Proj Rdg. SAR Calculation

time
(relative to the
event date)
-115
-114
-113
-112
-111
-110
-109
-108
-107
-106
-105
-104
-103
-102
-101
-100
-99
-98
-97
-96
-95
-94
-93
-92
-91
-90
-89
-88
-87
-86
-85
-84
-83
-82
-81
-80
-79
-78
-77
-76
-75
-74
-73
-72
-71
-70
-69
AK
Firm
return
-0.01563
-0.03038
0.001622
0.008875
-0.00322
0.00161
-0.00242
-0.00161
-0.02702
0.020535
0.011318
0.011986
-0.01118
-0.00564
-0.04798
-0.03536
0.009611
-0.03091
-0.02268
0.086935
0.127732
0.027019
0.022793
0.020907
-0.06114
-0.02524
-0.02281
0.052446
-0.05245
-0.05129
-0.07131
0.002605
-0.16769
-0.00514
-0.0114
0.109523
-0.05771
-0.00995
0.00995
0.014742
0.070618
0.197359
0.006694
0.052701
0.066646
-0.01058
-0.00266
S&P 500
return
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
Maximum
estimation
event
Likelihood
period
window
estimate of
Firm
Market
the variance
Residuals Residuals used in SAR
-0.01397
-0.02241
-0.00535
0.022912
-0.0068
-0.00781
-0.00705
-0.0014
-0.02323
0.013737
0.02467
0.000117
-0.00254
-0.01633
-0.04885
-0.05875
0.010842
-0.01926
-0.01499
0.100638
0.119986
0.023919
0.020195
0.040177
-0.04575
-0.0352
0.024643
0.054673
-0.03966
-0.023
-0.05551
-0.03981
-0.18022
-0.00357
-0.02665
0.083882
-0.05905
-0.02601
-0.01371
0.013578
0.06529
0.202177
0.008463
0.026053
0.047683
-0.0089
-0.00478
ARG
Firm
return
-0.02457
0.039986
0.008567
0.03447
0.011834
-0.01642
-0.00092
0.024558
0
-0.0027
-0.00905
0.007246
-0.05281
0.052814
-0.00452
-0.05497
0.004778
0
0.04383
0.043737
0.038549
-0.02985
0.008621
-0.00949
-0.05706
0.004577
-0.01379
0.031893
0.05071
0.013548
0.007541
0.020653
0.033765
0.011788
-0.00863
-0.05092
-0.00332
-0.01678
0.031643
-0.02658
0.008382
-0.00418
0.03864
0.004024
0.004008
-0.02265
0.031416
S&P 500
return
0.003855
0.005095
0.012907
-0.0106
0.005442
-0.00944
-0.00839
0.001163
-0.01141
-0.01766
-0.00453
-0.0049
0.003428
0.008671
0.0113
-0.00949
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
0.006855
-0.0145
-0.00113
0.023415
0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-68
-67
-66
-65
-64
-63
-62
-61
-60
-59
-58
-57
-56
-55
-54
-53
-52
-51
-50
-49
-48
-47
-46
-45
-44
-43
-42
-41
-40
-39
-38
-37
-36
-35
-34
-33
-32
-31
-30
-29
-28
-27
-26
-25
-24
-23
-22
-21
-20
-19
-18
-17
-0.01005
-0.05823
-0.01076
0.005755
0.044888
0.015652
-0.01771
-0.02435
0.022974
-0.04793
-0.0595
0.030191
0.033629
-0.01521
0.010889
0.024957
-0.00282
0.020273
0.01238
-0.00205
0.060463
0.061875
0.007246
-0.0012
0.003608
-0.03419
-0.00936
-0.00125
0.015572
0.00984
-0.0273
-0.00189
0.032241
-0.02721
0.036323
0.027432
0.023257
-0.01915
-0.02191
-0.003
0.007777
-0.02596
-0.02101
0.021014
0.016379
0.007791
-0.01504
0.025136
0.009412
-0.00176
0.018019
0.019396
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.02072
-0.04285
-0.00643
-0.00252
0.025838
0.016751
-0.02178
-0.04183
0.015148
-0.02718
-0.04563
0.026529
0.006971
-0.02178
-0.00725
0.006675
-0.00372
0.014117
0.007106
-0.00393
0.038158
0.05632
0.002661
-0.00169
-0.01105
-0.03044
-0.00803
-0.01672
0.005684
0.013125
-0.01231
-0.01599
0.029236
-0.02236
0.019379
0.001398
0.022403
-0.01516
-0.00938
-0.00385
0.00383
-0.01375
-0.02804
0.007227
0.005091
-0.00175
-0.01019
0.017066
0.005953
-0.0096
0.00753
0.012324
-0.02896
0.038435
0.018678
-0.00541
0.030537
-0.01898
-0.01934
0.015504
0.052446
-0.0214
-0.00374
0.003736
0.002235
0.000744
-0.00447
0.022157
0.015223
0.010734
0.018336
-0.01905
-0.00428
-0.02756
-0.01706
-0.09651
0.00902
-0.02479
-0.08284
-0.06188
0.070925
0.079627
-0.00167
0.077732
0.022867
-0.03684
0.036088
0.020896
-0.00741
0.004454
-0.00074
-0.00595
0.016273
0.01167
-0.02125
-0.01493
0.014926
-0.03161
-0.00845
0.001541
0.014521
-0.00609
0.011385
-0.00758
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
-16
-15
-14
-13
-12
-11
-10
-9
-8
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
-0.01136
0.003423
-0.00457
0.021506
0.01169
-0.01505
-0.00846
0.012388
-0.00956
-0.00396
0.015199
-0.0569
-0.00534
-0.02224
-0.00793
0.002448
0.033066
-0.01549
-0.00723
-0.0439
-0.02367
0.036853
-0.00626
-0.0502
-0.01329
0.004005
0.063872
0.04282
0.015449
0
0.0302
-0.02491
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
0.014824
-0.0071
-0.02505
-0.00405
-0.00599
-0.00309
0.014749
0.014238
-0.004
0.009892
-0.00182
Estimation Period Statistics:

Alpha
Beta
Variance in the Firm Residuals
Variance in the Market Residuals
-0.00368
4.016E-05
9.51E-05
4.634E-05
3.488E-05
8.887E-06
1.761E-05
3.362E-06
7.92E-05
3.229E-05
5.512E-05
0.0002485
0.0001122
8.757E-05
4.553E-05
7.237E-05
1.703E-05
2.596E-06
1.761E-07
0.0008075
0.0001511
0.0002383
4.212E-05
0.000597
1.179E-05
2.891E-05
6.119E-06
0.000236
0.0002206
1.147E-05
0.0001104
1.447E-06
0.00170033
0.00170587
0.00170095
0.0016998
0.00169718
0.00169806
0.00169662
0.00170427
0.00169954
0.00170184
0.00172134
0.0017076
0.00170511
0.00170087
0.00170358
0.001698
0.00169654
0.0016963
0.00177769
0.00171152
0.00172031
0.00170053
0.00175648
0.00169747
0.0016992
0.0016969
0.00172008
0.00171852
0.00169744
0.00170741
0.00169643
0.035851
-0.02376
0.014174
-0.00371
0.003711
0.01105
0.002926
-0.01398
-0.01869
0.006769
0.043995
-0.00576
0.019293
-0.02363
0.00722
0.024868
0.051293
-0.00803
0.001343
0.012008
0.014483
0.022618
-0.0077
-0.00387
-0.02421
-0.00865
0.010631
0.026738
-0.01165
0.000651
-0.01839
0.023577
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.00367
1.0131
0.00168
0.016658
Other: (intermediate calculations to get the Z-statistics on TSAR)

Qt
1.020833
time
Abnormal
(relative to the Returns
event date)
AK
ARG
-15 -0.00605 0.006312
-14
-0.0175 0.034462
-13 0.01156 -0.00835
-12 0.014624 -0.03362
AGN
AHC
AMH
AXE
ABI
ONE
-0.00123 0.0425146 -0.0183425 -0.01818 0.01447 0.001747
-0.00305 -0.019078 -0.0089082 0.008367 -0.00358 -0.00985
-0.02678 0.0132051 0.02944433 -0.02679 0.036233 0.008194
-0.03907 -0.000753 -0.0182634 -0.02019 0.002114 -0.01639
-11
-10
-9
-8
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
-0.01508
-0.00726
0.00748
-0.00359
-0.00126
0.004627
-0.04397
-0.01912
-0.01581
-0.00415
-0.00922
0.025836
-0.02018
-0.01071
-0.01816
-0.03917
0.018164
-0.00273
-0.0285
-0.01286
0.006403
0.063328
0.024206
-0.00265
0.000382
0.016506
-0.02674
0.002288
-0.02229
-0.0394
-0.0194
-0.00141
0.037069
-0.00786
-0.01185
-0.03096
0.001272
0.024753
0.031032
-0.00213
0.003808
-0.0094
0.000998
0.027858
0.014182
-0.02335
-0.02791
-0.00117
-0.01289
-0.0097
-0.01229
0.00689
2.15E-06
0.022938
-0.00535
-0.00939
0.006831
0.004601
0.012131
0.026076
-0.00911
-0.0007
0.002781
-0.02434
0.015746
0.043115
-0.00905
-0.01631
-0.02545
-0.02054
-0.01375
-6.3E-05
-0.02716
0.034587
-0.0716
0.052458
-0.01347
0.014492
0.019892
0.004348
0.012785
0.0107153
0.0032105
0.0176038
0.0130072
0.0120186
0.0051575
0.0216055
-0.019904
0.0015307
0.0015021
-0.003706
0.011994
0.0039522
0.0174808
-0.006182
0.0165737
0.0192988
0.0110083
0.0085285
0.0155169
0.0117596
0.0159063
0.0137133
-0.004655
-0.00376
-0.012487
0.0071012
-0.0011916
-0.0233762
-0.0174179
0.04483233
0.00346693
-0.0102883
0.0209044
0.00622789
0.00871081
-0.0176142
-0.0112653
0.00901603
0.00832661
0.00515351
0.01482441
0.01183324
0.00913757
-0.0176111
0.02493403
-0.0051194
0.00864069
-0.001915
0.03389419
-0.005351
-0.0124602
0.02606037
-0.0035845
0.02321
-0.01023
0.035832
0.006353
0.00232
-0.01592
-0.00641
0.00532
0.012524
0.010688
-0.01408
-0.02017
-0.01743
-0.00976
-0.02645
-0.01374
0.012405
0.029199
-0.00192
-0.00521
0.005869
0.005317
0.0064
-0.02993
-0.02753
0.008102
0.019101
0.02391
-0.00114
-0.01843
0.030257
-0.01151
-0.04456
-0.06904
0.033366
-0.00452
-0.05142
0.023426
-0.02923
0.018745
-0.0297
0.000743
-0.00489
-0.00953
-0.00275
-0.01033
-0.00918
-0.30091
-0.03776
-0.02582
-0.01311
-0.01166
-0.05041
0.065675
0.014855
0.001009
-0.01014
-0.00742
0.004457
0.046726
-0.00818
-0.00074
0.024246
-0.00155
0.001234
-0.00182
0.008889
-0.00801
0.024905
-0.01307
0.011999
-7E-05
-0.00455
-0.00047
0.004884
0.00635
-0.00066
0.004096
-0.00367
6.03E-05
-0.00057
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
-0.03477
0.027998
-0.01467
0.045094
-0.00065
-0.00747
0.006516
0.018234
0.011786
0.018081
-0.00718
0.009647
-0.0624
0.035677
-0.02545
-0.04595
0.008084
-0.00247
0.045932
0.021207
0.036039
-0.04894
0.006618
0.00372
-0.02746
-0.00995
0.002445
0.028879
0.012339
-6.1E-05
0.018651
0.001715
0.03712
-0.00155
-0.00833
-0.0318
0.015656
-0.0444
0.012023
-0.03468
0.005287
-0.01683
0.028413
-0.00632
0.006929
-0.01076
0.022072
AGN
Firm
return
-0.00374
-0.00201
-0.01281
-0.01023
0.001643
-0.02522
0.003222
0.011405
0.040783
-0.02242
-0.02266
-0.01159
0.003367
0.013768
0.011535
0.042241
0.009769
0.001295
0.000647
-0.01722
-0.01686
-0.01905
-0.01706
0.000694
-0.00905
-0.01112
0.007893
-0.00323
-0.04715
-0.04561
-0.01683
0.010941
-0.03142
-0.01617
0.020493
0.014587
0.037991
0.002119
0.017835
-0.01105
-0.02279
0.032502
0.007262
-0.00592
0
0.004446
0.003838
S&P 500
return
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
estimation
period
Firm
Residuals
-0.00558
-0.00388
-0.01087
-0.00572
5.42E-05
-0.01823
0.003017
0.008819
0.04015
-0.02108
-0.01985
-0.01311
0.010076
0.010181
0.016321
0.039133
0.010673
-0.007
0.002408
-0.01121
-0.01246
-0.0122
-0.01897
0.000686
-0.00886
-0.00199
0.015433
-0.00604
-0.02652
-0.04345
-0.01035
0.02375
-0.02372
-0.03223
0.016632
0.016489
0.033025
-0.00709
0.018545
-0.01635
-0.03119
0.033285
0.006345
-0.0027
0.00198
-0.00517
-0.00265
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
-0.00844
0.033908
0.005861
-0.01143
0.031411
-0.01302
-0.02844
0.035056
0.036144
-0.00854
-0.01837
0.003072
-0.03045
0.003064
0.012662
0.033656
0.035274
0.000292
0.014501
-0.02217
0.023682
-0.00511
-0.03064
-0.02847
0.012756
-0.00605
-0.04204
-0.03885
0.011199
0.062374
0.001146
0.056631
-0.01301
-0.03818
0.013825
-0.01217
-0.0085
-0.00255
0.006678
-0.00286
-0.02104
-0.01472
-0.0183
-0.01737
0.000322
-0.00917
-0.00171
-0.00966
-0.01199
-0.00396
0.006179
-0.03185
-0.0132
0.025206
-0.00219
-0.01218
-0.05509
0.036161
0.034899
0.010984
0.029599
0.009168
0.029698
-0.00903
-0.0381
0.00743
-0.00813
0.003514
0.002662
-0.0021
-0.00492
-0.01334
-0.01671
0.011694
-0.01446
0.000582
0.017314
0.041194
0.013904
0.004053
0.02411
0.013205
0.013033
-0.00038
-0.01252
-0.00913
-0.012
-0.00319
-0.00681
0.005478
0.012842
-0.00885
-0.0004
0.004768
-0.0234
-0.00488
-0.0075
-0.00591
0.000689
0.00371
0.01281
0.014118
0.007581
0.005945
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
-0.01125
0.025598
-0.00529
-0.00464
-0.05206
0.03404
0.02838
0.012691
0.029198
0.003291
0.027762
0.000696
-0.03118
0.007193
-0.01776
0.002092
-0.00349
-0.00831
-0.00403
-0.01459
-0.0176
0.012185
-0.02231
-0.00043
0.0167
0.042255
0.00918
0.006842
0.025913
0.008151
0.010255
0.002214
-0.00514
-0.01363
-0.01197
5.18E-05
-0.01247
-0.00389
0.013751
-0.00597
0.005977
0.005679
-0.02375
0.001363
-0.00911
-0.01028
-0.00266
0.001073
0.016049
0.012081
0.007427
0.004002
0.025297
0.000521
0.000257
1.62E-06
0.000575
1.71E-05
0.000242
0.000247
2.12E-06
1.4E-05
8.2E-06
2.36E-07
0.000387
9.87E-06
4.77E-06
3.48E-06
0.000147
3.65E-05
1.34E-05
0.000167
5.5E-05
3.12E-05
0.000294
0.000134
3.91E-07
5.09E-05
0.000207
0.000545
2.24E-06
3.94E-05
0.000216
2.26E-06
0.00062288
0.00061311
0.00060365
0.00062487
0.00060423
0.00061257
0.00061273
0.00060367
0.00060411
0.0006039
0.0006036
0.00061793
0.00060396
0.00060377
0.00060372
0.00060904
0.00060494
0.00060409
0.00060978
0.00060563
0.00060475
0.00061447
0.00060856
0.00060361
0.00060548
0.00061125
0.00062379
0.00060368
0.00060505
0.00061161
0.00060368
-0.00581
0.000397
-0.00744
-0.02417
-0.03505
-0.00255
-0.01185
0.005585
0.002852
0.012876
0.022382
-0.01148
0.002361
-0.00375
-0.01997
0.011863
0.040311
-0.00554
-0.01461
-0.0248
-0.02038
-0.02551
0.005008
-0.02078
0.031889
-0.08172
0.051025
-0.01571
0.013455
0.026233
0.010477
0.011371
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
0.014824
-0.0071
-0.02505
-0.00405
-0.00599
-0.00309
0.014749
0.014238
-0.004
-0.00884
1.45395E-05
0.000115584
3.81991E-05
9.20672E-05
4.4234E-05
3.67618E-05
9.84604E-06
1.89521E-05
2.81173E-06
8.20108E-05
3.40943E-05
5.28207E-05
0.000253497
0.000108939
9.05285E-05
4.76705E-05
6.97263E-05
1.57585E-05
2.11568E-06
6.90586E-08
0.000816426
0.000147287
0.000233493
4.41777E-05
0.000604732
1.28869E-05
3.06178E-05
6.919E-06
0.000231235
0.000215951
1.25605E-05
0.00032
0.000321
0.00032
0.000321
0.00032
0.00032
0.000319
0.00032
0.000319
0.000321
0.00032
0.00032
0.000324
0.000321
0.000321
0.00032
0.000321
0.00032
0.000319
0.000319
0.000335
0.000322
0.000324
0.00032
0.000331
0.000319
0.00032
0.000319
0.000324
0.000323
0.000319
0.00465
1.44021
0.0006
0.00024
0.4136
0.00032
0.016139
0.016568
1.020833
1.020833
BAX
BEC
BTH
POS
CRA
CPQ
-0.01526 0.010778 0.00454542 0.001724 -0.01548 0.030549
-0.03008 -0.00765 -0.0115147 -0.01762 -0.00753 0.029861
-0.02919 0.012884 0.00407124 0.019783 -0.02794 0.040809
0.039876
0.0435 -0.0590025 0.024917 0.018988 -0.02405
GLW
CVD
DOW
-0.01576 0.044842912 -0.00447
-0.00221 0.020721257 0.010047
-0.01176 0.006896035 -0.02741
-0.00776 -0.014072564 -0.01193
0.014052
0.010297
-0.03507
0.018582
0.072664
0.027047
-0.01141
0.004223
0.003684
-0.00341
0.008488
-0.03737
-0.01771
0.010137
0.000227
0.031429
0.015949
-0.0096
0.004671
0.001951
-0.03567
-0.01438
0.026725
0.020444
0.004743
-0.00061
-0.01773
0.020761
-0.01133
0.000328
-0.00095
-0.00292
0.014176
-0.02755
0.013319
0.008488
0.011219
0.011227
-0.00629
-0.01341
-0.00821
0.007111
0.001829
-0.00175
-0.00963
-0.00526
-0.00126
0.049023
-0.01409
0.003625
0.008689
0.012591
-0.02595
-0.00383
0.06036162
0.03645312
0.0094665
0.00735245
-0.004551
0.01901346
-0.0051775
-0.0321211
0.02693887
0.00528601
-0.0200801
-0.0003322
0.00246924
-0.0094151
0.00433378
0.00195027
-0.0280458
-0.0022604
0.00464897
-0.0060652
0.00222505
0.01437268
-0.0155085
-0.0031997
0.00109157
0.02115634
-0.0097442
0.000888
0.013799
-0.02605
0.004494
-0.02148
-0.00812
-0.01146
-0.00865
0.000147
-0.00797
-0.02057
0.031523
-0.03295
0.00724
-0.00917
-0.0088
-0.00634
-0.02113
-0.01001
-0.01786
0.032741
0.004151
0.004517
0.004583
0.007905
0.003358
-0.01841
-0.01635
-0.01165
0.004603
-0.00187
-0.00698
-0.02086
-0.06949
0.019197
-0.02832
0.021147
0.00359
-0.00791
0.0079
-0.01541
-0.01433
0.00097
-0.01381
0.037508
-0.05406
0.034893
-0.04724
-0.00553
-0.0387
0.029897
-0.02303
-0.03031
0.019435
-0.03216
0.019191
0.065899
-0.01672
0.013226
0.014029
0.03904
-0.00187
-0.03459
0.026678
0.054639
-0.00714
-0.00239
0.001367
0.047325
0.004417
-0.00378
0.059306
-0.0057
0.008723
-0.01392
-0.03113
-0.02845
-0.02639
0.009131
0.006601
-0.01606
-0.05767
-0.01239
-0.01759
-0.00254
-0.02746
0.015171
-0.04273
0.010291
0.001803
0.02912
-0.03726
-0.03066
-0.01809
-0.11627
0.08435
-0.03011
0.131623
