.604
(0.546)
-1
0.776
0.16%
0.586
1.146
-0.112
-0.502
-0.555
-0.588
(0.616)
(0.582)
(0.560)
-0.164
-0.176
-0.297
(0.870)
(0.861)
(0.768)
1.226
1.185
1.592
(0.220)
(0.243)
(0.120)
0.290
0.301
-0.304
(0.772)
(0.765)
(0.762)
0.380
0.427
0.585
(0.623)
+1
0.125
(0.901)
+2
2.251
(0.024)
+3
-0.002
(0.999)
+4
0.363
(0.717)
+5
0.042
(0.967)
22:17
(0.807)
0.19% (0.252)
(0.559)
(0.911)
(0.704)
(0.672)
(0.562)
39
0.134
22:17
(0.893)
0.04%
0.135
0.601
0.660
0.20% (0.893)
(0.549)
(0.509)
0.126
0.128
0.134
(0.899)
(0.899)
(0.894)
39
2.298
24:15
(0.022)
0.72%
2.257
1.815
2.282
0.36% (0.024)
(0.072)
(0.022)
1.748
1.857
1.722
(0.080)
(0.071)
(0.093)
39
-0.002
20:19
(0.999)
0.00%
-0.013
-0.108
0.508
0.01% (0.990)
(0.914)
(0.611)
-0.014
-0.014
0.126
(0.989)
(0.989)
(0.901)
39
0.604
24:15
(0.546)
0.12%
1.014
1.032
1.558
0.17% (0.311)
(0.304)
(0.119)
1.349
1.438
2.521
(0.177)
(0.159)
(0.016)
39
0.053
20:19
(0.958)
0.01%
0.792
0.664
0.504
0.04% (0.428)
(0.508)
(0.614)
0.828
0.855
1.697
(0.408)
(0.398)
(0.098)
--------------------------------------------------------------------------------------------------------------------------------P-values are in parentheses. The symbols (,<,<<,<<< or ),>,>>,>>>

show the direction and significance
of a two-tail generalized sign test at the 0.10, 0.05, 0.01
and 0.001 levels, respectively.

Market Adjusted Returns, Value Weighted
Index
Mean
Compound
Abnormal
Return
Portfolio
N
/PWCAAR
Patell
StdCsect
EGLS
CDCSI
Days
+:/Median
Z
Z
Z
Z
(CDA) t
t
Z
Z
-----------------------------------------------------------------------------------------------------------------------------(-5,-2)
39
0.53%
1.002
1.010
1.039
0.984
0.835
(0.404)
(-1,0)
0.890
(0.374)
(+1,+5)
1.235
(0.217)
1.160
25:14)
(0.246)
39
0.544
19:20
(0.587)
39
1.411
23:16
(0.158)
0.901
1.46%
(0.369)
0.62%
0.871
(0.316)
(0.384)
0.40%
0.623
0.98%
(0.534)
-0.07%
1.096
0.116
(0.273)
(0.908)
0.88%
1.791
3.56%
(0.076)
1.00%
1.886
2.351
(0.059)
(0.019)
(0.312)
(0.306)
(0.332)
0.452
0.483
0.343
(0.651)
(0.632)
(0.733)
1.731
1.773
2.183
(0.083)
(0.084)
(0.035)
-----------------------------------------------------------------------------------------------------------------------------P-values are in parentheses. The symbols (,<,<<,<<< or ),>,>>,>>> s

how the direction and significance
of a two-tail generalized sign test at the 0.10, 0.05, 0.01 an
d 0.001 levels, respectively.

Parametric Statistics Repeated with Bootstrap P-Values
Mean
Compound
Abnormal
Return
39
StdCsect
Portfolio
Time-Series
CSectE
rr
Days
+:/Median
Z
Z
(CDA) t
t
--------------------------------------------------------------------------------(-5,-2)
39
0.36%
0.717
0.753
0.582
0.81
5
0.52%
(0.166)
(0.172)
(0.115)
(0.186
)
(-1,0)
6
Patell
0.10%
0.576
0.234
0.223
0.12
0.20%
(0.424)
(0.430)
(0.440)
(0.467
0.58%
1.298
1.211
0.847
0.92
0.23%
(0.079)
(0.071)
(0.084)
(0.152
(+1,+5)
5
)
39
--------------------------------------------------------------------------------P-values are based on a 2-tail nonparametric bootstrap of the indicated test.

Parametric Statistics Repeated with Bootstrap P-Values
Mean
Compound
Abnormal
Return
39
StdCsect
Portfolio
Time-Series
CSectE
rr
Days
+:/Median
Z
Z
(CDA) t
t
--------------------------------------------------------------------------------(-5,-2)
39
0.53%
1.002
1.010
0.835
1.16
0
0.62%
(0.126)
(0.136)
(0.059)
(0.128
)
(-1,0)
4
Patell
0.40%
1.096
0.452
0.890
0.54
-0.07%
(0.308)
(0.309)
(0.222)
(0.288
0.88%
1.886
1.731
1.235
1.41
1.00%
(0.013)
(0.013)
(0.014)
(0.047
(+1,+5)
1
39
)
--------------------------------------------------------------------------------P-values are based on a 2-tail nonparametric bootstrap of the indicated test.

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Eventus (R) Software from Cowan Research, L.C.

Eventus (R) software is produced by Cowan Research, L.C.

Minimum days of return data required for parameter estimation:

NOTE: Useable returns means all nonmissing returns except the

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PERMNO=49905 Event Date=20100323

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