0.070175
-0.01463
-0.11101
-0.02065
0.011447
0.011432
-0.02685
-0.0065
0.002388
0.019651
0.035459865
-0.010336935
-0.009174449
0.002930509
0.011891323
0.008674901
-0.036973659
0.008672372
-0.030148892
-0.025860391
0.002560668
-0.028476996
0.041039371
0.009922267
-0.038809718
0.031261822
0.024750988
-0.016482666
-0.015360638
-0.003712258
0.000242151
0.001442077
-0.067617908
-0.0620207
0.020809574
-0.010648517
-0.009339734
0.006564
-0.003
0.015999
-0.03895
-0.00235
0.000664
-0.00308
-0.03724
0.027111
-0.01254
-0.02457
0.002585
0.034245
0.013228
0.019073
-0.01147
0.027816
0.003375
0.011169
-0.00843
0.000425
-0.0044
0.028537
-0.01287
-0.02151
-0.01592
-0.01648
estimate of
the variance
used in SAR
AHC
Firm
return
-0.00024
0.00181
-0.02712
-0.02775
0.019168
-0.00375
-0.00578
0.015516
0.007915
-0.03179
-0.02576
-0.0219
-0.01154
0.013135
-0.0199
-0.01285
-0.02748
0.017384
0.012019
-0.00966
-0.0277
0.049638
0.017747
0.028508
-0.00402
-0.0043
-0.00708
0.006685
-0.00972
-0.00119
0.003428
-0.02075
0.007498
0.01404
-0.00079
0.005251
0.023424
-0.00977
-0.01195
-0.00629
0.001709
-0.0021
0.012034
0.008932
-0.004
-0.00129
0.003104
S&P 500
return
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
0.006855
-0.0145
-0.00113
0.023415
0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
estimation
period
Firm
Residuals
0.005568
0.006217
-0.0216
-0.02821
0.023566
-0.00338
-0.00126
0.023729
0.020106
-0.03031
-0.01681
-0.01762
-0.01584
0.014839
-0.0122
-0.01244
-0.02166
0.019154
0.0171
-1.1E-05
-0.01808
0.047941
0.017992
0.031548
0.000233
-0.00236
-0.00455
0.009182
-0.004
0.006706
0.006168
-0.01076
0.011406
0.015937
0.002758
0.010471
0.029878
-0.00697
-0.0022
-0.00524
0.009836
-0.00065
0.01688
0.006007
0.001568
0.007871
0.010903
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
AMH
Firm
return
0.009302
0.00699
0.004448
-0.0165
0.001127
0.000282
-0.00962
-0.0201
-0.00845
-0.01414
-0.00059
-0.00715
-0.01203
-0.01494
0.004598
0.020881
0.00627
0.020036
0.004366
0.001161
-0.0032
0.001745
0.004348
-0.00551
0.019015
-0.00774
-0.00925
0.003766
-0.01163
0.004379
0.00436
-0.00874
-0.02039
0.002684
-0.00268
-0.0003
-0.00269
-0.00872
0.004221
-0.00452
0.004523
-0.0012
-0.05702
-0.01737
0.013856
0.019332
0.010615
S&P 500
return
-0.01189
-0.00782
-0.01578
0.006182
0.003855
0.005095
0.012907
-0.0106
0.005442
-0.00944
-0.00839
0.001163
-0.01141
-0.01766
-0.00453
-0.0049
0.003428
0.008671
0.0113
-0.00949
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
0.006855
-0.0145
-0.00113
0.023415
0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
-0.00557
0
0.013672
-0.00797
-0.0022
0.000259
-0.01394
-0.02068
-0.04409
-0.03736
-0.03897
-0.01507
-0.05323
-0.04703
-0.00034
0.029908
0.035097
-0.02608
0.024494
-0.00623
0.034323
0.010623
0.010208
0.013401
-0.00165
0.018406
-0.00575
-0.02365
0.005589
-0.00786
-0.04106
0.003474
0.00832
-0.03241
-0.00827
0.013744
0.016248
-0.01128
-0.0426
-0.02979
0.015512
-0.02206
-0.0052
-0.00873
0.012719
0.014609
0.044875
-0.01811
-0.00116
-0.06245
-0.0514
0.024302
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.004305
0.002473
0.017749
-0.00372
0.009597
0.010714
-0.01223
0.000841
-0.03817
-0.02781
-0.02406
-0.00447
-0.06272
-0.04621
0.005351
0.029794
0.031396
-0.0214
0.024097
-0.00925
0.039067
0.01393
0.017016
0.019157
-0.0057
0.017009
-2.8E-05
-0.01924
0.007052
0.00259
-0.03442
0.005763
0.006892
-0.02688
-0.00453
0.01286
0.018693
0.001024
-0.03267
-0.02591
0.01146
-0.01918
-0.00631
-0.00989
0.017555
0.01763
0.048201
-0.01361
-0.00371
-0.05922
-0.04783
0.029281
-0.00623
0.00312
-0.02812
-0.00934
-0.01302
0.019468
-0.00483
0.001935
-0.00323
0.001615
-0.00843
0.031718
-0.00951
0.003179
-0.01245
0.007682
-0.00479
-0.00546
-0.00064
0.006106
0
-0.01974
0.075204
0.012052
-0.01661
-0.03502
0.00754
-0.00754
-0.00316
-0.00794
-0.00736
-0.01652
0.012979
0.069122
-0.02036
0.029347
0.036016
-0.02948
0.028615
-0.00664
0.004626
-0.0201
-0.04146
0.008248
0.025827
-0.00416
0.000893
0.003267
-0.01674
-0.02906
-0.00373
-0.005
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.000182
0.036075
-0.02468
0.013394
-0.00249
0.004436
-0.00711
0.017324
0.008898
0.005198
0.005858
0.025442
-0.02476
-0.00499
-0.00797
-0.00856
0.00821
-0.00541
0.014758
-0.00657
0.015323
0.017445
0.004189
0.006167
0.011565
0.009319
0.014379
0.011008
-0.01245
-0.00564
-0.01317
0.005387
0.01084 0.000272
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
4.48759E-05
1.86093E-05
0.000150391
4.57148E-05
3.89487E-05
0.000316648
0.000119292
1.06036E-09
6.07016E-05
0.00018841
0.000515214
4.64565E-06
4.80881E-05
0.000236229
4.66264E-06
8.06584E-07
0.000226635
1.54786E-05
0.000112577
6.63118E-05
4.11946E-05
6.06369E-05
2.46725E-05
1.72876E-07
2.24722E-05
5.40853E-05
1.58528E-05
0.00011199
4.03103E-05
9.53291E-05
4.65037E-05
0.000445
0.000444
0.000448
0.000445
0.000445
0.000452
0.000447
0.000444
0.000446
0.000449
0.000457
0.000444
0.000445
0.00045
0.000444
0.000444
0.00045
0.000444
0.000447
0.000446
0.000445
0.000446
0.000445
0.000444
0.000445
0.000445
0.000444
0.000447
0.000445
0.000446
0.000445
0.003438
-0.02017
-0.00928
0.032873
-0.01757
-0.00858
-0.02882
-0.0179
0.050858
0.003807
-0.00667
0.02456
0.004964
0.008936
-0.01764
-0.01225
0.013811
0.008381
0.004934
0.013444
0.014462
0.006559
-0.01951
0.027792
-0.00384
0.006194
-0.00767
0.036368
-0.00602
-0.01535
0.029338
0.002265
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00388
0.34956
0.00044
0.017268
1.020833
GUC
HON
IN
KMG
LZB
MWD
NCR
ODP
BOH
-6.06825E-05 0.014882 -0.01011 -0.01131 -0.026426839
-0.0266 0.009931 -0.03202 -0.05946
0.000674083 -0.01363 0.037843
-0.058
0.04327845 0.012615 -0.01749 -0.01912 0.064458
-0.019973893 0.022044 -0.06386 -0.05983 -0.009351026 -0.05856 0.000305 0.032621 0.016186
-0.007713275 -0.02117 0.052601 0.024109 0.011883269
-0.0065 -0.01126 -0.01338 -0.01113
-0.023842196
-0.015594513
-0.0135763
-0.019493914
-0.033709763
0.043367676
-0.044728096
-0.022283307
-0.030792734
0.017835247
0.005518432
0.048877462
0.150649508
0.02225743
-0.021681746
0.014386404
-0.005394811
0.017777842
-0.046137397
-0.008889266
-0.01136553
-0.009275115
-0.014505532
-0.017102983
-0.033938204
-0.014545293
-0.033460641
0.001011
-0.03644
-0.04291
-0.02149
-0.02159
0.026609
0.018658
-0.01464
0.062264
0.03219
-0.01989
0.017119
0.042953
-0.0081
0.015149
-0.00276
0.028818
0.016816
0.034515
-0.06352
-0.02574
0.013148
-0.00679
0.023913
0.015355
0.005253
0.030267
0.058192
-0.06562
0.0477
-0.02861
-0.01227
-0.0191
-0.02898
0.013998
0.023876
0.031202
-0.0365
-0.04294
0.05485
0.008107
0.005265
-0.02926
0.017198
0.094323
0.0744
-0.01708
-0.04013
0.002822
0.018764
0.062063
0.138037
0.084816
-0.0917
-0.00602
0.050825
-0.02883
0.024131
-0.02693
0.013166
-0.00865
-0.00289
0.019804
0.007941
0.01961
0.015452
-0.03771
0.022325
-0.01976
-0.01436
-0.01453
-0.01264
0.021509
-0.01107
0.019873
0.020932
0.00582
0.008683
0.011258
0.017235
0.000645
0.008867279
-0.031403351
0.011766603
0.000199579
-0.026599549
-0.02863334
-0.007458229
-0.013824265
0.009647235
-0.036673879
0.008923529
-0.008124126
-0.003134464
-0.002878398
0.00108812
-0.007219004
0.008936472
-0.001700221
0.013430649
-0.017607509
-0.008453637
-0.003872666
-0.020181602
0.037735211
-0.006859516
0.004878455
0.003597433
-0.09573
0.067361
-0.05359
0.041453
-0.00992
-0.02181
-0.00586
-0.0132
0.042782
-0.03864
0.035036
-0.00138
-0.01367
0.006204
-0.00828
-0.04672
-0.00885
0.005732
0.037142
-0.04992
-0.04885
-0.02358
-0.02326
0.014819
-0.00112
-0.044
0.019422
-0.15521
0.000866
0.011541
0.006076
-3.8E-06
-0.01073
0.016011
6.26E-05
-0.01123
-0.00234
-0.02346
-0.0087
0.001866
0.001762
0.000609
0.005889
-0.00128
0.010787
0.003753
-0.00606
-0.00132
-2.3E-05
0.006934
-0.00123
-0.01809
-0.00588
0.003376
-0.04712
-0.01413
0.029095
-0.02307
0.109034
-0.02144
0.048322
0.037986
0.08291
-0.01104
0.025734
-0.01484
-0.00245
-0.03671
0.03394
-0.00553
0.092977
-0.00172
0.027747
-0.02569
0.005828
-0.01319
0.004692
0.014727
0.027257
0.06774
-0.00585
-0.02979
0.030936
0.000395
-0.02052
-0.00653
-0.01508
-0.00453
-0.02096
-0.04891
0.001521
0.002881
0.051247
0.00017
-0.02028
-0.00342
-0.00881
-0.0034
-0.01036
0.000476
0.008309
0.011777
0.003202
-0.00306
-0.00145
-0.01408
0.001441
-0.00281
estimation
period
Firm
Residuals
0.013188
0.009712
0.00945
-0.0178
0.000501
-0.0007
-0.01284
-0.01659
-0.00953
-0.01096
0.00229
-0.00701
-0.00828
-0.0094
0.006374
0.022763
0.005765
0.018029
0.001605
0.004362
-0.00113
0.002656
0.006171
-0.00859
0.01992
-0.01013
-0.00824
0.007799
-0.00434
0.002892
0.008996
-0.00794
-0.02663
0.001379
0.000932
-0.00266
-0.00062
-0.00997
0.005685
0.000687
0.009704
-0.0053
-0.05952
-0.01758
0.014643
0.018218
0.009983
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
AXE
Firm
return
0.010859
-0.0153
0.029379
0.000665
0.025285
0.006786
-0.00193
0.022337
-0.00538
-0.01245
0.013402
-0.02568
-0.02369
-0.06465
-0.0082
-0.09459
0.015625
-0.01957
-0.00515
-0.01683
0.01085
0.009151
-0.03301
-0.05382
0.068042
-0.03825
0.015395
0.050715
0.000785
0.03089
0.01322
-0.04804
0.015625
0.036907
-0.00374
-0.00639
-0.00568
0.015066
-0.03229
0.011516
-0.03101
0.023347
-0.02138
0.024836
0.008017
-0.02698
-0.02372
S&P 500
return
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
0.001686
-0.00209
0.021488
0.003499
0.003537
0.011911
0.014563
0.034508
0.013359
-0.01712
0.0138
-0.02474
0.00112
-0.04407
-0.01529
-0.03901
0.021837
-0.00183
0.029512
0.004197
-0.03166
-0.00075
-0.02751
-0.06667
0.043838
-0.03594
0.001645
0.028671
0.003295
0.028857
0.02226
-0.04233
-0.00968
0.019991
0.001871
-0.00493
-0.01355
0.035638
-0.02378
0.006263
-0.04802
0.028328
-0.02203
0.009541
0.003257
-0.00055
-0.0048
-0.00689
0.005106
-0.02435
-0.00979
-0.00753
0.019971
-0.00598
0.002142
-0.00165
0.004206
-0.00883
0.037014
-0.01135
0.007141
-0.01396
0.008954
-0.0099
-0.0036
0.00417
0.009799
0.005395
-0.02041
0.075845
0.012834
-0.00964
-0.02914
0.006239
0.007407
-0.00101
-0.00281
0.002163
-0.01053
0.002494
0.067091
-0.0184
0.026551
0.030278
-0.02834
0.025587
-0.01182
0.005813
-0.02009
-0.03858
0.010266
0.019804
-0.00801
0.002885
0.004184
-0.01824
-0.02319
-0.00099
-0.00582
-0.00803
0.044943
0.0584
0.013365
0.007151
-0.00572
-0.02577
-0.0178
0.014121
0.011739
0.020932
0.011364
0.017154
0.011732
-0.03349
-0.00855
0.011384
0.011606
-0.00984
-0.00567
0.027668
-0.00624
-0.00698
0.045501
0.027706
0.003896
-0.03227
-0.01756
-0.0151
-0.00069
-0.01569
0.01049
0.019632
-0.01305
-0.01427
0
0.01634
-0.00173
0.001726
0.011997
-0.01822
0.006571
0.037549
0.016464
0.001958
-0.03415
-0.00983
0.018225
-0.00402
-0.00945
-0.01022
-0.00481
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.00825
0.019628
0.055016
-0.00265
-0.00902
-0.00291
-0.02871
-0.01978
0.015851
-0.00883
0.01865
0.01014
0.020409
-0.00048
-0.02561
-0.00331
-0.00171
0.004595
-0.00247
0.014476
0.016056
-0.00574
0.002105
0.030789
0.003073
0.006745
-0.02414
-9.5E-05
-0.01225
-0.00122
0.001419
0.006605
0.008365
-0.02158
-0.0209
0.009076
0.011313
-0.00172
-0.00305
0.00433
-0.02216
0.018738
0.030994
0.006133
-0.00512
-0.02717
-0.00608
0.023318
-0.0056
0.000846
-0.00349
-0.01256
-0.00044
8.99185E-06
4.39828E-06
0.000235248
3.37612E-05
0.000501603
0.000243511
2.89228E-06
0.000595307
2.08442E-05
0.000255782
0.000260233
1.05795E-06
1.73283E-05
1.08325E-05
3.46043E-09
0.000404143
1.27414E-05
6.82385E-06
2.06724E-06
0.000157503
3.15201E-05
1.04276E-05
0.000178171
6.15589E-05
2.65866E-05
0.000279221
0.000144162
1.10694E-06
4.49765E-05
0.000219363
0.000565631
0.000323
0.000322
0.000327
0.000323
0.000332
0.000327
0.000322
0.000334
0.000323
0.000327
0.000327
0.000322
0.000323
0.000323
0.000322
0.00033
0.000323
0.000323
0.000322
0.000325
0.000323
0.000323
0.000326
0.000324
0.000323
0.000328
0.000325
0.000322
0.000323
0.000327
0.000333
-0.00207
-0.00692
-0.00243
-0.03471
-0.01123
0.02732
-0.0089
0.035844
-0.02552
0.015461
0.000697
-0.01404
-0.02215
0.008275
0.00429
-0.01727
-0.00364
-0.00146
-0.01396
-0.01528
-0.01552
0.000381
0.008356
0.013151
-0.02227
0.015152
0.025243
0.006577
-0.02919
-0.03046
0.033077
0.040672
-0.01638 0.015818
0.00998
0.000106 0.000434
-0.00997
9.35E-05 0.000434
-0.00736
4.99E-05 0.000433
0.007893
6.71E-05 0.000433
0.003513
1.45E-05 0.000432
0.000998
1.69E-06 0.000432
-0.00019
1.13E-08 0.000432
-0.02903
0.000825 0.000453
0.011679
0.000144 0.000435
0.014824
0.000229 0.000438
-0.0071
4.63E-05 0.000433
-0.02505
0.000612 0.000447
-0.00405
1.4E-05 0.000432
-0.00599
3.24E-05 0.000432
-0.00309
7.77E-06 0.000432
0.014749
0.000227 0.000437
0.014238
0.000211 0.000437
-0.004
1.37E-05 0.000432
0.009892
0.000104 0.000434
-0.00182
2.3E-06 0.000432
-0.01108
0.000116 0.000435
-0.01905
0.000352 0.000441
0.013423
0.000188 0.000436
-0.01563
0.000235 0.000438
0.008191
7.21E-05 0.000433
0.017815
0.000328 0.00044
-4.5E-05
6.53E-08 0.000432
0.00046
5.78E-07 0.000432
-0.00285
6.51E-06 0.000432
0.022382
0.000514 0.000445
0.019304
0.000384 0.000442
-0.00048
0.28668
0.00032
0.00023
1.10575
0.00043
0.016277
0.016496
1.020833
1.020833
RAD
-0.11939
-0.07467
-0.00488
-0.00284
RCL
SMG
SGR
SMF
PCS
TDY
TXN
TRP
0.181239749 0.005838 -0.03417 0.010674 0.036217 -0.02355 0.035963 0.004523
0.058297387 -0.00812
-0.0013 0.003949 -0.08832 0.001034 0.020941 0.005133
-0.05527907 0.003405 0.012562 0.016262 -0.01247 -0.00362 -0.03015 -0.00617
0.031974196
-0.0011 -0.00103 -0.02113 0.042468 -0.04255 -0.02813 -0.00345
-0.09259
0.090964
-0.10983
0.002175
0.038066
-0.02226
-0.04332
0.015706
0.000234
-0.03044
-0.00302
-0.38956
0.17037
0.058724
0.089784
-0.06987
0.016758
-0.02314
0.137369
-0.03974
0.031478
0.003771
0.016124
0.033147
0.00133
-0.01681
0.045357
0.069174149
-0.045443422
0.003467673
0.023595324
0.008027207
-0.065630519
0.02356667
0.04293531
0.124328068
-0.004287497
-0.01031021
0.093643795
-0.032918533
-0.02342132
0.003671741
0.023918423
0.039042154
-0.023152232
0.013282428
0.018214477
-0.007161405
0.009698824
0.000787702
0.01031906
0.043861509
0.018547191
0.00172667
0.018811
-0.0029
0.047179
0.027132
-0.00725
-0.00906
0.019399
-0.01901
0.014663
-0.00261
-0.0089
0.004597
0.007685
0.007064
0.006043
0.015965
0.023993
-0.00093
0.018825
-0.00815
0.009149
-0.0213
0.001399
0.003267
-0.00836
-0.01
-0.02755
0.059537
0.009846
-0.0002
0.054739
-0.01018
-0.02933
0.042337
0.038765
-0.00801
-0.04556
0.017992
-0.01225
0.012494
0.008124
0.019349
-0.075
-0.03331
-0.00952
0.000162
-0.00791
0.002697
-0.02157
-0.00771
-0.02845
0.004644
0.024364
0.014094
0.008773
-0.00274
0.009875
-0.005
0.015512
0.006619
-0.00533
-0.0157
0.007485
0.004556
0.015729
-0.01468
-0.0007
-0.004
-0.00488
-0.00114
0.002863
0.000533
0.008728
-0.00543
0.014232
0.008997
0.009903
-0.0026
-0.00668
-0.00355
0.001678
0.099724
0.032035
0.004558
-0.00245
0.042142
-0.10781
0.058486
-0.0295
0.069512
-0.02156
-0.01178
-0.24425
-0.05526
0.042698
-0.02044
-0.02659
-0.05729
0.070234
0.001249
0.02388
0.036613
-0.07493
0.000146
-0.02679
0.018054
0.048734
0.01951
-0.00745
-0.06506
0.007624
0.029314
0.032278
-0.0111
0.004399
0.010696
0.01816
0.022859
-0.05434
-0.0198
0.002991
-0.00179
0.004161
0.006213
0.002462
0.006442
0.01564
0.030275
-0.04511
0.032068
-0.02398
0.022149
-0.01632
0.020593
0.025567
-0.01158
0.014788
0.048026
-0.03152
0.097124
-0.02372
0.072672
-0.01455
0.0002
0.043894
-0.0253
0.045356
0.054059
0.003096
-0.00508
-0.05879
0.011544
0.006271
-0.04474
-0.075
-0.09503
0.025303
0.051381
-0.01343
-0.00952
0.029709
-0.04597
-0.008
0.009016
-0.00616
-0.02679
-0.0116
-0.02142
-0.00438
0.035327
0.017286
-0.00365
-0.00307
0.001243
-0.01471
-0.0236
-0.01716
0.011916
-0.0018
0.006657
-0.02031
0.000395
0.009086
0.001747
-0.01272
-0.00811
0.008353
0.001459
0.000407
estimate of
the variance
used in SAR
ABI
Firm
return
-0.00199
0.000399
0.011492
0.115943
0.039895
-0.0406
-0.01486
-0.00715
-0.02397
-0.01221
-0.0222
-0.02076
-0.03197
-0.02642
0.023607
0.039824
-0.02703
-0.01199
0.00641
-0.0012
-0.03292
0.013544
0.089251
-0.02186
0.041066
-0.01846
-0.02757
-0.017
-0.02246
-0.0068
0.007194
-0.00719
-0.03552
-0.00584
-0.01389
-0.1125
0.050866
0.016544
-0.01654
0.015657
0.01279
0.002189
-0.02211
0.13135
-0.04777
-0.01742
0.033734
S&P 500
return
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
estimation
period
Firm
Residuals
0.016429
0.018684
-0.01433
0.097693
0.032545
-0.04321
-0.02651
-0.01651
-0.03345
-0.00912
-0.01062
-0.02929
-0.01222
-0.03038
0.011798
0.034451
-0.02588
-0.00602
-0.00187
0.017629
-0.04803
0.026033
0.075722
-0.02217
0.010454
-0.01594
-0.01104
-0.00579
-0.00315
-0.01636
0.003885
-0.00983
-0.00873
0.015732
-0.02643
-0.04778
0.054724
0.034609
0.022391
0.037776
-0.04342
-0.01382
-0.01912
0.111698
-0.08141
-0.01837
0.012982
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
ONE
Firm
return
0.013405
-0.00534
0
-0.0105
-0.01857
-0.00276
-0.0519
-0.02297
-0.00089
0.015385
0.032638
-0.00142
-0.01867
0.012104
0.007989
-0.01518
0.010047
0.025104
0.004724
-0.02158
-0.05413
0.026558
-0.02357
0.020072
-0.00645
0.02584
-0.00488
-0.0052
-0.04713
0.031957
0.01459
0.028557
-0.00536
0.000283
0.00733
0.000562
-0.03398
-0.02977
0.027156
-0.03768
0.024788
0.012605
0.005809
-0.00377
0.01271
0.027182
0.043455
S&P 500
return
-0.01343
0.011758
-0.00869
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
-0.0057
0.005841
0.009931
0.006432
0.002256
-0.02508
-0.04414
0.01472
-0.02618
0.005854
-0.01982
0.017473
-0.02437
-0.01809
-0.00407
0.019713
0.011219
0.025253
-0.02473
-0.00464
0.010727
-0.01254
-0.035
-0.00291
0.042753
-0.02019
0.008085
0.026706
-0.00213
0.014991
-0.00323
0.01023
0.038153
0.008058
0.016713
0.019926
-0.03704
0.026932
0.037205
0.079579
0.041211
0.009299
-0.00963
-0.03775
-0.05339
-0.01436
0.041415
-0.02486
0.018077
0.035203
0.043654
-0.01872
-0.02979
0.011061
0.020416
0.018686
0.057177
-0.00752
-0.00916
0.013245
-0.00881
-0.00825
0.039674
0.005193
0.006681
-0.01341
0.038513
-0.0083
0.008299
0.012029
0.009578
0.014909
-0.05438
0.009569
-0.01681
-0.06632
0.027434
0.031591
0.068057
-0.01059
-0.03396
-0.01168
-0.02811
0.040388
0.002675
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
-0.02292
0.016008
0.013619
-0.0297
0.030174
0.002209
0.054924
0.044331
0.007308
-0.02313
-0.01619
-0.0467
-0.02464
0.016642
-0.02252
0.013471
0.012546
0.033986
0.010067
-0.01027
0.006995
-0.01459
0.010714
0.033627
-0.03126
-0.00951
0.005823
-0.01504
-0.00992
0.010521
-0.00142
0.001372
-0.01319
0.019656
-0.00239
0.010953
-0.00792
-0.00287
0.02019
-0.03335
-0.00855
-0.01999
-0.05892
0.005496
-0.00258
0.06777
-0.00437
-0.01623
-0.01196
-0.03256
0.057685
-0.00591
0.003471
-0.0008
-0.00777
0.001612
0.003483
0.00187
0.008506
-0.01655
0.005635
0.010912
0.003962
0.001054
-0.00502
-0.02465
-0.01036
0.003284
-0.01625
0.004157
0.011001
0.023785
-0.00697
-0.00081
0.008577
0.013256
0
0.004205
-0.00368
0.000789
-0.00475
0.029169
-0.01136
0.00492
-0.00752
-0.01706
-0.00318
-0.0072
-0.01564
0.002714
0.006752
-0.02839
0
-0.00305
0.005816
-0.00138
0.012368
-0.01375
-0.02071
-0.02114
0
0.01462
0.007937
0.026193
0.012465
-0.00858
-0.01509
-0.01224
0.015815
0.004685
0.014898
-0.00287
0.013498
0.000781
-0.01498
0.014337
-0.00245
-0.00183
-0.0045
-0.00029
-0.00761
0.002606
0.000416
0.028055
0.00272
0.002689
0.016025
-0.00263
-0.01565
0.003191
-0.01189
-0.00782
-0.01578
0.006182
0.003855
0.005095
0.012907
-0.0106
0.005442
-0.00944
-0.00839
0.001163
-0.01141
-0.01766
-0.00453
-0.0049
0.003428
0.008671
0.0113
-0.00949
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
0.025785
0.028797
0.008396
0.028844
0.012112
0.027703
0.00855
-0.00517
0.038911
-0.02271
-0.03268
-0.0525
0.045888
-0.00933
-0.05224
0.020948
-0.02349
0.009855
-0.0342
0.014107
-0.02314
0.008159
-0.01226
-0.01629
0.005657
-0.29205
-0.03233
-0.02201
-0.0486
0.008339
-0.02613
0.06007
0.009985 0.008095
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
0.014824
-0.0071
6.67541E-05
4.15433E-05
6.02155E-05
2.49425E-05
1.96152E-07
2.27299E-05
5.44847E-05
1.60694E-05
0.000111417
4.06552E-05
9.58592E-05
4.68742E-05
3.44281E-05
8.65675E-06
1.72873E-05
3.50598E-06
7.85063E-05
3.18483E-05
5.57021E-05
0.000247307
0.00011306
8.68445E-05
4.50077E-05
7.30312E-05
1.73498E-05
2.72297E-06
2.10125E-07
0.000805286
0.000152073
0.000239509
4.16157E-05
0.000974
0.000973
0.000974
0.000972
0.00097
0.000971
0.000973
0.000971
0.000976
0.000972
0.000976
0.000973
0.000972
0.000971
0.000971
0.00097
0.000975
0.000972
0.000973
0.000984
0.000977
0.000975
0.000973
0.000974
0.000971
0.00097
0.00097
0.001015
0.000979
0.000984
0.000973
-0.01078
-0.00838
-0.02959
0.014335
-0.02829
0.014246
0.021138
-0.00453
-0.01632
0.013188
0.042382
-0.00273
-0.00329
0.010654
-0.01506
0.015058
0.00731
0.011266
-0.00857
0.029948
-0.00944
0.015691
-0.00416
-0.01391
0.002639
-0.00953
0.006629
0.004483
0.005248
-0.00656
-0.00581
0.002382
-0.00184
-0.0124
-0.02378
0.006855
-0.0145
-0.00113
0.023415
0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
Standardized
Abnormal
Returns
AK
ARG
-0.14666 0.252908
-0.4236 1.391791
0.280283 -0.33969
0.354694 -1.34474
AGN
-0.0689
-0.17006
-1.49713
-2.18081
0.00408
1.36324
0.00096
0.017247
1.020833
RIG
0.033493
0.052757
0.017095
0.058596
UTX
UNM
WMI
WEN
0.013915 0.004677 -0.00317 -0.021073729
0.011224 -0.00317 0.007595 0.007088961
0.020767 -0.00104 -0.01103 -0.006688258
0.037272 -0.02423 0.005689 0.006612715
-0.05148
0.007377
-0.00886
-0.07513
0.02151
-0.00726
-0.03605
0.005346
0.05467
-0.03006
-0.04858
-0.02855
-0.02989
0.022844
-0.04337
-0.03034
-0.0313
0.044337
0.031722
0.052493
-0.01093
-0.04568
0.047106
0.089892
0.084753
-0.00071
0.003406
-0.02516
0.009819
0.034979
0.00984
0.014982
0.019875
0.001004
-0.02079
-0.01528
-0.00101
0.004794
-0.00167
0.021416
0.026194
-0.0024
0.02203
-0.00912
-0.03275
0.025366
0.015494
0.006732
-0.0306
-0.00068
-0.02933
-0.01564
0.006157
-0.00356
-0.00208
0.022758
-0.01034
-0.00405
0.054303
0.018764
-0.01099
-0.00755
0.006109
0.005547
0.035333
-0.06776
0.030939
-0.00964
0.004208
-0.01034
0.01449
0.004409
0.0138
-0.00012
-0.02097
-0.01776
0.002716
0.011883
-0.01875
-0.01763
0.013632
0.023211
-0.00319
-0.00812
-0.00066
0.015096
0.007247
0.000582
-0.00229
-0.01121
0.015193
0.02519
0.02658
-0.00685
-0.00747
0.006662
0.021791
-0.01491
-0.02242
-0.02201
0.048226
-0.0044
0.022261
0.010309
-0.01886
-0.0043
-0.00064
-0.01116
0.005933003
0.021183445
0.033079672
0.016176965
-0.000337148
0.005401084
0.000441886
0.017589888
0.000863829
4.08405E-05
-0.018715153
-0.022370365
0.015342624
-0.010876016
0.004913523
0.020276074
0.000576929
-0.007578562
-0.005051944
-0.014630802
-0.004565033
0.003483297
-0.00098359
0.017661397
0.016839176
0.011202357
-0.005628997
-0.36615
-0.1762
0.181601
-0.08703
-0.03046
0.112163
-1.05989
-0.46268
-0.38293
-0.10057
-0.22339
0.626972
-0.48987
-0.25999
-0.43078
-0.9468
0.437925
-0.06627
-0.67999
-0.31216
0.155322
1.537341
0.583639
-0.06387
0.00927
0.399469
-0.64918
0.093095
-0.90075
-1.59151
-0.78946
-0.05744
1.508449
-0.31979
-0.47654
-1.25973
0.051764
1.007404
1.257464
-0.0867
0.154924
-0.38075
0.040534
1.132826
0.572138
-0.94651
-1.13598
-0.04771
-0.52119
-0.38841
-0.5004
0.280098
8.68E-05
0.933597
-0.29926
-0.52517
0.382225
0.257363
0.678866
1.455848
-0.5095
-0.03892
0.154456
-1.35791
0.87891
2.409593
-0.50542
-0.91231
-1.42424
-1.14934
-0.75129
-0.00353
-1.50939
1.933175
-3.93654
2.934823
-0.75312
0.810893
1.105704
0.241767
0.715285
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
0.024396
-0.01562
0.00699
-0.009
-0.02575
0.013012
-0.03746
-0.00754
0.000406
0.019741
0.017642
0.004723
-0.00685
0.010876
0.01245
-0.02046
0.001308
0.019321
0.002469
-0.00075
-0.01719
0.013774
-0.00181
0.014777
0.009942
0.01073
0.015353
0.00973
-0.04404
0.014955
0.004763
0.006875
0.015179
0.003853
-0.00208
0.010805
-0.00477
-0.02767
-0.00931
-0.02098
0.017609
-0.0103
0.007261
-0.01679
0.015091
0.01819
0.010877
BAX
Firm
return
-0.00568
-0.00412
-0.03426
-0.01224
-0.01408
-0.02392
0.007235
0.02274
0.040124
0.019474
0.00944
-0.01929
0.005731
0.005067
0.000947
-0.01655
-0.01389
0.012928
-0.00483
0.027059
-0.01264
-0.01248
-0.00808
0.02152
0.017326
0.000936
0.028301
0
-0.00945
0.025991
-0.00299
-0.03999
0.024609
0.001821
0.004539
-0.00545
0.008163
-0.00634
-0.00364
-0.02276
-0.02489
-0.0265
-0.00394
-0.00594
0.000661
0.011177
-0.01184
S&P 500
return
-0.00061
-0.01674
-0.02116
-0.00166
-0.02846
0.005373
0.005717
0.022041
-0.00452
0.013956
-0.00618
-0.0091
0.011479
0.034659
0.015148
-0.00648
-0.00472
0.005321
0.005674
0.005555
0.004936
-0.00855
0.005974
0.005808
0.010513
-0.0012
0.018249
-0.00661
0.010037
-0.00207
-0.00075
-0.01154
0.008817
-0.00032
-0.00622
-0.01353
0.006323
0.008066
0.017071
-0.00698
-0.01
-0.00376
0.003009
0.006322
-0.00129
-0.00855
0.007215
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
-0.00367
0.008768
-0.0184
-0.00952
0.00671
-0.02594
0.004982
0.009479
0.044775
0.011665
0.015208
-0.01155
-0.00041
-0.0167
-0.00767
-0.01057
-0.00911
0.010942
-0.00705
0.024915
-0.01437
-0.00511
-0.01051
0.019205
0.011839
0.003345
0.017597
0.00606
-0.01461
0.028985
-0.00088
-0.03061
0.020265
0.003641
0.010337
0.005274
0.005501
-0.01018
-0.01355
-0.01646
-0.01654
-0.02237
-0.00437
-0.0086
0.003129
0.018544
-0.0151
-0.00741
0.006097
0.004634
0.011598
-0.01023
-0.00244
-0.00443
-0.01447
-0.00612
0.009902
0.01627
-0.01141
-0.0033
-0.02346
-0.00691
0.003176
-0.01018
0.001606
0.0103
-0.00026
-0.00962
-0.00343
-0.00531
0.015129
0.012868
0.001159
0.006012
0.007049
0.008233
0.023596
-0.01496
0.000266
-0.01877
-0.00845
-0.00813
0.000428
-0.0089
0.001381
0.016042
-0.01383
0.003474
0.000734
0.00257
-0.00906
0.002472
-0.00608
-0.01639
-0.02022
0.003609
0.003782
0.008841
0.017372
-0.02784
0.002039
-0.0051
-0.00719
0.020746
0.027226
-0.02219
-0.01145
0.014461
0.024082
-0.00196
-0.02313
-0.02265
0.04283
0.020746
0.055232
-0.03869
0
-0.01174
0.02304
-0.03073
-0.01295
-0.00196
-0.02916
-0.00404
-0.02392
-0.02238
0
0.08341
-0.00587
0.018801
-0.01195
0.004216
0.00194
0
-0.00713
-0.00195
-0.00098
-0.03756
-0.02192
0.008619
-0.0107
-0.02139
-0.0032
-0.03179
0.01999
-0.00541
-0.02825
-0.01689
0.012413
-0.00675
0.028202
0.003849
0.001585
-0.00207
0.010759
0.001882
0.015347
-0.00085
0.000384
0.003971
0.00069
0.003259
-0.00959
-0.0391
0.00192
0.000955
0.02673
0.011128
-0.01315
-0.0044
0.012096
0.010615
-0.00686
0.000522
-0.00712
-0.00292
-0.02802
0.006046
-0.00422
-0.00395
-0.02784
0.024905
0.010572
-0.00011
0.011185
-0.00042
-9.1E-05
0.012199
-0.02104
0.00362
-0.02119
0.002031
0.008675
-0.01031
0.000425
-0.03085
0.004507
0.006281
-0.00535
-0.01494
0.010957
0.013535
0.009302
-0.02883
0.002571
-0.00211
-0.01284
0.021078
0.018479
-0.02002
-0.01011
0.013385
0.025218
-0.00255
-0.01506
0.005316
0.043136
0.021703
0.03881
-0.04459
0.010467
-0.00718
0.016485
-0.03629
-0.00673
-0.00071
-0.02276
-0.00048
-0.00342
-0.02485
0.004447
0.087672
0.0145
0.00361
-0.01748
0.005894
-0.004
0.001885
-0.00547
-0.00858
0.014806
-0.0384
-0.00603
0.008851
-0.01495
-0.01284
-0.00188
-0.00939
0.018552
-0.00805
-0.02305
-0.00521
0.006626
-0.01428
0.023531
-0.00958
0.000135
0.00053
5.81E-05
0.000189
1.37E-07
0.000585
4.88E-05
0.000104
0.000114
2.3E-05
4.62E-05
7.15E-06
0.000248
0.000245
0.000279
0.000125
1E-05
9.87E-08
3.99E-05
2.15E-05
2.23E-05
2.02E-05
0.000115
1.62E-05
0.000279
4.62E-07
4.14E-05
2.94E-06
9.43E-06
4.36E-05
1.48E-05
0.000181
0.000184
0.00018
0.000181
0.00018
0.000185
0.00018
0.000181
0.000181
0.00018
0.00018
0.00018
0.000182
0.000182
0.000182
0.000181
0.00018
0.00018
0.00018
0.00018
0.00018
0.00018
0.000181
0.00018
0.000182
0.00018
0.00018
0.00018
0.00018
0.00018
0.00018
0.013447
-0.00362
-0.04029
-0.0483
0.043763
0.029496
0.005504
-0.04223
0.00495
0.087233
0.05683
-0.01025
-0.001
0.019105
-0.00196
0.018783
-0.03893
-0.0209
0.001361
-0.00102
0.020557
0.019161
-0.00788
-0.00198
-0.00298
-0.03097
-0.00927
0.019816
0.017106
-0.01204
-0.01458
-0.05981
0.001862 0.013793
0.019643
0.000373 0.000378
-0.01278
0.000172 0.000373
-0.02597
0.000692 0.000386
0.00814
6.09E-05 0.00037
0.02528
0.000622 0.000384
-0.00473
2.57E-05 0.000369
-0.00824
7.36E-05 0.00037
-0.01784
0.000331 0.000377
0.023983
0.000559 0.000382
0.046546
0.002135 0.000421
0.004105
1.42E-05 0.000369
-0.00537
3.25E-05 0.000369
0.025245
0.00062 0.000384
0.004522
1.75E-05 0.000369
0.017643
0.000299 0.000376
7.2E-05
7E-08 0.000369
-0.00236
7.27E-06 0.000369
-0.01064
0.000121 0.000371
0.000524
3.5E-08 0.000369
-0.01375
0.000198 0.000373
0.007139
4.63E-05 0.00037
0.004919
2.1E-05 0.000369
-0.00749
6.13E-05 0.00037
-0.00494
2.78E-05 0.000369
0.009349
8.12E-05 0.000371
0.009948
9.24E-05 0.000371
-0.00787
6.74E-05 0.00037
-0.00258
8.48E-06 0.000369
-0.02252
0.000523 0.000381
-0.01834
0.000349 0.000377
-0.06005
0.003646 0.000458
0.00035
0.84472
0.00018
-0.0016
0.67426
0.00036
0.020738
0.01487
1.020833
1.020833
AHC
AMH
AXE
ABI
ONE
BAX
BEC
BTH
POS
2.015038 -1.02131 -0.87244 0.463667 0.129876 -0.78521 0.530616 0.243977 0.094231
-0.90492 -0.49608 0.401598 -0.11478 -0.72559 -1.55788 -0.37847
-0.6163
-0.9687
0.623993 1.628301
-1.2877 1.16125 0.610155 -1.48675 0.628301 0.218199 1.085344
-0.03567 -1.01614 -0.96979 0.06782 -1.21681 2.072937 2.148181 -3.16457 1.370936
0.507953
0.150997
0.832586
0.617288
0.569379
0.24345
1.010524
-0.94448
0.072541
0.070806
-0.17585
0.569191
0.186354
0.829225
-0.29245
0.785054
0.914788
0.521517
0.404453
0.736386
0.557722
0.753702
0.650502
-0.22023
-0.17824
-0.591
0.336553
-0.06538
-1.29241
-0.97001
2.45293
0.192969
-0.5686
1.155169
0.346853
0.484895
-0.9807
-0.62742
0.496089
0.463573
0.286967
0.825597
0.655921
0.508432
-0.98054
1.381243
-0.28459
0.480857
-0.10576
1.879523
-0.29802
-0.69303
1.441851
-0.19629
1.116712
-0.49258
1.724771
0.298485
0.111206
-0.7611
-0.30795
0.251474
0.602568
0.513968
-0.67782
-0.96442
-0.83363
-0.46971
-1.26915
-0.66128
0.595035
1.390864
-0.09181
-0.24904
0.281893
0.253452
0.308081
-1.44041
-1.32482
0.384087
0.908996
0.7676
-0.03652
-0.59061
0.970951
-0.36819
-1.42893
-2.21034
1.06975
-0.14505
-1.65029
0.751718
-0.93841
0.600434
-0.95254
0.02383
-0.15579
-0.30484
-0.08801
-0.33131
-0.29416
-9.65586
-1.21232
-0.82895
-0.41133
-0.37276
-1.60743
2.105955
1.107658
0.074171
-0.75506
-0.55213
0.331435
3.482176
-0.60936
-0.05489
1.797274
-0.11494
0.091371
-0.13537
0.662665
-0.59734
1.855286
-0.97371
0.894212
-0.00521
-0.33848
-0.03468
0.361788
0.473485
-0.04899
0.305421
-0.27394
0.004488
-0.0428
0.71729
0.535895
-1.82224
0.957458
3.716527
1.318284
-0.59425
0.219748
0.188079
-0.17738
0.437821
-1.94678
-0.92205
0.525961
0.011819
1.626426
0.82952
-0.49973
0.242842
0.101513
-1.8531
-0.74678
1.389005
1.064615
0.242873
-0.03159
-0.82832
1.024096
-0.55881
0.016224
-0.04689
-0.14416
0.696974
-1.3544
0.65416
0.418395
0.55454
0.55508
-0.31091
-0.66269
-0.40579
0.351438
0.090189
-0.08632
-0.47299
-0.26027
-0.06232
2.423667
-0.69664
0.179055
0.429441
0.618912
-1.28083
-0.1888
3.236012
1.956098
0.508355
0.394563
-0.244
1.020541
-0.27717
-1.72284
1.442572
0.283469
-1.07729
-0.01783
0.132538
-0.50554
0.232215
0.104639
-1.5036
-0.12054
0.248828
-0.32491
0.119337
0.770165
-0.83238
-0.17181
0.058618
1.110804
-0.52095
0.048617
0.749387
-1.42545
0.245061
-1.17953
-0.44251
-0.63058
-0.47599
0.00808
-0.43128
-1.11832
1.731563
-1.80138
0.398066
-0.50393
-0.48413
-0.34872
-1.15826
-0.55073
-0.97916
1.801681
0.228347
0.246287
0.252204
0.434693
0.183289
-1.01209
estimate of
the variance
used in SAR
BEC
Firm
return
0.001778
-0.00509
0.011666
0.012528
-0.02012
-0.03885
-0.00317
0.047098
0.005546
0.009009
-0.01253
-0.00328
0.009823
-0.01821
0.00204
-0.00025
0.004829
-0.01482
-0.0153
-0.00945
0.007621
-0.02922
-0.01384
0.040439
-0.03092
-0.07619
0.044845
0.000559
0.024543
0.020758
0.028149
0.006206
-0.02374
-0.02513
-0.00815
0.0232
-0.00107
-0.00401
-0.00537
-0.02179
0.017743
-0.00054
-0.03358
0.038176
0.013118
0.00557
-0.0101
S&P 500
return
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
-0.0057
0.005841
0.009931
0.006432
0.002256
-0.02508
-0.04414
0.01472
-0.02618
0.005854
-0.01982
0.017473
-0.02437
-0.01809
-0.00407
0.019713
0.011219
0.025253
-0.02473
-0.00464
0.010727
-0.01254
-0.035
-0.00291
0.042753
-0.02019
0.008085
0.026706
-0.00213
0.014991
-0.00323
0.01023
0.038153
0.012465
-0.00858
-0.01509
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
0.001785
-0.00881
0.0178
0.01809
-0.01413
-0.03893
-0.00194
0.040026
0.007547
0.013448
-0.0137
-0.00201
0.006919
-0.0226
-0.00108
-0.00186
0.013134
0.000402
-0.02142
-0.00075
0.004712
-0.02282
-0.02096
0.048489
-0.02515
-0.0755
0.036912
-0.0043
0.014601
0.028939
0.029045
0.001531
-0.01998
-0.01323
-0.00789
0.006914
0.005465
-0.00773
-0.01584
-0.02181
0.011522
-0.00016
-0.03808
0.023557
0.007812
0.007894
-0.00542
BTH
Firm
return
-0.00502
-0.01266
0.025169
-0.01503
-0.02815
-0.00912
-0.01097
0.010972
-0.00657
-0.00044
0.015267
-0.00913
-0.0035
0.004811
-0.00525
0.001315
0.005242
-0.02381
-0.00537
0.008488
-0.00446
0.000893
0
0
-0.00268
-0.01125
0
-0.00408
-0.02718
-0.01696
0.006157
0.020099
-0.00324
-0.02111
0.000948
-0.01096
0.007634
-0.04421
-0.00249
0.027991
-0.07907
-0.04502
0.052855
-0.01996
-0.00906
0.038335
0.015845
S&P 500
return
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0121
0.000811
-0.00162
0.019298
-0.06583
0.022706
0.017311
-0.00027
0.002993
0.004608
-0.01033
-0.0052
-0.00468
-0.01585
0
-0.00056
0.018344
0.013405
-0.01396
-0.0011
0.006325
-0.01658
0.014114
-0.00275
0.000551
0.013948
0.019366
0.034044
0.02517
0.002758
-0.00401
-0.0252
0.012044
-0.03262
-0.01886
0.06489
-0.00504
0.012301
0.028531
-0.00755
0.003415
0.002432
-0.00438
-0.01005
0
0.001724
0.010279
-0.012
0.012246
0.004614
0.00242
0.002173
-0.01224
0.015815
0.004685
0.014898
-0.00287
0.013498
0.000781
-0.01498
0.014337
-0.00245
-0.00183
-0.0045
-0.00029
-0.00761
0.002606
0.000416
0.028055
0.00272
0.002689
0.016025
-0.00263
-0.01565
0.003191
-0.01189
-0.00782
-0.01578
0.006182
0.003855
0.005095
0.012907
-0.0106
0.005442
-0.00944
-0.00839
0.001163
-0.01141
-0.01766
-0.00453
-0.0049
0.003428
0.008671
0.0113
-0.00949
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
-0.00845
-0.00571
-0.00411
0.013111
-0.06558
0.017026
0.016241
0.004374
-0.00299
0.00471
-0.01045
-0.00436
-0.00536
-0.01388
-0.00173
-0.0015
0.007386
0.011632
-0.01572
-0.0077
0.006493
-0.0117
0.012171
0.000772
0.002602
0.018883
0.016338
0.03186
0.022536
-0.00271
-0.00096
-0.02796
0.014681
-0.03036
-0.02007
0.068242
0.000576
0.013156
0.02952
-0.00957
-0.00052
-0.00245
-0.00173
-0.00884
-0.00024
0.002637
0.004992
-0.01225
0.007824
0.004494
0.006129
0.010008
-0.01998
-0.00779
0.027765
-0.00152
0.014621
-0.01971
-0.00153
0.056164
0.027647
-0.03687
0.024574
-0.00908
-0.01451
-0.01226
-0.00395
0.009857
-0.00738
-0.01845
0.022395
-0.02441
-0.00658
-0.03303
0.017681
0.018893
0.005045
0.001509
0.001005
-0.01111
0.011106
-0.00503
-0.00963
0.009633
0.0386
-0.01221
-0.00098
0.015618
-0.00388
-0.02212
0.039947
-0.0154
0.014922
-0.01784
0.03536
-0.06698
0.009493
0.039966
0.018931
-0.01464
0.008998
-0.01425
0.007623
0.008977
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.00872
0.006306
-0.00728
0.022159
0.046542
0.01758
-0.00695
-0.0009
0.002025
-0.00338
0.008979
-0.03271
0.019889
0.013043
0.012875
0.011622
-0.00349
-0.01122
-0.00599
0.005991
-0.00155
0.000222
-0.01518
-0.00451
0.00158
0.050153
-0.0147
0.00174
0.010594
0.007285
-0.02224
-0.00745
0.006855
-0.0145
-0.00113
0.023415
0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
-0.01199
0.000184
3.26E-08
0.000594
5.15E-05
9.98E-05
0.000118
2.12E-05
4.88E-05
6.17E-06
0.000242
0.000239
0.000286
0.000129
1.12E-05
1.55E-08
4.24E-05
2.33E-05
2.41E-05
1.85E-05
0.000111
1.78E-05
0.000273
7.56E-07
4.39E-05
3.62E-06
8.3E-06
4.11E-05
1.63E-05
0.000251
8.18E-05
0.000125
0.000413
0.000409
0.00042
0.00041
0.000411
0.000411
0.000409
0.00041
0.000409
0.000414
0.000414
0.000415
0.000412
0.000409
0.000409
0.00041
0.00041
0.00041
0.000409
0.000411
0.000409
0.000414
0.000409
0.00041
0.000409
0.000409
0.00041
0.000409
0.000414
0.000411
0.000411
0.007498
0.006978
-0.00325
0.010181
-0.0544
0.052556
0.039788
0.008826
0.01049
0.000869
0.021488
-0.01542
-0.02758
0.034464
0.010239
-0.02623
-0.00393
-0.00219
-0.00881
-0.00443
-0.00401
-0.02255
-0.01702
0.012909
-0.01523
-0.00466
0.02081
-0.0129
-0.00279
0.000465
-0.00466
0
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
0.00079
0.36256
0.00041
0.021078
1.020833
CRA
CPQ
-0.63306 0.771157
-0.30794 0.754854
-1.14239 1.031896
0.777223 -0.60849
GLW
CVD
DOW
-0.32609 1.351536 -0.16039
-0.04565 0.62537 0.355345
-0.24314 0.208277 -0.98471
-0.1603 -0.42484
-0.4261
GUC
HON
IN
KMG
-0.00166 0.595628 -0.14882 -0.53588
0.0184 -0.54578 0.557077 -2.77631
-0.54587 0.882757
-0.9394
-2.864
-0.21017 -0.84823 0.774328 1.154065
-0.66971
-0.4768
0.188265
-0.07668
-0.28502
-0.85364
-2.83839
0.785265
-1.15883
0.865991
0.146972
-0.32393
0.322878
-0.63058
-0.58618
0.039465
-0.56382
1.532535
-2.2113
1.426277
-1.93408
-0.22648
-1.58533
1.197232
-0.93923
-1.23298
0.795134
-0.81367
0.485737
1.664092
-0.42273
0.33425
0.352498
0.985001
-0.04723
-0.87426
0.673896
1.382424
-0.18067
-0.06057
0.033789
1.192682
0.111035
-0.09563
1.475055
-0.14427
0.220597
-0.35222
-0.78272
-0.71566
-0.6678
0.230402
0.167091
-0.40517
-1.18414
-0.25559
-0.36296
-0.05255
-0.56704
0.313773
-0.88401
0.21294
0.036413
0.599935
-0.76565
-0.6335
-0.36761
-2.40479
1.743593
-0.62281
2.70502
1.442834
-0.30254
-2.28984
-0.42726
0.236025
0.234065
-0.55246
-0.1336
0.049296
0.402635
1.071499
-0.31259
-0.27724
0.088475
0.359418
0.261512
-1.11672
0.261511
-0.91043
-0.78128
0.077417
-0.86075
1.240894
0.299393
-1.17259
0.943791
0.743274
-0.49678
-0.46338
-0.11212
0.007307
0.043585
-2.04459
-1.8755
0.615269
-0.32058
-0.28047
0.235802
-0.10763
0.557647
-1.39366
-0.08441
0.023764
-0.11035
-1.32985
0.973113
-0.44787
-0.88248
0.092436
1.230063
0.473621
0.681703
-0.41207
0.999261
0.121242
0.401226
-0.30248
0.015249
-0.158
1.007755
-0.46216
-0.7724
-0.5684
-0.59201
-0.65187
-0.42417
-0.36651
-0.53278
-0.92115
1.185327
-1.22148
-0.60889
-0.84045
0.487527
0.150544
1.33044
4.090531
0.608278
-0.57814
0.393237
-0.14657
0.485216
-1.24806
-0.24242
-0.30914
-0.2535
-0.39245
-0.46733
-0.9273
-0.39633
-0.91482
0.04041
-1.45852
-1.71696
-0.85449
-0.86257
1.06323
0.746516
-0.58529
2.493854
1.289782
-0.79707
0.66971
1.713852
-0.32226
0.606178
-0.10871
1.154253
0.673151
1.38267
-2.52839
-1.02491
0.526615
-0.27112
0.958131
0.613134
0.208311
1.206115
0.857183
-0.96573
0.699459
-0.42154
-0.18061
-0.28084
-0.42531
0.206056
0.351754
0.456782
-0.5372
-0.63155
0.807954
0.119423
0.077465
-0.43056
0.252903
1.382977
1.095144
-0.25062
-0.59118
0.041567
0.276136
0.914339
2.030484
1.249623
-1.34778
-0.28729
2.430335
-1.37966
1.150166
-1.28749
0.629677
-0.41045
-0.13796
0.948142
0.379576
0.933638
0.728814
-1.8054
1.067418
-0.93984
-0.68737
-0.69541
-0.60114
1.029257
-0.52838
0.949523
1.00088
0.278182
0.415384
0.538995
0.824546
0.030853
estimation
period
Firm
Residuals
-0.00983
-0.0092
0.040042
-0.00024
-0.04162
-0.01775
-0.01261
0.012372
-0.01096
-0.00337
0.012269
-0.00408
0.00699
0.002421
0.010476
0.001846
0.000746
-0.02418
-0.00156
0.01538
-0.0067
0.016028
-0.00661
0.011072
-0.00828
-0.00838
-0.01654
0.000601
-0.01352
-0.00671
0.021594
0.017043
-0.00229
-0.01973
0.021185
0.005935
0.00267
0.000325
0.003055
0.042637
-0.05106
-0.02778
0.019908
-0.02715
-0.00408
0.028814
-0.00264
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
POS
Firm
return
0.021654
-0.04379
-0.03169
-0.05689
0.047042
-0.00248
-0.00391
0.03117
-0.03509
-0.02166
-0.00366
0.021023
0.013184
-0.01966
-0.0219
0.015016
0.011924
-0.01192
0.000363
-0.03551
0.04563
-0.03738
-0.01429
0.024693
-0.01564
0.035402
0.014389
0.018752
0.004197
-0.01548
-0.0215
0.001448
0.007566
-0.0018
0.01073
0.01132
0.003862
0.017023
0.002752
-0.01453
0.022062
0.029231
-0.01501
0.009701
-0.00167
0.002664
0.004314
S&P 500
return
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
0.02508
-0.03177
-0.00707
-0.04243
0.014159
-0.01106
-0.00101
0.020386
-0.05433
-0.02114
-0.01511
0.003393
0.013851
-0.02238
-0.01637
0.018069
-0.00813
-0.02573
0.003343
-0.03562
0.038563
-0.02325
-0.00915
0.019575
-0.02952
0.037911
0.012698
0.006151
-0.00055
0.003016
-0.0086
8.41E-05
-0.0125
-0.00552
-0.00241
-0.00194
0.004747
0.013631
7.77E-05
-0.01445
0.005535
0.026328
-0.01713
0.010923
-0.01197
0.007328
0.007013
-0.01751
-0.01802
0.010988
0.001096
0.01365
-0.01194
0.003615
0.036812
0.01492
-0.0318
0.026368
-0.01466
0.002372
-0.0049
-0.00747
-0.00295
-0.00281
-0.01833
0.010948
-0.02753
0.014936
-0.01745
0.018147
-0.00047
0.003008
-0.01051
-0.01114
-0.00826
0.009421
-0.00596
-0.00763
-0.00598
0.037433
-0.01254
0.002223
0.006607
0.002973
-0.01735
0.030239
-0.0203
0.021377
-0.00129
0.026823
-0.06595
0.017302
0.02898
0.000108
-0.01175
0.016059
0.000183
0.010512
0.009196
0.005943
0.020203
0.006751
0.010201
-0.00956
0.012411
-0.00858
0.026752
0.028171
0.04227
-0.01693
-0.01902
-0.0139
0.007275
-0.03005
0.02429
0.001821
0.030165
-0.00946
-0.01436
0.021756
-0.01246
0.008323
0.005903
0.02327
-0.0023
0.001152
0.004595
0.014507
0.007876
-0.01895
0.020911
0.020482
-0.01657
0.000557
0.013275
-0.00745
0.011558
0.039957
-0.00105
0.026232
-0.02729
-0.02562
0.007271
-0.01596
0.007605
0.018231
0.000797
-0.00853
-0.01892
-0.02402
-0.01634
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
0.014824
-0.0071
-0.02505
-0.00405
-0.00599
-0.00309
-0.00502
0.013775
0.011038
0.024008
-0.01942
0.011581
-0.00301
0.014586
0.008611
0.04319
-0.01207
-0.00721
-0.01297
0.005679
-0.0185
0.020192
-0.00778
0.022599
-0.0156
-0.0088
0.016807
-0.01366
0.003561
-0.00101
0.019134
0.005561
-0.00494
-0.00431
0.008032
0.011877
-0.01736
0.023503
0.018106
-0.01011
0.004373
0.006291
0.004679
0.001962
0.046802
0.003642
0.018356
-0.03155
-0.02781
0.006059
0.006592
-0.00339
0.004645
0.005279
0.010737
-0.01696
-0.02046
-0.01517
0.021651
1.65516E-05
0.00011544
6.85135E-05
4.29337E-05
5.85668E-05
2.60224E-05
3.02347E-07
2.37614E-05
5.60753E-05
1.69385E-05
0.00010917
4.20308E-05
9.79653E-05
4.83503E-05
3.31843E-05
8.03873E-06
1.64092E-05
3.91801E-06
7.66222E-05
3.06523E-05
5.73103E-05
0.000243954
0.000115347
8.48622E-05
4.35839E-05
7.4871E-05
1.82523E-05
3.08745E-06
3.19637E-07
0.000799227
0.000154723
0.000347
0.000349
0.000348
0.000348
0.000348
0.000347
0.000347
0.000347
0.000348
0.000347
0.000349
0.000348
0.000349
0.000348
0.000347
0.000347
0.000347
0.000347
0.000348
0.000347
0.000348
0.000352
0.000349
0.000348
0.000348
0.000348
0.000347
0.000347
0.000347
0.000363
0.00035
0.026631
0.014827
-0.01954
0.029305
0.024791
-0.00687
-0.00053
-0.01362
-0.00702
-0.01336
0.007927
-0.01012
-0.0069
-0.00083
0.011848
-0.00329
0.027377
-0.01971
0.004897
-0.00299
-0.00464
-0.00686
-0.02792
-0.00939
-0.00717
0.033681
0.008867
-0.0072
0.007198
0.005776
-0.00743
-0.01223
0.014749 0.013106
0.014238
0.000188 0.000335
-0.004
2.06E-05 0.000331
0.009892
8.75E-05 0.000332
-0.00182
5.55E-06 0.00033
-0.01108
0.000135 0.000333
-0.01905
0.000384 0.000339
0.013423
0.000166 0.000334
-0.01563
0.000261 0.000336
0.008191
5.86E-05 0.000332
0.017815
0.000299 0.000337
-4.5E-05
3.4E-07 0.00033
0.00046
6.19E-09 0.00033
-0.00285
1.15E-05 0.00033
0.022382
0.000477 0.000341
0.019304
0.000352 0.000338
-0.0067
5.23E-05 0.000331
0.014405
0.000192 0.000335
-0.00451
2.55E-05 0.000331
0.005832
2.8E-05 0.000331
0.003387
8.11E-06 0.00033
-0.0023
8.04E-06 0.00033
-0.00991
0.000109 0.000333
-0.00091
2.1E-06 0.00033
0.011314
0.000116 0.000333
-0.00052
1.13E-06 0.00033
0.004059
1.24E-05 0.00033
-0.01588
0.00027 0.000336
0.001509
9.43E-07 0.00033
-0.00425
2.29E-05 0.000331
-0.01476
0.000234 0.000336
0.005832
2.8E-05 0.000331
-0.00046
0.87347
0.00034
0.00137
0.824
0.00033
0.017169
0.014172
1.020833
1.020833
LZB
MWD
NCR
ODP
BOH
-1.24589 -1.073215312 0.495485 -0.87436
-2.3475
2.033358 0.509720272 -0.87535 -0.51765 2.547987
-0.43987 -2.325176586 0.015207 0.893952 0.626685
0.547496 -0.26247952 -0.55644 -0.36564 -0.44093
RAD
RCL
SMG
SGR
-2.09238 3.37368 0.377622 -0.76647
-1.33359 1.093084 -0.52523 -0.02907
-0.08652 -1.01888 0.220351 0.281129
-0.05064 0.599215 -0.07066 -0.02253
0.418101
-1.4196
0.550882
0.009389
-1.23207
-1.35011
-0.34944
-0.65182
0.45338
-1.67105
0.418823
-0.38271
-0.14725
-0.13542
0.050951
-0.34005
0.418735
-0.08017
0.629938
-0.83007
-0.39716
-0.18153
-0.95159
1.779274
-0.3234
0.230011
0.169512
-3.846579135
2.687373957
-2.098728078
1.595156887
-0.400909361
-0.867638445
-0.2364832
-0.505970002
1.726039653
-1.561205067
1.415615543
-0.054332432
-0.552443196
0.249292204
-0.33167935
-1.846949339
-0.356958855
0.23136625
1.500739976
-2.016032076
-1.974074276
-0.941208937
-0.937940644
0.581838354
-0.044952882
-1.734460225
0.783965188
-7.75522
0.043163
0.577518
0.299811
-0.00019
-0.53561
0.798917
0.00313
-0.56149
-0.11715
-1.16743
-0.43309
0.092725
0.087893
0.030489
0.294679
-0.06418
0.539456
0.18768
-0.30334
-0.06609
-0.00116
0.344766
-0.06166
-0.90444
-0.294
0.168919
-1.25421
-0.38719
0.783186
-0.63269
2.983272
-0.58864
1.323398
1.017565
2.108703
-0.30223
0.691568
-0.40766
-0.06738
-1.0051
0.928727
-0.15166
2.550534
-0.0472
0.75694
-0.70563
0.160109
-0.36007
0.128868
0.404394
0.748859
1.85763
-0.16032
-1.13127
1.217116
0.015604
-0.79855
-0.25887
-0.59383
-0.17933
-0.82787
-1.8724
0.060001
0.114039
2.023135
0.006727
-0.79801
-0.13541
-0.34701
-0.13456
-0.40848
0.018854
0.328056
0.463861
0.126868
-0.12111
-0.05739
-0.55794
0.057065
-0.11111
-1.64968
1.617002
-1.87271
0.038503
0.679295
-0.39753
-0.77337
0.28035
0.004178
-0.54358
-0.05385
-6.95241
3.040813
1.044809
1.604753
-1.23195
0.299032
-0.41194
2.454987
-0.71038
0.559698
0.067188
0.288195
0.591583
0.023609
-0.29995
0.808497
1.287528
-0.84572
0.065021
0.442235
0.150478
-1.23067
0.436762
0.80482
2.330914
-0.08039
-0.19245
1.754227
-0.61706
-0.43692
0.068729
0.448131
0.725981
-0.43233
0.249059
0.341072
-0.13344
0.178916
0.01477
0.193291
0.817414
0.347772
0.032374
1.216957
-0.18734
3.05265
1.748573
-0.4684
-0.58608
1.249522
-1.22799
0.947954
-0.16761
-0.57382
0.297441
0.496571
0.454475
0.385179
1.033026
1.550839
-0.05974
1.218099
-0.52738
0.588551
-1.37748
0.090217
0.210986
-0.54049
-0.64636
-1.78101
1.335547
0.211755
-0.00438
1.225164
-0.22443
-0.65797
0.943713
0.86958
-0.17915
-0.98754
0.401757
-0.27446
0.279251
0.181825
0.43103
-1.68077
-0.74258
-0.21356
0.003605
-0.17737
0.060271
-0.48102
-0.17292
-0.63813
0.104162
0.546504
0.315949
estimate of
the variance
used in SAR
CRA
Firm
return
-0.03488
-0.04871
-0.00342
0.05506
0.019293
-0.03566
0.010832
-0.01845
-0.001
-0.00634
-0.00504
-0.03949
0.00524
-0.02077
0.001422
0.036964
-0.01553
-0.03936
-0.02638
-0.0271
-0.02394
0.012813
0.020241
0.033826
-0.00037
0.030605
-0.01609
0.008969
-0.03711
-0.01607
-0.0148
-0.01657
-0.06048
-0.05867
0.000438
-0.13072
0.004975
0.021601
-0.02409
0.019705
0.054581
0.041616
-0.00311
0.047731
0.020965
-0.00416
0.013656
S&P 500
return
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
estimation
period
Firm
Residuals
-0.00658
-0.02058
-0.0304
0.037543
0.015393
-0.03364
0.001558
-0.02486
-0.00755
0.002793
0.014712
-0.04486
0.035195
-0.02044
-0.00805
0.035534
-0.00881
-0.02663
-0.03145
0.001703
-0.03753
0.033696
0.008622
0.038725
-0.03333
0.039033
0.009856
0.028249
-0.00772
-0.02273
-0.01365
-0.01458
-0.02173
-0.02644
-0.00995
-0.04459
0.015076
0.049451
0.029835
0.052619
-0.01036
0.026899
0.005902
0.028463
-0.01578
-5.7E-05
-0.00699
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
CPQ
Firm
return
-0.01602
-0.04088
-0.02521
0.006192
0.020367
-0.01013
-0.02335
-0.03753
0.001442
0.008608
-0.00933
-0.03149
-0.01348
-0.02752
0.048421
-0.02771
0.003789
-0.01448
-0.03435
-0.02738
-0.10854
-0.06193
-0.00583
0.0231
-0.0231
-0.16821
-0.02686
-0.04601
-0.03531
0.017812
0.065877
0.035946
-0.04902
0.018958
-0.02978
0.002415
-0.02072
0.058594
0.022963
-0.00341
0.025859
-0.00445
0.052129
0.040441
0.003044
-0.01223
0.038234
S&P 500
return
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
0.028365
-0.03745
0.020526
-0.02343
0.023027
0.021316
0.053082
0.011257
-0.0105
0.017938
-0.0678
-0.00916
0.023717
0.030772
-0.01912
0.020635
-0.00076
-0.00417
-0.05107
-0.0589
-0.00297
0.014784
-0.01011
0.045942
0.012462
0.007959
-0.01317
-0.00121
-0.01295
0.058154
0.001152
0.086371
-0.03475
0.02591
-0.03801
-0.01225
0.059811
0.012588
0.025387
-0.05716
0.023747
0.006981
-0.02465
0.035374
0.04508
-0.02768
-0.02119
-0.03194
0.001782
-0.02926
0.000733
0.00183
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
-0.00505
-0.03305
0.017929
-0.00898
0.032359
-0.01712
0.027564
0.020437
-0.00771
0.006353
-0.03559
0.004489
0.016159
0.005106
-0.01092
0.020162
-0.02378
-0.01097
-0.00983
-0.02923
-0.00277
-0.02367
-0.01479
0.021804
-0.01191
0.012809
-0.01716
-0.00371
-0.00975
0.027016
-0.00183
0.085021
-0.0292
0.007636
-0.02535
-0.00365
0.040178
0.002325
0.037267
-0.0256
0.006398
0.008288
-0.01013
0.01325
0.007676
-0.02276
-0.00813
-0.00451
0.00671
-0.02954
0.027622
-0.00362
-0.04235
-0.02503
0.029138
-0.0155
-0.02639
0.035718
0.004119
-0.0292
-0.03226
-0.02098
-0.0283
0.043803
-0.00441
-0.01222
-0.0563
-0.06218
0
-0.03325
-0.00914
0.13942
0.127377
0.067987
-0.03828
0.004866
-0.07247
0.004167
0.013423
0.014257
-0.0434
-0.04868
0.057097
0.055994
0
0.06144
0.076168
-0.04681
0.017922
-0.1543
-0.022
0.031285
-0.04193
0.00959
0.00106
-0.04109
-0.00887
0.009972
0.086552
-0.02768
0.01137
0.01833
-0.00404
-0.01326
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.020985
-0.00287
0.002152
-0.04245
0.026196
-0.01689
-0.00483
0.015876
0.003656
-0.02625
-0.0113
-0.05411
0.029559
-0.03961
0.014839
-0.00479
-0.00602
-0.00849
-0.02632
-0.00292
-0.02711
0.003001
0.02034
-0.06678
0.048149
-0.04145
-0.00402
-0.03922
-0.01973
-0.00333
-0.00525
0.007151
0.009985 0.004167
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
0.014824
-0.0071
6.67541E-05
4.15433E-05
6.02155E-05
2.49425E-05
1.96152E-07
2.27299E-05
5.44847E-05
1.60694E-05
0.000111417
4.06552E-05
9.58592E-05
4.68742E-05
3.44281E-05
8.65675E-06
1.72873E-05
3.50598E-06
7.85063E-05
3.18483E-05
5.57021E-05
0.000247307
0.00011306
8.68445E-05
4.50077E-05
7.30312E-05
1.73498E-05
2.72297E-06
2.10125E-07
0.000805286
0.000152073
0.000239509
4.16157E-05
0.000598
0.000597
0.000598
0.000597
0.000596
0.000597
0.000598
0.000597
0.0006
0.000597
0.000599
0.000598
0.000597
0.000596
0.000597
0.000596
0.000599
0.000597
0.000598
0.000604
0.0006
0.000599
0.000598
0.000599
0.000597
0.000596
0.000596
0.000624
0.000601
0.000604
0.000597
0.070361
0.044909
0.038587
0.025208
-0.03405
-0.04449
0.0184
0.044571
-0.03189
0.023133
-0.02044
0.055012
-0.02408
-0.0518
0.038656
0.058236
-0.00835
-0.00589
-0.05731
0.066547
0.029656
-0.0205
0.008251
-0.01657
-0.00587
-0.02295
-0.00604
-0.00433
-0.03717
0.024935
0
-0.04038
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
0.014824
-0.0071
-0.02505
-0.00405
-0.00599
-0.00309
0.014749
0.014238
-0.004
0.009892
-0.00182
-0.01108
-0.00019
1.70301
0.00059
0.017247
1.020833
SMF
PCS
0.613937 0.877749
0.22718 -2.25072
0.935622 -0.31329
-1.20291 1.080813
TDY
TXN
TRP
RIG
-0.69634 1.099032 0.492857934 1.077359
0.03055 0.650337 0.558059798 1.703569
-0.10649 -0.92117 -0.665858282 0.545432
-1.25542 -0.87386 -0.375980603 1.888814
UTX
UNM
WMI
0.481728 0.198423 -0.12636
0.388702 -0.13383 0.30413
0.719243 -0.04411 -0.44035
1.260155 -1.02455 0.227581
2.407637
0.814797
0.116149
-0.06252
1.046772
-2.74753
1.481107
-0.74464
1.731185
-0.54865
-0.29987
-6.22442
-1.40688
1.088099
-0.51514
-0.67653
-1.42104
1.78087
0.031019
0.607694
0.926572
-1.90871
0.003674
-0.68226
0.453003
1.228723
0.496377
-0.21986
-1.92319
0.225235
0.867382
0.955452
-0.32845
0.127113
0.315246
0.533905
0.675744
-1.57978
-0.58585
0.088469
-0.05289
0.122339
0.182742
0.072866
0.190113
0.462959
0.893134
-1.32146
0.94393
-0.7048
0.654214
-0.47836
0.609584
0.756837
-0.35894
0.457385
1.491837
-0.94669
3.015643
-0.73595
2.254425
-0.44799
0.006189
1.356045
-0.78407
1.40887
1.659237
0.095558
-0.15389
-1.82277
0.351451
0.194577
-1.38592
-2.30206
-2.89918
0.734865
1.595512
-0.41677
-0.28979
0.922436
-1.41436
-0.870565819
0.974036455
-0.671223673
-2.918888253
-1.255568616
-2.331522382
-0.470096687
3.820668749
1.883449404
-0.390589718
-0.334382984
0.134452466
-1.590502632
-2.571051985
-1.868657185
1.298043045
-0.195814536
0.716618905
-2.212162884
0.043067003
0.990047714
0.189477862
-1.384331317
-0.883559384
0.905289345
0.158719411
0.044275734
-1.65663
0.238187
-0.28627
-2.41332
0.692735
-0.23449
-1.16226
0.171392
1.763094
-0.96855
-1.55247
-0.92004
-0.96141
0.737233
-1.40012
-0.97836
-1.01084
1.427514
1.022562
1.694399
-0.35287
-1.47469
1.514963
2.902671
2.713772
-0.02295
0.110002
-0.86766
0.337758
1.209802
0.334712
0.518692
0.687691
0.034766
-0.71517
-0.52596
-0.03503
0.165531
-0.05768
0.739163
0.897815
-0.0827
0.75768
-0.31511
-1.12339
0.878528
0.536611
0.233105
-1.04395
-0.02338
-1.01443
-0.53836
0.213125
-0.12322
-0.08832
0.962603
-0.43694
-0.17201
2.305116
0.796342
-0.46633
-0.3204
0.259282
0.235477
1.477621
-2.87555
1.313067
-0.40705
0.178599
-0.4371
0.614915
0.186736
0.585279
-0.00525
-0.88942
-0.75342
0.115211
0.50269
-0.79473
-0.74774
0.577895
0.925016
-0.12784
-0.32526
-0.02649
0.602519
0.289616
0.023299
-0.09149
-0.44819
0.608533
1.006319
1.057917
-0.27424
-0.29913
0.266758
0.871423
-0.59578
-0.89637
-0.88088
1.931557
-0.17596
0.888738
0.412918
-0.75398
-0.17238
-0.02552
-0.44189
TSARs
0.504644
-0.15781
0.568129
-0.28659
0.891556
0.380681
-0.30514
-0.90218
0.430247
0.259967
0.901643
-0.8447
-0.04049
-0.22861
-0.27675
-0.06575
0.164553
0.030455
0.502117
-0.31231
0.814012
0.517375
0.567763
-0.14904
-0.38369
-0.20379
0.096485
Time (Rela
estimation
period
Firm
Residuals
0.009086
-0.04399
0.011359
0.009479
0.012642
-0.00882
-0.01289
-0.02031
-0.00134
0.043887
-0.02169
-0.00511
-0.02362
-0.0191
0.014303
-0.01532
0.035854
0.010103
0.00159
-0.03195
-0.10433
-0.05678
0.040631
0.062224
-0.03185
-0.06851
-0.01259
-0.01181
0.028188
0.05771
-0.00417
0.022326
-0.03598
0.000224
-0.06815
0.009939
-0.041
0.023964
0.030823
-0.00341
0.045018
0.008951
0.011858
0.014685
0.016274
-0.00618
0.028133
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
GLW
Firm
return
0.017754
-0.07429
-0.02515
0.008675
-0.006
-0.03192
-0.00623
-0.00977
0.022878
0.07205
0.009521
-0.02819
-0.0527
-0.19196
-0.00333
-0.0761
-0.04408
0.02412
0.00366
-0.05153
-0.01942
-0.0198
0.011929
-0.08235
-0.02169
0.096107
-0.04169
-0.04242
-0.1002
0.05476
-0.01946
0.025115
0.01455
-0.156
-0.0026
-0.04392
-0.04736
0.072884
0.168074
0.010039
-0.00111
-0.05129
-0.04669
-0.01731
-0.01508
0.018809
0.026962
S&P 500
return
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
estimation
period
Firm
Residuals
0.019784
-0.06344
-0.00779
0.006767
0.028762
-0.04306
0.019956
-0.01877
0.031759
0.039944
0.022222
0.003475
-0.02825
-0.15656
-0.00696
-0.07127
-0.03835
0.06965
0.042125
-0.0592
0.07741
-0.00529
0.045657
-0.0204
0.017519
0.029378
-0.05405
-0.02909
-0.11748
0.018558
-0.01144
0.006345
-0.01805
-0.14766
-0.00184
-0.02469
-0.03368
0.03485
0.144025
0.023555
0.005492
-0.06026
-0.00823
0.001047
-0.01968
-0.0054
0.039424
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
-0.00323
-0.00678
0.023563
-0.04143
-0.01425
0.038103
-0.01883
-0.03392
0.016992
0.015274
-0.02515
0.003513
-0.00674
-0.03642
-0.08077
-0.05381
-0.00157
-0.03315
-0.00263
0.10735
0.126944
0.069386
-0.02913
-0.01275
-0.05533
0.016743
-0.00572
0.005641
-0.02713
-0.01031
0.04052
0.060379
0.01923
0.039497
0.037057
-0.03836
0.035513
-0.12057
-0.01355
0.033889
-0.00881
0.006384
-0.01492
-0.05235
-0.01683
0.029195
0.081369
-0.02415
0.006621
0.00858
-0.00734
0.011313
-0.01217
0.06515
-0.01037
-0.00348
-0.0599
-0.00495
-0.0264
0
0.058149
0.027269
0.023122
-0.12265
-0.02089
0.015707
0.03697
0.080524
0.03851
0.110348
0.016774
-0.06781
0.03093
0.037853
0
-0.00196
-0.08372
0.001064
0.003186
-0.05224
0.058585
0.062297
0.013766
-0.05315
0.014315
0.044672
-0.01763
-0.12286
-0.02374
-0.02667
0.004689
-0.00587
-0.0059
0.010595
-0.01534
-0.01317
0.020275
0.060694
-0.00893
0.028731
0.055099
0.098118
-0.01792
-0.00286
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.0091
0.043804
-0.01416
0.044743
-0.02419
-0.00115
-0.06445
-0.00149
0.035594
0.004459
0.031951
-0.12339
-0.02002
0.022748
0.006838
0.080875
0.040626
0.119931
0.000568
-0.05052
0.043816
0.020176
-0.00753
0.014482
-0.04598
-0.01414
0.008179
-0.03295
0.03821
0.02538
0.022673
-0.03543
0.047585
0.053586
-0.01435
-0.09017
-0.02606
-0.0413
-0.00539
-0.01277
0.01339
0.006369
-0.01117
-0.01697
0.011648
0.058286
0.015515
0.021958
0.04203
0.090478
-0.00212
0.007549
0.062534
9.29715E-05
4.48615E-05
3.6194E-05
9.55324E-06
1.8545E-05
2.97159E-06
8.11616E-05
3.35475E-05
5.35062E-05
0.000252002
0.000109922
8.96361E-05
4.70236E-05
7.05135E-05
1.61339E-05
2.25464E-06
9.59748E-08
0.000813742
0.00014843
0.000234932
4.3555E-05
0.000602422
1.25516E-05
3.00998E-05
6.67391E-06
0.000232666
0.000217335
1.22295E-05
0.00010808
1.72297E-06
0.000111809
0.001569
0.001565
0.001564
0.001562
0.001562
0.001561
0.001568
0.001564
0.001566
0.001584
0.001571
0.001569
0.001565
0.001567
0.001562
0.001561
0.001561
0.001636
0.001574
0.001582
0.001565
0.001617
0.001562
0.001563
0.001561
0.001582
0.001581
0.001562
0.001571
0.001561
0.001571
0.001907
-0.01729
-0.02353
-0.02715
0.001019
-0.09165
0.00223
-0.03976
-0.0199
-0.01669
0.017868
-0.04467
0.006154
-0.0555
0.046874
-0.01371
-0.04754
-0.06805
-0.12751
0.069526
-0.03958
0.155038
0.092647
-0.02578
-0.09655
-0.02778
-0.01276
-0.02748
-0.00588
-0.0391
0.013709
0.048718
-0.00481 0.014555
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
0.014824
-0.0071
-0.02505
-0.00405
-0.00599
-0.00309
0.014749
0.014238
-0.004
0.009892
-0.00182
-0.01108
-0.01905
0.013423
-0.01563
0.008191
0.017815
-0.00313
1.91348
0.00155
-0.00378
1.84372
0.00231
0.016675
0.016412
1.020833
1.020833
WEN
-1.17209
0.394994
-0.3722
0.368153
(Total SAR) TSAR

TSAR Z-statistic
-15 0.441496 0.069091
-14 -1.15139 -0.18018
-13 -5.46831 -0.85575
-12 -4.41628 -0.69111
TSAR
p-value
0.944917
0.857008
0.392138
0.489494
2.30599E-06
8.49025E-05
3.59676E-05
5.05451E-05
0.000258562
0.00010566
9.35653E-05
4.98811E-05
6.71081E-05
1.4527E-05
1.6803E-06
1.09237E-08
0.000825496
0.00014347
0.000228681
4.63067E-05
0.000612541
1.40483E-05
3.23944E-05
7.7767E-06
0.000226446
0.000211324
1.37074E-05
0.000103854
2.30402E-06
0.000116192
0.000351767
0.000188291
0.000235106
7.20678E-05
0.000328122
0.002336
0.002348
0.002341
0.002343
0.002372
0.002351
0.002349
0.002343
0.002345
0.002338
0.002336
0.002336
0.002452
0.002356
0.002368
0.002342
0.002422
0.002338
0.00234
0.002337
0.002368
0.002366
0.002338
0.00235
0.002336
0.002352
0.002385
0.002362
0.002369
0.002346
0.002382
Qjt: (intermediate calculations to get th

AK
ARG
1.020833333 1.020833
2.041666667 2.041667
3.0625
3.0625
4.083333333 4.083333
0.330824
1.177706
1.831273
0.901669
-0.01879
0.301082
0.024594
0.977736
0.04807
0.002276
-1.04356
-1.24683
0.852272
-0.60645
0.2733
1.130577
0.032057
-0.41707
-0.28137
-0.81188
-0.25455
0.191676
-0.05479
0.982137
0.936677
0.624246
-0.31359
-11
-10
-9
-8
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
-4.78622
4.08934
0.288811
1.407647
10.06429
-1.39857
-6.22757
-1.05284
15.03985
-3.98972
-1.45796
-11.6155
6.827039
-4.36743
-0.39974
-5.40489
8.615348
6.312006
2.849664
-7.83943
-16.6456
-0.5876
-0.10278
3.362199
2.837401
3.056608
0.472009
-0.74901
0.63995
0.045197
0.220286
1.574983
-0.21886
-0.97457
-0.16476
2.353619
-0.62436
-0.22816
-1.81774
1.068378
-0.68347
-0.06256
-0.84582
1.348234
0.98778
0.44595
-1.22681
-2.60491
-0.09196
-0.01608
0.526158
0.444031
0.478335
0.073866
0.453854
0.522205
0.963951
0.825649
0.11526
0.826755
0.329776
0.869132
0.018592
0.532391
0.819522
0.069104
0.28535
0.494311
0.95012
0.397652
0.177583
0.323261
0.655633
0.219894
0.00919
0.926733
0.987167
0.598779
0.65702
0.632412
0.941117
Graph of the TSARs

20
15
10
5
0
-5
-10
-15
-20
Time (Relative to the Event Date)
5.104166667
6.125
7.145833333
8.166666667
9.1875
10.20833333
11.22916667
12.25
13.27083333
14.29166667
15.3125
16.33333333
17.35416667
18.375
19.39583333
20.41666667
21.4375
22.45833333
23.47916667
24.5
25.52083333
26.54166667
27.5625
28.58333333
29.60416667
30.625
31.64583333
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
estimate of
the variance
used in SAR
CVD
Firm
return
-0.05275
-0.04299
-0.01446
0.019231
-0.02632
0.09531
-0.03495
0.00209
-0.00251
-0.03797
0.025752
-0.01408
0.007706
0.006376
-0.02141
0.00432
-0.01345
0.004794
-0.01313
0.019198
0.02602
-0.06749
-0.07674
-0.04782
0.02519
-0.03803
0.018941
-0.03983
0.002635
0.020318
-0.00881
0.025175
0.014606
-0.02686
-0.01971
-0.02869
-0.01084
-0.05316
0
-0.0262
-0.09007
0.122006
-0.00286
-0.02613
0.016336
0.035809
0.016062
S&P 500
return
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
-0.04842
-0.02766
0.000792
0.007246
-0.03363
0.094732
-0.0326
-0.00114
-0.00433
-0.03985
0.031618
-0.00297
0.006403
0.02253
-0.0199
0.000988
-0.01281
0.009464
-0.00549
0.018043
0.041605
-0.07286
-0.06507
-0.05221
0.028961
-0.05297
0.024455
-0.02566
0.013513
0.036195
-0.01075
0.027092
0.01694
-0.00636
-0.00243
-0.03248
0.033079
-0.04682
0.015114
0.001796
-0.07246
0.09126
-0.00879
-0.02032
0.008163
0.018999
0.019439
DOW
Firm
return
0.014257
0.00202
0.015685
-0.02787
0.019889
-0.00569
-0.0142
-0.00204
0
-0.02452
-0.01444
0.049145
-0.0222
0.067103
0.091281
0.018976
-0.04193
-0.05517
0.020814
-0.0132
0
-0.02271
-0.01139
-0.05171
0.037868
0.063003
-0.02269
0.056981
0.060448
-0.00483
0.037719
-0.00992
-0.03208
-0.05074
0.010772
0.045099
-0.05768
0.010791
-0.06625
-0.02288
-0.02375
-0.00603
0.031728
-0.00784
0.003927
-0.02782
-0.00809
S&P 500
return
-0.01083
0.023181
0.004948
-0.01266
-0.00336
-0.01852
0.003517
-0.01872
0.014572
0.005352
-0.00959
0.004361
-0.02031
0.000213
0.007378
0.038183
-0.01839
-0.00587
0.019415
0.007498
-0.00656
-0.00819
-0.01411
-0.0217
0.008038
-0.01304
-0.0318
0.00797
0.024094
0.00705
0.010385
0.00398
-0.0105
-0.02843
0.048884
-0.01061
-0.02659
-0.00192
0.003805
0.009541
0.010265
-0.00625
0.006124
0.002123
0.013819
-0.00404
0.000268
-0.01105
0
-0.02817
-0.01904
-0.01349
-0.07347
0.000635
-0.03554
0.001972
0.075233
0.064272
0.024818
-0.00279
0.030264
0.054837
0.018302
-0.03852
0.013004
0.025512
-0.01728
-0.03177
-0.02953
0.008141
-0.00814
0.024227
0.015831
-0.03843
-0.03488
0.003375
0.02276
-0.04032
0.0447
-0.00274
-0.00991
0.03052
0.073456
0.019754
0.013117
0.00241
-0.02783
-0.04041
0.030459
0
-0.0005
0.024705
0.030283
0.004252
-0.03502
-0.02122
0.005471
-0.00547
0.015834
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
-0.0199
-0.01517
-0.02465
-0.01897
-0.00499
-0.06751
-0.01701
-0.04681
0.007858
0.077963
0.059896
0.04209
0.005305
0.027878
0.043502
0.023707
-0.0374
0.002975
0.023502
0.004455
-0.01575
-0.02808
-0.00951
-0.0091
0.013647
0.005135
-0.03468
-0.0355
0.003485
0.02569
-0.05436
0.044577
-0.00205
-0.00582
0.022838
0.081062
0.025353
0.004763
-0.00131
-0.02061
-0.02346
0.023234
0.001995
0.008026
0.01512
0.013147
0.008034
-0.02722
-0.00632
0.009257
-0.00426
0.030473
0.022097
0.01185
0.011711
0.005483
-0.01295
0.035529
0.029437
-0.00551
-0.00925
-0.01185
-0.02412
0.031618
-0.04683
0.003256
-0.02235
-0.002
-0.00133
0.035712
-0.03205
-0.01676
-0.00169
-0.01845
-0.03081
0.065383
0.025651
0.017061
0.014261
0.024861
-0.00492
-0.01335
0.032296
0.036843
-0.00703
-0.05154
-0.03622
-0.02501
-0.01725
0.013954
0.031501
-0.04112
-0.02223
-0.021
0.031499
0.015385
0.018741
0.008433
-0.01957
-0.00165
0.015387
-0.02334
0.020409
0.048961
0.012947
0.002863
-0.00499
-0.00189
0.006782
0.006983
-0.00564
0.005446
-0.01763
0.00358
-0.00151
-0.00844
-0.00625
-0.01343
0.011758
-0.00869
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
-0.0057
0.005841
0.009931
0.006432
0.002256
-0.02508
-0.04414
0.01472
-0.02618
0.005854
-0.01982
0.017473
-0.02437
-0.01809
-0.00407
0.019713
0.011219
0.025253
-0.02473
-0.00464
0.010727
-0.01254
-0.035
-0.00291
0.042753
0.006362
0.051805
0.025607
0.01033
-0.02259
0.037673
-0.01195
-0.00715
0.007152
0.013275
-0.0022
-0.0336
0.014922
-0.02638
-0.03279
-0.00191
-0.03397
0.040625
0.000474
-0.04555
0.035553
0.009524
-0.00952
-0.0252
-0.01135
0.005444
0.002957
-0.06822
-0.06363
-0.00507
-0.00226
0.001695
0.003309 0.005018
0.009985
0.000116 0.001101
0.007518
6.9E-05 0.001098
0.005793
4.33E-05 0.001096
-0.00841
5.82E-05 0.001097
0.004342
2.63E-05 0.001095
-0.00021
3.33E-07 0.001094
0.004115
2.4E-05 0.001095
0.006729
5.65E-05 0.001097
0.003356
1.72E-05 0.001095
-0.01121
0.000109
0.0011
0.005724
4.24E-05 0.001096
0.009138
9.85E-05
0.0011
0.006194
4.87E-05 0.001097
-0.00652
3.29E-05 0.001096
-0.00359
7.88E-06 0.001094
-0.00481
1.62E-05 0.001095
0.00122
4.03E-06 0.001094
-0.00951
7.61E-05 0.001098
-0.0063
3.04E-05 0.001095
0.006811
5.77E-05 0.001097
-0.01638
0.000243 0.001109
0.00998
0.000116 0.001101
-0.00997
8.44E-05 0.001099
-0.00736
4.32E-05 0.001096
0.007893
7.53E-05 0.001098
0.003513
1.85E-05 0.001095
0.000998
3.18E-06 0.001094
-0.00019
3.51E-07 0.001094
-0.02903
0.000798 0.001144
0.011679
0.000155 0.001103
0.014824
0.000244 0.001109
-0.02037
0.004739
0.034994
-0.02683
0.003121
0.006213
0.00802
0.050617
-0.02604
-0.00722
-0.00971
-0.01104
-0.0215
0.03345
0.002434
-0.02461
0.016371
0.037286
0.002947
0.033568
-0.01116
0.02865
0.001956
0.013308
-0.01247
0.005007
-0.00167
0.054623
-0.00819
-0.01686
0
-0.01632
-0.02019
0.008085
0.026706
-0.00213
0.014991
-0.00323
0.01023
0.038153
0.012465
-0.00858
-0.01509
-0.01224
0.015815
0.004685
0.014898
-0.00287
0.013498
0.000781
-0.01498
0.014337
-0.00245
-0.00183
-0.0045
-0.00029
-0.00761
0.002606
0.000416
0.028055
0.00272
0.002689
0.016025
-0.00263
-0.00144
0.84168
0.00108
0.017139
1.020833
diate calculations to get the Z-statistics on Cumulative TSAR)

AGN
AHC
AMH
AXE
ABI
ONE
BAX
BEC
BTH
1.020833 1.020833 1.020833 1.020833 1.020833 1.020833 1.020833 1.020833 1.020833
2.041667 2.041667 2.041667 2.041667 2.041667 2.041667 2.041667 2.041667 2.041667
3.0625
3.0625
3.0625
3.0625
3.0625
3.0625
3.0625
3.0625
3.0625
4.083333 4.083333 4.083333 4.083333 4.083333 4.083333 4.083333 4.083333 4.083333
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
estimation
period
Firm
Residuals
0.021031
-0.01995
0.009124
-0.01955
0.020346
0.007579
-0.01955
0.011393
-0.01469
-0.03142
-0.00871
0.043079
-0.00742
0.064543
0.082666
-0.01567
-0.02878
-0.05259
0.002029
-0.02191
0.003159
-0.01817
-0.00184
-0.03576
0.028695
0.071643
0.0018
0.047867
0.037708
-0.01317
0.026563
-0.01566
-0.02559
-0.02909
-0.03291
0.051682
-0.03759
0.010033
-0.07185
-0.03332
-0.0348
-0.00312
0.024172
-0.01201
-0.01013
-0.02679
-0.0107
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
GUC
Firm
return
-0.02639
0.021228
-0.02997
-0.02188
-0.02961
-0.02305
0.004047
0.028208
-0.00755
0.003949
0.042122
0.031916
-0.02658
-0.00345
-0.0274
0.022042
-0.0038
0.030301
-0.00339
-0.01587
0.04027
0.048805
0.052541
-0.0173
0.055495
0.038051
0.0521
0.004063
-0.05465
-0.01882
-0.01474
0.005973
-0.02252
-0.01683
0.018413
0.016521
0.051943
0.064307
-0.02011
-0.00402
-0.02473
0
-0.03388
-0.02625
-0.01038
0.007537
0
S&P 500
return
-0.03057
0.0163
-0.0141
-0.00402
-0.01423
-0.01165
0.025672
0.01344
-0.00292
0.010728
0.040882
0.008489
0.005635
0.001449
0.005614
0.007969
-0.00727
0.00154
-0.00653
0.002578
0.016565
0.011664
0.0117
-0.00068
0.007024
0.013478
0.006295
-0.00952
-0.00172
-0.00648
-0.00293
0.007159
0.008976
0.003033
0.004519
0.007079
0.009447
0.020972
-0.0044
0.003274
0.00459
-0.02436
0.009962
-0.00343
-0.01819
0.022864
0.009271
estimation
period
Firm
Residuals
-0.00874
0.004083
-0.02455
-0.02394
-0.02409
-0.01945
-0.02005
0.013186
-0.01043
-0.00906
0.00673
0.020569
-0.03581
-0.00957
-0.03661
0.011081
-0.00345
0.024112
-0.00359
-0.02283
0.022928
0.035101
0.03881
-0.02184
0.045235
0.023
0.042382
0.006083
-0.05842
-0.01905
-0.01761
-0.00439
-0.03423
-0.02412
0.010013
0.00622
0.039885
0.043694
-0.02189
-0.0115
-0.03319
0.01304
-0.04632
-0.02874
-0.00193
-0.01448
-0.01193
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
0.008776
0.007051
0.013546
0.004697
-0.02106
0.027248
0.031818
-0.01249
0.003261
-0.01725
-0.02522
0.036372
-0.04393
0.012219
-0.03467
0.002965
-0.00187
0.026495
-0.0183
-0.00434
0.011713
-0.01918
-0.02849
0.048352
0.029767
0.026859
0.011002
0.027294
-0.01224
-0.02412
0.02448
0.032556
0.011781
-0.01662
-0.05104
-0.00526
-0.02457
0.028319
0.014357
-0.0229
-0.00933
-0.01994
0.012461
0.003525
-0.00498
0.026951
-0.01803
-0.01309
0.023603
0.003854
0.020483
0.010456
0.064425
0.020426
0.113014
0
-0.04209
-0.00266
-0.00893
0.004027
-0.03106
0.035965
0.010168
-0.00375
-0.00887
-0.01142
-0.01315
-0.00503
0.019312
0.086186
0.051696
0.206659
-0.01737
0.104646
-0.05234
-0.01411
-0.00094
0.028201
0.008624
-0.03683
-0.01084
0.008183
0.042945
-0.02616
0.012253
-0.02279
-0.0108
-0.00997
-0.0035
0.005411
0.001744
-0.00365
0.018121
-0.00815
-0.00901
-0.00813
-0.03074
-0.00381
-0.01335
0.022921
-0.03543
0.057678
0.03503
-0.00078
-0.00534
0.001784
-0.01573
0.001235
-0.02189
0.018776
-0.00077
0.015406
0.006799
0.012389
0.000607
0.020534
-0.00185
-0.00064
0.013229
-0.00799
-0.00219
-0.00092
0.013491
0.021899
-0.00205
0.004212
-0.00883
-0.01947
-0.00413
-0.01816
0.025308
0.007005
0.003683
-0.01723
-0.0081
0.007149
0.014745
-0.00733
0.0177
0.011214
-0.0052
-0.00869
0.007956
-0.01871
-0.00731
0.00352
-0.02247
0.006075
0.024614
-0.01925
0.009498
-0.01447
0.010767
0.001567
0.026218
-0.00075
0.06334
0.014055
0.119644
-0.00596
-0.03088
-0.02165
-0.0134
-0.01246
-0.04116
0.021722
0.004672
-0.02403
-0.01254
-0.016
-0.02802
-0.00415
0.015895
0.081823
0.036636
0.185358
-0.02089
0.096474
-0.05083
-0.0047
-0.00292
0.036632
-0.01521
-0.04707
-0.01862
0.015922
0.043915
-0.03651
-0.00374
-0.0224
-0.02899
-0.02334
-0.00469
0.006812
-0.00921
0.005192
0.018499
-0.01581
0.002615
-0.01769
-0.05405
0.005437
-0.02545
0.028615
-0.04847
0.051469
0.010523
-0.00526
-0.0057
9.99031E-05
0.000818912
4.97209E-08
0.000285673
1.74897E-06
0.000147389
0.0016051
0.000206648
4.4476E-05
0.000173792
0.000106617
0.000314197
4.34978E-05
0.000282536
9.19054E-07
0.000237431
7.24612E-06
0.000170926
0.000263984
2.91632E-07
6.48584E-09
6.69485E-06
2.63633E-06
3.24331E-05
2.03951E-05
5.41363E-06
0.000897957
2.14416E-05
2.11591E-05
0.000321668
5.19728E-07
0.000778
0.000799
0.000775
0.000783
0.000775
0.000779
0.000823
0.000781
0.000776
0.00078
0.000778
0.000784
0.000776
0.000783
0.000775
0.000782
0.000775
0.00078
0.000783
0.000775
0.000775
0.000775
0.000775
0.000776
0.000775
0.000775
0.000802
0.000776
0.000776
0.000785
0.000775
-0.00888
0
0.001721
-0.01623
-0.0091
-0.01746
0.000815
0.00844
-0.01023
-0.03034
0.052462
-0.03346
-0.01901
-0.01852
0.022381
0.005685
0.064559
0.1459
0.026
-0.03686
0.023216
0.012068
0.018675
-0.02542
-0.0092
-0.01457
0
0.006097
-0.01387
-0.02384
0
-0.02601
-0.01408
-0.00672
-0.00539
-0.00175
-0.00866
0.001794
0.015309
0.022863
0.005676
-0.00226
0.005455
0.008388
-0.00238
0.009739
-0.00067
-0.00657
0.014329
-0.0132
-0.00176
-0.02725
0.005097
0.016728
-0.00559
0.021112
-0.00722
-0.01112
0.005697
0.020958
-0.00245
0.006806
0.012798
0.003246
-0.00348
7.75501E-05
5.59191E-05
1.47756E-05
0.000115582
8.78723E-08
0.000174753
0.000431509
1.28585E-05
1.88839E-05
1.132E-05
3.96704E-05
2.00169E-05
5.85117E-05
7.63638E-06
7.50654E-05
0.000149787
0.000233684
1.47944E-05
0.000861008
9.04413E-06
0.000214283
5.89714E-05
0.000361825
8.65995E-05
0.000174418
1.30139E-05
0.000356004
2.05925E-05
2.22395E-05
0.00011465
1.33692E-06
0.00238
0.84495
0.00077
0.00505
0.74228
0.00132
0.025521
0.016594
1.020833
1.020833
POS
1.020833
2.041667
3.0625
4.083333
CRA
CPQ
GLW
CVD
DOW
GUC
1.020833333 1.020833 1.020833 1.020833 1.020833 1.020833
2.041666667 2.041667 2.041667 2.041667 2.041667 2.041667
3.0625
3.0625
3.0625
3.0625
3.0625
3.0625
4.083333333 4.083333 4.083333 4.083333 4.083333 4.083333
0.001344
0.001342
0.001339
0.001347
0.001338
0.001352
0.001372
0.001339
0.001339
0.001339
0.001341
0.001339
0.001342
0.001338
0.001344
0.00135
0.001356
0.001339
0.001406
0.001338
0.001355
0.001342
0.001367
0.001345
0.001352
0.001339
0.001366
0.001339
0.001339
0.001347
0.001338
HON
IN
1.020833333 1.020833
2.041666667 2.041667
3.0625
3.0625
4.083333333 4.083333
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104166667
6.125
7.145833333
8.166666667
9.1875
10.20833333
11.22916667
12.25
13.27083333
14.29166667
15.3125
16.33333333
17.35416667
18.375
19.39583333
20.41666667
21.4375
22.45833333
23.47916667
24.5
25.52083333
26.54166667
27.5625
28.58333333
29.60416667
30.625
31.64583333
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104166667
6.125
7.145833333
8.166666667
9.1875
10.20833333
11.22916667
12.25
13.27083333
14.29166667
15.3125
16.33333333
17.35416667
18.375
19.39583333
20.41666667
21.4375
22.45833333
23.47916667
24.5
25.52083333
26.54166667
27.5625
28.58333333
29.60416667
30.625
31.64583333
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
estimate of
the variance
used in SAR
HON
Firm
return
-0.00642
-0.00618
0.011768
-0.00867
0.013397
0.017315
0.010031
-0.01495
0.030738
-0.02256
0.006767
0.010999
0.026851
0
-0.03758
-0.01358
-0.00356
0.010371
-0.00845
0.011976
-0.01335
-0.03147
-0.00142
-0.1908
-0.03419
-0.07018
-0.11912
0.04977
0.115832
0.01443
-0.08285
-0.03726
0.052323
-0.01118
-0.0176
0.049635
0.009341
0.022068
0.0255
-0.0032
0.012726
0.01879
-0.00727
-0.02924
0.001786
-0.02311
-0.00293
S&P 500
return
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
estimation
period
Firm
Residuals
0.025795
-0.00609
0.001236
-0.01049
0.020418
0.030858
0.004274
0.01602
0.015737
-0.00018
-0.00609
0.016049
-0.00915
0.008875
-0.00971
0.007067
0.028048
0.002884
-0.00747
0.013873
0.028408
0.003204
-0.01294
-0.09767
-0.0235
-0.04025
-0.06091
0.085196
0.045155
-0.00179
-0.07335
-0.05842
0.01222
-0.00699
-0.04024
0.01314
0.013849
0.018989
0.040912
0.006659
-0.02921
-0.00914
0.002426
-0.02648
-0.01104
0.011564
0.011609
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
IN
Firm
return
-0.05906
-0.07012
0.051293
0.060625
0.108696
0.017988
0.214148
0.062591
-0.06059
-0.05598
0.013334
0.002089
-0.00663
-0.01091
0.047356
-0.04948
-0.00891
0.002145
0.028518
-0.00872
0
0.085844
-0.03665
-0.04919
0.030347
0.002036
-0.05433
-0.02025
-0.08615
0.044002
-0.04879
0.027226
-0.03728
0.12552
0.127634
-0.02606
0.058767
0
-0.07303
-0.05643
-0.01954
0
-0.04063
0.027151
-0.10576
-0.05341
-0.04848
S&P 500
return
-0.01315
-0.0044
0.012096
0.010615
-0.00686
0.000522
-0.00712
-0.00292
-0.02802
0.006046
-0.00422
-0.00395
-0.02784
0.024905
0.010572
-0.00011
0.011185
-0.00042
-9.1E-05
0.012199
-0.02104
0.00362
-0.02119
0.002031
0.008675
-0.01031
0.000425
-0.03085
0.004507
0.006281
-0.00535
-0.01494
0.010957
0.013535
0.009302
0.001862
0.019643
-0.01278
-0.02597
0.00814
0.02528
-0.00473
-0.00824
-0.01784
0.023983
0.046546
0.004105
-0.01179
0.023806
-0.01275
0.024621
0.024728
0.03396
-0.00338
-0.04075
0.029179
0.030014
0.022665
0.026284
0.000316
-0.02757
0.019956
-0.00064
-0.03869
0.037728
-0.01576
-0.01076
0.015287
0.02329
0.003463
-0.00473
0.024331
0.023452
-0.0109
-0.00427
0.004574
0.002734
-0.00426
0.011211
0.033188
-0.01173
0.002062
-0.01244
0.005942
-0.00743
-0.02999
-0.03155
-0.00541
0.023961
0.01607
-0.01141
0.008337
0.012225
-0.0153
0.012567
0.023481
0.000595
-0.01227
0.019378
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
-0.02025
-0.00429
-0.00411
0.023846
-0.0005
0.026328
0.041075
-0.00884
0.029136
-0.01194
0.017332
-0.00015
-0.02637
-0.02258
0.015366
-0.00362
-0.03548
0.003704
-0.01926
-0.01248
0.02104
0.003214
0.016927
0.004335
0.00278
0.012061
0.001723
0.029683
-0.0145
0.003889
0.011225
-0.01304
-0.00763
-0.00665
0.015962
0.017038
0.011024
-0.008
-0.0011
-0.03772
-0.02391
0.010019
0.005312
0.004066
0.00026
0.012552
-0.02296
8.18E-05
0.017223
0.02123
-0.0229
0.002443
0.010929
-0.06744
0.110001
-0.01596
0.14296
-0.07861
0.012231
-0.04246
-0.08805
0.010667
-0.01067
-0.13775
0.006135
0.043875
0
-0.02469
-0.07796
-0.04477
0.122733
-0.11935
0.02778
0.040274
-0.02343
-0.03733
-0.15061
-0.11203
0.013724
0.004295
0.187072
-0.05354
0.030772
0
-0.00364
-0.01966
-0.00373
-0.00374
-0.06454
0.036653
0.027885
-0.00753
0.007528
0.007472
-0.11006
-0.16939
-0.01072
-0.02095
-0.06561
-0.02286
-0.0291
0.05196
0.039012
-0.02198
-0.00537
0.025245
0.004522
0.017643
7.2E-05
-0.00236
-0.01064
0.000524
-0.01375
0.007139
0.004919
-0.00749
-0.00494
0.009349
0.009948
-0.00787
-0.00258
-0.02252
-0.01834
-0.06005
0.032548
0.02826
-0.00986
0.004941
-0.00327
0.032734
-0.0112
0.002686
-0.00856
0.010833
-0.01507
-0.0218
-0.00392
0.016227
-0.00592
-0.00848
-0.02082
0.017744
0.009297
0.021857
0.009375
-0.01252
-0.00734
-0.02128
-0.00444
-0.01936
0.018169
-0.01261
-0.00254
0.031733
-0.0013
0.019663
0.015527
0.002903
-0.0202
0.013222
-0.01886
-0.01649
-0.048
-0.03028
-0.05167
-0.0031
0.008256
0.005126
0
0.068811
0.034092
-0.02019
-0.03643
0.064579
0.019336
0.002092
-0.04895
0.021406
0.005815
0.028874
-0.03622
0.000615
0.00582
0.01154
0.020619
-0.00504
-0.02987
0.055114
0.006194 0.004029
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
0.014824
-0.0071
-0.02505
-0.00405
-0.00599
-0.00309
0.014749
0.014238
-0.004
0.009892
-0.00182
-0.01108
-0.01905
0.013423
3.90843E-05
1.10651E-05
2.06297E-05
2.21484E-06
8.54621E-05
3.63322E-05
5.0115E-05
0.000259538
0.000105038
9.41527E-05
5.03102E-05
6.66123E-05
1.42968E-05
1.60263E-06
5.50594E-09
0.000827239
0.000142745
0.000227765
4.67202E-05
0.000614042
1.42765E-05
3.27404E-05
7.94669E-06
0.000225535
0.000210444
1.39328E-05
0.000103237
2.39697E-06
0.000116846
0.000352905
0.00018746
0.000624
0.000623
0.000624
0.000623
0.000626
0.000624
0.000625
0.000632
0.000627
0.000626
0.000625
0.000625
0.000623
0.000623
0.000623
0.000653
0.000628
0.000631
0.000625
0.000646
0.000623
0.000624
0.000623
0.000631
0.000631
0.000623
0.000627
0.000623
0.000627
0.000636
0.00063
0.163629
-0.01905
0.028812
-0.06324
0.043621
0.051255
-0.07517
0.052464
-0.03314
-0.01388
-0.02995
-0.02511
0.00491
0.020203
0.015086
-0.04596
-0.04213
0.047888
0.00491
-0.00491
-0.02913
0.018411
0.07966
0.07378
-0.01288
-0.04645
0
0.018692
0.058269
0.138759
0.080043
-0.10343
0.019446
-0.00654
-0.00669
0.009231
-0.00661
-0.00323
-0.00754
0.01608
0.000748
0.005554
-0.0097
0.014601
-0.00679
0.002152
-0.01839
-0.0074
0.009549
-0.00328
0.002939
-0.00858
0.008429
0.010218
-0.01599
0.007193
0.015146
-0.00222
0.003558
0.008097
0.001954
0.009408
0.000338
-0.01115
6E-05
1.84654
0.00062
0.016673
1.020833
KMG
LZB
MWD
NCR
1.020833 1.020833 1.020833 1.020833
2.041667 2.041667 2.041667 2.041667
3.0625
3.0625
3.0625
3.0625
4.083333 4.083333 4.083333 4.083333
ODP
BOH
RAD
RCL
SMG
1.020833333 1.020833 1.020833 1.020833 1.020833
2.041666667 2.041667 2.041667 2.041667 2.041667
3.0625
3.0625
3.0625
3.0625
3.0625
4.083333333 4.083333 4.083333 4.083333 4.083333
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104166667
6.125
7.145833333
8.166666667
9.1875
10.20833333
11.22916667
12.25
13.27083333
14.29166667
15.3125
16.33333333
17.35416667
18.375
19.39583333
20.41666667
21.4375
22.45833333
23.47916667
24.5
25.52083333
26.54166667
27.5625
28.58333333
29.60416667
30.625
31.64583333
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
estimation
period
Firm
Residuals
-0.04612
-0.06247
0.048943
0.059172
0.117826
0.022649
0.223439
0.069335
-0.03863
-0.05467
0.020868
0.009457
0.015212
-0.02102
0.04593
-0.04444
-0.01071
0.007378
0.033551
-0.01113
0.01772
0.088628
-0.01884
-0.04544
0.03007
0.013258
-0.04961
0.003417
-0.0839
0.045174
-0.04057
0.041253
-0.03894
0.122298
0.126976
-0.02221
0.051845
0.012717
-0.05233
-0.05638
-0.02988
0.007845
-0.03066
0.042937
-0.11531
-0.07662
-0.04599
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
KMG
Firm
return
-0.01123
-0.00015
-0.01799
-0.02234
0.006477
-0.00015
0.006741
-0.0227
-0.04016
0.050569
-0.00932
-0.00313
0.003125
-0.00125
-0.02612
-0.02402
-0.01539
-0.01073
0.0109
-0.05133
-0.00035
0.002105
0.010981
0.01343
0.000855
-0.03195
0.030579
0.043037
0.020281
-0.00774
-0.00178
-0.01536
0.002631
-0.01073
-0.00549
-0.00017
-0.0281
0.005479
0.013906
-0.00507
0.012113
0.035322
-0.00162
-0.01351
-0.01137
-0.00816
-0.00435
S&P 500
return
-0.0049
0.003428
0.008671
0.0113
-0.00949
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
0.006855
-0.0145
-0.00113
0.023415
0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
-0.00816
0.000515
-0.01884
-0.02394
0.010866
0.003091
0.008829
-0.0197
-0.04209
0.05265
-0.01056
-0.00094
0.008352
0.00726
-0.02644
-0.01819
-0.01341
-0.01583
0.010758
-0.04652
-0.00156
0.00536
0.010892
0.016073
0.007266
-0.02556
0.027631
0.041692
0.021241
-0.00578
-0.00173
-0.01482
0.003142
-0.00756
-0.00053
0.000545
-0.02141
0.007156
0.013922
-0.00369
0.014871
0.039098
-0.00085
-0.00701
-0.01205
-0.003
-0.0047
0.019158
-0.07776
0.112239
-0.02167
0.147893
-0.0722
0.023655
-0.0378
-0.07475
0.01132
-0.00867
-0.12824
0.014102
0.04319
-0.00105
-0.01495
-0.07142
-0.02615
0.138819
-0.078
0.01304
0.028132
-0.01248
-0.03534
-0.14366
-0.12688
0.025483
0.007645
0.197236
-0.05513
0.044878
0.018184
0.003706
-0.02451
0.004836
0.006373
-0.04695
0.030882
0.027231
-0.01579
0.006827
0.020033
-0.10063
-0.15152
-0.00306
-0.00424
-0.07164
-0.01025
-0.02258
0.037714
0.044778
-0.02891
-0.0171
0.003069
-0.00598
-0.00257
-0.0012
-0.01979
-0.00035
0.014278
0.02594
-0.00422
0.000169
-0.00679
-0.01406
-0.0607
-0.05702
0.002135
-0.00837
-0.05052
-0.03516
0.003402
0.043002
0.037514
-0.01998
-0.0006
0.006774
0.044659
0.007756
-0.00396
0.00453
0.030783
0.009632
0.000723
-0.01548
0.01945
-0.00288
-0.03903
0.011943
0.013999
-0.00698
0.002943
0.020001
0.026469
0.020304
-0.03052
0.003536
-0.01047
-0.02638
-0.00367
-0.00018
0.011514
0.001816
0.024901
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.01465
-0.00089
-0.00293
0.003441
0.003683
-0.01319
0.000142
0.016093
0.027898
0.003961
0.007246
-0.00693
0.002142
-0.05737
-0.05068
0.012885
-0.00118
-0.0599
-0.03603
0.006548
0.04136
0.032913
-0.01766
-0.00247
0.002737
0.047024
0.008936
0.000103
0.00773
0.025895
0.006932
0.003898
-0.01339
0.019109
0.004191
-0.03509
0.012284
0.011274
-0.00397
0.004483
0.017723
0.026939
0.028908
-0.02388
0.005191
-0.01536
-0.02556
-0.00614
-0.00269
0.013956
0.00276
0.026097
0.156827
4.45442E-05
4.66072E-05
8.27605E-05
4.54479E-05
1.1346E-05
5.89527E-05
0.000254284
3.77397E-07
2.93759E-05
9.66489E-05
0.000209306
4.78874E-05
4.07333E-06
0.000343071
5.66932E-05
8.86346E-05
1.16289E-05
7.87032E-06
7.5946E-05
6.88155E-05
0.000101697
0.000259959
4.98275E-05
0.000225348
5.54275E-06
1.17257E-05
6.34165E-05
3.31244E-06
8.60165E-05
4.1501E-08
0.000127352
0.004614
0.004615
0.004621
0.004615
0.004609
0.004617
0.004651
0.004607
0.004612
0.004623
0.004643
0.004615
0.004607
0.004666
0.004617
0.004622
0.004609
0.004608
0.00462
0.004619
0.004624
0.004652
0.004615
0.004646
0.004608
0.004609
0.004618
0.004607
0.004622
0.004607
0.004629
-0.00301
-0.00766
-0.05912
-0.06122
0.021549
-0.00455
0.047061
-0.03191
0.025835
-0.02681
0.009534
-0.01561
-0.00157
0.017962
0.003862
0.021736
0.020165
-0.04017
0.018493
-0.02603
-0.01681
-0.0161
-0.01881
0.020811
-0.00985
0.020388
0.02095
0.001742
0.008283
0.009546
0.016769
0.000934
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
-0.00085
0.000369
7.2E-06
2.98E-06
5.4E-06
0.000136
4.23E-05
1.69E-05
0.000155
4.84E-05
3.65E-05
0.00031
0.000124
2.75E-08
5.76E-05
0.000194
0.000524
3.83E-06
4.54E-05
0.00023
3.85E-06
1.2E-06
0.000221
1.71E-05
0.000117
6.96E-05
4.38E-05
5.76E-05
2.67E-05
3.77E-07
2.44E-05
5.7E-05
-0.00498
0.60576
0.00456
-0.00165
0.28836
0.00043
0.026401
0.017098
1.020833
1.020833
SGR
1.020833
2.041667
3.0625
4.083333
0.000446
0.000436
0.000436
0.000436
0.00044
0.000437
0.000437
0.00044
0.000437
0.000437
0.000444
0.000439
0.000436
0.000438
0.000441
0.00045
0.000436
0.000437
0.000442
0.000436
0.000436
0.000442
0.000437
0.000439
0.000438
0.000437
0.000438
0.000437
0.000436
0.000437
0.000438
SMF
PCS
TDY
TXN
TRP
RIG
UTX
UNM
1.020833333 1.020833 1.020833 1.020833 1.020833 1.020833 1.020833 1.020833
2.041666667 2.041667 2.041667 2.041667 2.041667 2.041667 2.041667 2.041667
3.0625
3.0625
3.0625
3.0625
3.0625
3.0625
3.0625
3.0625
4.083333333 4.083333 4.083333 4.083333 4.083333 4.083333 4.083333 4.083333
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104166667
6.125
7.145833333
8.166666667
9.1875
10.20833333
11.22916667
12.25
13.27083333
14.29166667
15.3125
16.33333333
17.35416667
18.375
19.39583333
20.41666667
21.4375
22.45833333
23.47916667
24.5
25.52083333
26.54166667
27.5625
28.58333333
29.60416667
30.625
31.64583333
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
estimate of
the variance
used in SAR
LZB
Firm
return
0.028263
-0.01568
-0.00396
-0.00464
-0.02828
-0.00411
-0.02079
0.020791
-0.02079
-0.00915
-0.03013
0.04347
-0.03477
0.012913
-0.02016
0.022295
0.030125
-0.00901
-0.00839
-0.02129
0.01707
0.008427
0.029627
-0.0123
0.008214
0.04074
0.020085
-0.00386
-0.04074
-0.01623
0.024909
0
0
-0.01271
-0.00405
0
-0.01636
0.056777
0.023742
-0.02374
-0.01176
0.073451
0.011533
-0.03814
-0.01135
-0.03945
0.04703
S&P 500
return
0.004983
-0.00114
0.003848
-0.00022
-0.0159
-0.00651
-0.0247
-0.01083
0.023181
0.004948
-0.01266
-0.00336
-0.01852
0.003517
-0.01872
0.014572
0.005352
-0.00959
0.004361
-0.02031
0.000213
0.007378
0.038183
-0.01839
-0.00587
0.019415
0.007498
-0.00656
-0.00819
-0.01411
-0.0217
0.008038
-0.01304
-0.0318
0.00797
0.024094
0.00705
0.010385
0.00398
-0.0105
-0.02843
0.048884
-0.01061
-0.02659
-0.00192
0.003805
0.009541
estimation
period
Firm
Residuals
0.020782
-0.01777
-0.01044
-0.00754
-0.01739
-0.00148
-0.00215
0.02723
-0.04429
-0.0166
-0.02208
0.043329
-0.02156
0.006722
-0.00678
0.006375
0.022319
-0.00366
-0.01533
-0.00651
0.013787
-0.00116
-0.00707
0.000791
0.010284
0.020557
0.01039
-0.00118
-0.03663
-0.0069
0.040907
-0.01017
0.008383
0.012174
-0.01416
-0.0243
-0.02566
0.044541
0.017143
-0.01759
0.01017
0.027333
0.017773
-0.01783
-0.01276
-0.04589
0.035537
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
MWD
Firm
return
0.035286
0.064972
0.01591
0.009884
-0.0174
-0.07293
-0.02827
0.011013
0
-0.06429
-0.00481
0.050626
0.065083
0.051086
0.09878
-0.01128
-0.02935
0.002308
-0.01497
0.006351
0.019448
0.031309
0.025103
-0.01837
-0.03412
0.039958
0.024911
-0.01094
-0.02887
-0.02505
0.013041
0.009794
0.006027
0.010369
-0.01344
0.020815
0.024161
0.029773
0.01259
0.02987
0.015953
0.006546
0.009051
-0.00382
-0.04127
-0.00947
-0.03347
S&P 500
return
0.009297
0.021857
0.009375
-0.01252
-0.00734
-0.02128
-0.00444
-0.01936
0.018169
-0.01261
-0.00254
0.031733
-0.0013
0.019663
0.019446
-0.00654
-0.00669
0.009231
-0.00661
-0.00323
-0.00754
0.01608
0.000748
0.005554
-0.0097
0.014601
-0.00679
0.002152
-0.01839
-0.0074
0.009549
-0.00328
0.002939
-0.00858
0.008429
0.010218
-0.01599
0.007193
0.015146
-0.00222
0.003558
0.008097
0.001954
0.009408
0.000338
-0.01115
-0.00792
0.003769
0.015552
0.022583
-0.01889
0.014652
-0.01465
-0.01113
0.025784
-0.0073
0.007299
0.004233
0.01735
-0.00894
-0.01873
0.017528
0.004782
0.020656
0.027652
-0.01951
-0.01166
-0.02553
0.034282
-0.00524
0.011037
0.044075
-0.06097
0.008192
-0.01882
-0.01919
-0.02513
0.012951
-0.03682
-0.00638
-0.00835
0.030498
0.016139
0.000616
0.030902
0.011863
0.019849
-0.02221
0.016413
-0.01523
-0.05272
-0.02393
0.074882
-0.00593
-0.00956
0.009564
0.013003
0.014573
0.004043
0.010265
-0.00625
0.006124
0.002123
0.013819
-0.00404
0.000268
0.012947
0.002863
-0.00499
-0.00189
0.006782
0.006983
-0.00564
0.005446
-0.01763
0.00358
-0.00151
-0.00844
-0.00625
-0.01343
0.011758
-0.00869
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
-0.0057
0.005841
0.009931
0.006432
0.002256
-0.02508
-0.04414
0.01472
-0.02618
0.005854
-0.01982
0.017473
-0.02437
-0.01809
-0.00407
0.019713
0.011219
0.025253
-0.00836
0.017959
0.014097
-0.02385
-0.00061
-0.0142
-0.01446
0.011293
-0.01291
0.008594
0.002799
0.008286
-0.01818
-0.01686
0.009639
0.0172
0.014409
0.025889
-0.01517
-0.00925
-0.01681
0.020838
-0.00069
0.009865
0.033858
-0.04727
0.020505
-0.00548
-0.02056
-0.02332
-0.0054
-0.03315
0.003211
-0.01236
0.032415
0.007903
-0.01122
0.022146
0.006781
0.038822
0.013541
0.000363
0.004714
-0.06097
-0.00958
0.056408
0.012422
0.003258
0.010051
-0.00744
0.001603
-0.02128
0.033465
0.036923
-0.00595
0.003683
-0.01569
-0.0054
-0.04703
0.033465
-0.00348
0.013723
0.018117
0.040413
0.009568
-0.01986
0.016649
-0.01792
0.050405
0.023741
-0.02495
-0.03004
0.036856
-0.01734
0.014239
0.009779
-0.01259
0.01497
-0.01829
0.015914
0.015665
0.013014
0.015985
0.001044
-0.00704
-0.007
-0.01122
0.004756
0.036039
-0.01326
-0.03232
0.004195
-0.06339
-0.05205
0.041936
-0.01616
-0.0716
0.013858
0.020543
-0.0414
-0.02142
0.036851
0.015084
-0.00887
0.009142
-0.01034
-0.0108
0.006928
-0.01507
-0.00193
-0.02072
0.007675
0.005068
0.000417
0.009588
0.007114
0.011141
0.00235
-0.00672
-0.00861
0.007906
0.013309
-0.00479
-0.00309
0.010901
-0.00291
0.005189
-0.0009
0.00522
0.001553
-0.00123
0.005059
-0.00281
-0.00481
0.009993
0.002034
-0.00904
-0.00989
0.006852
-0.00535
-0.00351
-0.00489
0.001968
-0.00272
-0.01022
-0.01464
0.010598
-0.00588
-0.00158
-0.00023
-0.00671
-0.00825
-0.00045
0.021992
-0.01505
-0.00019
-0.01979
-0.02742
0.055815
-0.01729
-0.01582
0.009406
0.009319
-0.0029
0.010411
0
-0.02741
0.008831
-0.01357
0.021746
0
0.02299
-0.01258
-0.01332
-0.01055
0.018103
0
0.025144
-0.00113
0.028406
-0.01382
-0.01855
0.011841
-0.01924
0.039221
-0.00772
0.007722
0
-0.02473
-0.00464
0.010727
-0.01254
-0.035
-0.00291
0.042753
-0.02019
0.008085
0.026706
-0.00213
0.014991
-0.00323
0.01023
0.038153
0.012465
-0.00858
-0.01509
-0.01224
0.015815
0.004685
0.014898
-0.00287
0.013498
0.000781
-0.01498
0.014337
-0.00245
-0.00183
-0.0045
-0.00029
-0.00761
-0.00112
6.51278E-06
0.000164241
0.00010923
0.001083034
6.66495E-07
0.002010799
0.000327504
0.000103504
0.000829161
1.97676E-09
0.000291739
1.30866E-06
0.000151756
0.001619436
0.000211812
4.21267E-05
0.000169117
0.000102962
0.000320557
4.58845E-05
0.000288569
6.08637E-07
0.000242965
8.2391E-06
0.00016629
0.000269817
1.30688E-07
6.71098E-08
5.8029E-06
3.24792E-06
3.04316E-05
0.00045
0.000453
0.000452
0.000471
0.00045
0.000489
0.000456
0.000452
0.000466
0.00045
0.000456
0.00045
0.000453
0.000482
0.000454
0.000451
0.000453
0.000452
0.000456
0.000451
0.000455
0.00045
0.000455
0.00045
0.000453
0.000455
0.00045
0.00045
0.00045
0.00045
0.00045
0.013657
-0.01433
0.017886
-0.08808
-0.01193
-0.111
0.042719
-0.09438
0.100001
-0.00641
-0.04949
-0.01276
0.047579
0.055671
-0.03707
0.040843
-0.03915
-0.01128
0.027845
0.017931
-0.00696
-0.01561
0.017127
0.038167
-0.04045
-0.04627
-0.04754
-0.03132
-0.02404
-0.0165
-0.0018
0.030758
-0.00683
0.005495
0.001366
-0.01918
-0.00495
-0.01076
-0.0163
-0.02584
0.032836
0.000327
-0.01809
-0.00582
0.034153
0.005866
-0.00082
0.001682
-0.02405
-0.00034
0.011035
0.013736
0.02174
-0.00574
0.004983
-0.00114
0.003848
-0.00022
-0.0159
-0.00651
-0.0247
-0.01083
0.023181
0.004948
0.0031
0.88008
0.00045
0.022633
1.020833
WMI
WEN
1.020833 1.020833
2.041667 2.041667
3.0625
3.0625
4.083333 4.083333
Zjt: (intermediate calculations to get the Z-statistics on Cumulative TSAR)

AK
ARG
AGN
AHC
AMH
AXE
-0.14515 0.250313912 -0.06819 1.99437 -1.01084 -0.86349
-0.3991 1.151049243 -0.16723 0.776919 -1.06195 -0.32952
-0.1657 0.745717827 -0.99205 0.990919 0.063379 -1.00488
0.032026 -0.019665365 -1.93836 0.840511 -0.44797 -1.35017
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
5.104167
6.125
7.145833
8.166667
9.1875
10.20833
11.22917
12.25
13.27083
14.29167
15.3125
16.33333
17.35417
18.375
19.39583
20.41667
21.4375
22.45833
23.47917
24.5
25.52083
26.54167
27.5625
28.58333
29.60417
30.625
31.64583
-0.13342
-0.19299
-0.11074
-0.13404
-0.13643
-0.09432
-0.40622
-0.52112
-0.6058
-0.61036
-0.64675
-0.47108
-0.57461
-0.61907
-0.70037
-0.89218
-0.7761
-0.77224
-0.8956
-0.9398
-0.89007
-0.57438
-0.45247
-0.45627
-0.44663
-0.36694
-0.47637
0.023617093
-0.342398245
-0.912365001
-1.129693858
-1.084036558
-0.556286356
-0.625830906
-0.735342002
-1.052296303
-1.000325426
-0.708963508
-0.375309307
-0.384916706
-0.337930362
-0.415370501
-0.39588239
-0.141674255
-0.017687734
-0.21263507
-0.437661135
-0.438262549
-0.530917091
-0.59497548
-0.677850751
-0.614581787
-0.60423627
-0.428451501
-1.86618
-1.91578
-1.63068
-1.43531
-1.12925
-0.61564
-0.73904
-0.7187
-0.6481
-0.98372
-0.72576
-0.10649
-0.22464
-0.43114
-0.74303
-0.97858
-1.11726
-1.09232
-1.37981
-0.9602
-1.72003
-1.11697
-1.23954
-1.06553
-0.84378
-0.78591
-0.64598
0.976609
0.95253
1.193332
1.332266
1.443918
1.446017
1.680283
1.338896
1.306283
1.277495
1.18924
1.292315
1.298463
1.455325
1.350104
1.489662
1.651337
1.723417
1.769004
1.880531
1.952936
2.061309
2.146681
2.066807
1.998101
1.857721
1.887339
-0.42962 -0.71335
-0.9144 -0.85022
-1.20943 -0.14194
-0.27298 -0.02832
-0.1937 0.009985
-0.36172 -0.22874
-0.00017 -0.30999
0.098941 -0.22494
0.228166 -0.05071
-0.03955 0.087089
-0.19855 -0.08908
-0.06949 -0.32488
0.043863
-0.5153
0.109572 -0.61035
0.294112 -0.88225
0.431829 -1.00626
0.531233
-0.8535
0.312111 -0.54038
0.590306 -0.54745
0.52038 -0.58624
0.605052 -0.51859
0.572773 -0.45933
0.92007 -0.39206
0.847749 -0.65441
0.705633 -0.88652
0.954317 -0.80222
0.903905 -0.62759
estimation
period
Firm
Residuals
0.016588
0.02501
-0.00292
0.02812
-0.00793
-0.03986
-0.02371
0.040833
-0.03372
-0.0459
-0.00348
-0.00605
0.064327
0.014838
0.0629
-0.00317
-0.02098
-0.01628
-0.00674
0.008868
0.029261
0.001128
0.020877
-0.03073
-0.02066
0.01228
0.033441
-0.01754
-0.0007
-0.01549
-0.00608
0.012381
-0.00191
0.021937
-0.03067
0.000557
0.04827
0.014638
-0.01601
0.03067
0.006971
-0.01012
0.002784
-0.02271
-0.0448
0.006449
-0.02302
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
NCR
Firm
return
0.016436
0.013935
-0.02347
-0.02639
0.033652
0
0.020472
0.006262
-0.02014
-0.00536
0.008024
-0.05151
0.011796
-0.03096
-0.03286
-0.00593
0.00933
0.003617
0.056381
0.005319
0.007399
-0.02603
-0.03296
0.0029
-0.03099
-0.00299
-0.04937
0.012512
-0.02813
-0.03377
0.004822
0.012329
0.006977
-0.00723
-0.04241
-0.01764
0.035998
-0.00772
-0.07337
-0.00949
0.061202
-0.02674
0.025684
0.038092
0.018391
0.030726
-0.03573
S&P 500
return
-0.00844
-0.00625
-0.01343
0.011758
-0.00869
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
-0.0057
0.005841
0.009931
0.006432
0.002256
-0.02508
-0.04414
0.01472
-0.02618
0.005854
-0.01982
0.017473
-0.02437
-0.01809
-0.00407
0.019713
0.011219
0.025253
-0.02473
-0.00464
0.010727
-0.01254
-0.035
-0.00291
0.042753
-0.02019
0.008085
0.026706
-0.00213
0.014991
-0.00323
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
0.02574
0.020545
-0.00804
-0.04193
0.043258
0.001608
0.009442
0.028653
0.000314
0.016536
0.009346
-0.04574
-0.01061
-0.02259
-0.01622
-0.00829
0.015254
-0.00465
0.043088
-0.00367
0.003545
0.003725
0.020238
-0.01628
0.000122
-0.01127
-0.02607
-0.01006
0.000761
-0.0126
0.008749
-0.01299
-0.0079
-0.03936
-0.01307
-0.01301
0.021727
0.006625
-0.03141
-0.007
0.007547
-0.003
0.014662
0.004171
0.019934
0.011211
-0.03284
0.01503
0.051464
0.009373
-0.011
0.006856
-0.00509
-0.01491
0.017513
-0.01502
0.010058
-0.00107
0.025411
-0.01225
-0.0268
0.025065
-0.00631
0.034062
-0.00175
-0.01979
-0.02776
0.015443
-0.01537
0.002496
0.008345
-0.02439
0.009383
-0.01916
0.004391
0.017464
0.018204
-0.00389
-0.00536
0.005306
0.006784
-0.02578
0.010846
0.039026
-0.00793
-0.03861
0.005848
-0.04904
-0.03022
0.021036
-0.00916
-0.07189
0.011284
0.028946
-0.0304
-0.02362
-0.00334
0.0376
-0.01149
0.09289
0.060113
0.053444
-0.04189
-0.00598
0.016771
-0.00422
-0.00679
0.007422
-0.00678
0.005092
-0.01171
-0.00429
0.004506
-0.00882
0.000432
-0.00498
0.000434
0.016988
0.007435
0.009059
0.037057
-0.0073
-0.00469
0.02185
-0.01188
-0.01428
0.008591
-0.02453
-0.03116
-0.02861
0.038257
0.016917
-0.02828
0.042443
0.000413
0.010075
-0.00966
-0.00996
0.000834
0.006234
-0.04926
0.023019
-0.00661
-0.02625
0.003729
0.025509
-0.0103
0.005162
0.002357
0.007251
0.013298
0.01023
0.038153
0.012465
-0.00858
-0.01509
-0.01224
0.015815
0.004685
0.014898
-0.00287
0.013498
0.000781
-0.01498
0.014337
-0.00245
-0.00183
-0.0045
-0.00029
-0.00761
0.002606
0.000416
0.028055
0.00272
0.002689
0.016025
-0.00263
-0.01565
0.003191
-0.01189
-0.00782
-0.01578
0.006182
0.003855
0.005095
0.012907
-0.0106
0.005442
-0.00944
-0.00839
0.001163
-0.01141
-0.01766
-0.00453
-0.0049
0.003428
0.008671
0.0113
-0.00949
-0.00552
-0.00151
-0.00469
0.012416
0.07923
0.012115
0.037035
-0.03242
0.011504
0.030738
-0.02475
-0.01363
-0.01198
-0.00434
-0.01259
-0.01375
0.013055
-0.0142
-0.00688
0.001602
-0.00053
-0.00029
0.02526
0.003151
0.007467
0.001476
-0.01173
-0.00908
0.001064
-0.00972
0.003886
0.003587
-0.011
-0.02262
-0.01029
0.029575
0.011097
-0.03563
0.025491
0.012374
0.002303
0.000869
-0.00073
-0.00168
0.019188
-0.02862
0.027506
-0.00168
-0.03154
-0.00801
0.010533
0.000298
0.010875
0.003135
0.011935
-0.00305
0.022254
2.87662E-05
1.52266E-06
0.000373066
2.58425E-05
0.000118706
0.000270114
0.00067455
0.001069603
3.83421E-08
0.000332208
3.54748E-05
0.00115748
3.28799E-05
9.12366E-07
2.40444E-06
0.000584966
2.19664E-07
0.000118884
0.000185067
0.000466929
3.44654E-05
2.35387E-05
1.6217E-06
1.38091E-05
1.26071E-07
0.000257088
4.40672E-05
0.000616614
0.000120258
0.000531293
2.31991E-05
0.000614
0.000613
0.000634
0.000614
0.000619
0.000628
0.000652
0.000675
0.000612
0.000632
0.000614
0.00068
0.000614
0.000612
0.000613
0.000647
0.000612
0.000619
0.000623
0.00064
0.000614
0.000614
0.000613
0.000613
0.000612
0.000628
0.000615
0.000649
0.000619
0.000644
0.000614
-0.01457
0.023342
-0.01867
-0.01386
-0.03942
-0.1457
-0.01589
0.011226
0.03595
0.008727
-0.0231
0.029292
-0.00569
-0.00273
-0.00549
-0.04268
-0.0278
0.022562
0.015625
0.00464
0.005642
0.006628
0.016629
0.009698
-0.01145
-0.01437
0.005066
-0.01348
-0.00026
-0.01004
-0.00363
-0.00026
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
0.006855
-0.0145
-0.00113
0.023415
0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.01383
0.00296
1.69293
0.00061
0.00108
1.22973
0.0004
0.010312
0.020704
1.020833
1.020833
Cumulative TSAR)
ABI
ONE
0.458912 0.128544351
0.24417 -0.416912268
0.862935 0.008252481
0.780886 -0.595017559
BAX
-0.77716
-1.63982
-2.18848
-0.86944
BEC
BTH
POS
0.525174 0.241475 0.093265
0.106483 -0.26057
-0.612
0.445972 -0.08807 0.120497
1.449297 -1.64233 0.782791
CRA
-0.62657
-0.65856
-1.19051
-0.64638
0.000121
7.12E-07
0.00013
0.000519
6.16E-05
0.000182
2E-08
0.000596
5.21E-05
9.9E-05
0.000119
2.08E-05
4.94E-05
5.98E-06
0.000241
0.000238
0.000287
0.00013
1.15E-05
7.27E-09
4.29E-05
2.37E-05
2.45E-05
1.82E-05
0.00011
1.81E-05
0.000272
8.26E-07
4.44E-05
3.77E-06
8.08E-06
0.000402
0.000399
0.000402
0.000409
0.000401
0.000403
0.000399
0.000411
0.0004
0.000401
0.000402
0.0004
0.0004
0.000399
0.000404
0.000404
0.000405
0.000402
0.0004
0.000399
0.0004
0.0004
0.0004
0.0004
0.000401
0.0004
0.000405
0.000399
0.0004
0.000399
0.0004
CPQ
0.763247
1.067985
1.461661
0.964709
GLW
-0.32275
-0.26016
-0.35136
-0.38361
1.038206
0.932993
0.642845
0.941089
0.765797
0.279266
-0.39334
-0.07095
-0.10798
-0.54059
-0.33016
-0.55187
-0.39126
-0.60245
-0.58097
-0.60074
-0.6521
-0.65568
-0.70964
-0.75413
-2.65025
-2.83411
-2.93902
-2.963
-2.97998
-3.22035
-2.79362
-0.04192076
-0.008298529
-0.290142508
-0.464610335
-0.328693637
0.77804027
0.559988971
0.52046566
0.993408747
0.926868904
0.918790371
0.85611911
0.989628836
0.822396314
1.221728021
0.975297115
1.14492406
1.117500793
1.023084076
0.994536596
1.0460583
1.117650212
1.087426634
1.124958907
1.05504553
1.038123372
1.013634116
-0.46016
-0.20354
-0.87012
-0.47888
0.774646
1.147496
0.916759
0.940515
0.955246
0.873578
0.955842
0.443786
0.209199
0.326004
0.319992
0.67184
0.834808
0.710164
0.744671
0.749501
0.367538
0.215448
0.475993
0.666546
0.699591
0.682124
0.523787
1.749583
1.371351
1.275694
1.176893
1.062024
1.225666
0.764448
0.918806
0.997612
1.10801
1.212291
1.096865
0.905039
0.784875
0.84374
0.842336
0.803392
0.685113
0.61634
0.590772
1.058598
0.90282
0.920049
0.983795
1.080434
0.830826
0.783755
-0.0366
0.756974
0.890991
0.971514
0.835453
1.111994
0.977533
0.443676
0.822264
0.867336
0.562624
0.540346
0.556028
0.422427
0.463887
0.4753
0.139097
0.110464
0.159388
0.09039
0.112186
0.2595
0.0961
0.062232
0.071923
0.271438
0.174418
0.721669
0.961589
0.357016
0.419712
0.006566
-0.13227
-0.31429
-0.43691
-0.41755
-0.51645
-0.78472
-0.33135
-0.75388
-0.63977
-0.73713
-0.82561
-0.88103
-1.10519
-1.19455
-1.36722
-0.98296
-0.91955
-0.85544
-0.79286
-0.69917
-0.6543
-0.82357
-0.87458
-0.99103
-0.84709
-0.81921
-0.86639
-1.08911
-1.88545
-1.58082
-1.83691
-1.54102
-1.45121
-1.48528
-1.36342
-1.47212
-1.56595
-1.51757
-1.60277
-1.24253
-1.67158
-1.34823
-1.70384
-1.71471
-1.98463
-1.72493
-1.86755
-2.05896
-1.88413
0.502708
0.655175
1.229091
1.001785
1.054766
1.110965
1.353206
1.282101
0.991814
1.133995
1.448822
1.358113
1.303023
1.274193
1.511022
1.497336
1.440595
1.718731
1.651178
1.66098
1.557699
1.37552
1.213491
1.066718
1.09051
1.102375
1.012424
-0.86724
-0.89496
-0.96435
-0.92045
-1.05488
-0.90255
-1.12435
-1.01564
-0.9658
-0.77197
-0.94146
-1.06832
-1.12466
-1.65398
-1.21396
-1.32106
-0.70499
-0.38432
-0.43831
-0.8917
-0.95826
-0.89384
-0.83255
-0.92088
-0.92942
-0.90489
-0.8186
estimate of
the variance
used in SAR
ODP
Firm
return
0
-0.07009
0.021225
0
0.009646
0.039221
0.028812
-0.01052
0.028297
0.054299
0.016552
0
0.033628
0.032534
0
-0.0405
-0.02566
0.041533
0.009144
0.062993
-0.02347
0.007472
-0.00747
0
-0.00753
-0.05701
0
-0.02293
0.006798
0.024098
-0.00797
0.03279
0
0.031749
0.007472
-0.00747
0.014889
-0.00742
-0.00747
-0.04867
0
0
0.024629
0
-0.00771
0.02422
-0.01651
S&P 500
return
0.006928
-0.01507
-0.00193
-0.02072
0.007675
0.005068
0.000417
0.009588
0.007114
0.011141
0.00235
-0.00672
-0.00861
0.007906
0.013309
-0.00479
-0.00309
0.010901
-0.00291
0.005189
-0.0009
0.00522
0.001553
-0.00123
0.005059
-0.00281
-0.00481
0.009993
0.002034
-0.00904
-0.00989
0.006852
-0.00535
-0.00351
-0.00489
0.001968
-0.00272
-0.01022
-0.01464
0.010598
-0.00588
-0.00158
-0.00023
-0.00671
-0.00825
-0.00045
0.021992
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
-0.00382
-0.06429
0.02128
0.008277
0.005499
0.036214
0.02784
-0.0155
0.024395
0.048635
0.014735
0.002151
0.036604
0.028286
-0.00661
-0.03919
-0.0251
0.035974
0.009629
0.059934
-0.02387
0.004399
-0.00894
-0.00025
-0.01053
-0.05657
0.001317
-0.02809
0.005119
0.027265
-0.00443
0.029003
0.00155
0.032496
0.008824
-0.00912
0.015291
-0.00373
-0.00186
-0.05409
0.001784
-9.8E-05
0.023939
0.002147
-0.00489
0.023627
-0.02692
BOH
Firm
return
0
0.09679
0.024349
-0.02858
0.007749
0.016702
-0.0459
0.021445
-0.02144
-0.01749
-0.00886
-0.00894
0
-0.05145
0.060393
0
-0.00894
0.039624
0.029768
0.016621
-0.00413
0
-0.01249
0.008345
0.0327
0.004013
-0.04506
0.016621
-0.00413
-0.07294
0.064631
0.004164
0.008276
0.063851
0.045348
0.007362
0.061056
0.017104
-0.03802
-0.04381
0.081834
0
-0.02403
-0.01048
0
0.04463
0.013341
S&P 500
return
-0.00114
0.003848
-0.00022
-0.0159
-0.00651
-0.0247
-0.01083
0.023181
0.004948
-0.01266
-0.00336
-0.01852
0.003517
-0.01872
0.014572
0.005352
-0.00959
0.004361
-0.02031
0.000213
0.007378
0.038183
-0.01839
-0.00587
0.019415
0.007498
-0.00656
-0.00819
-0.01411
-0.0217
0.008038
-0.01304
-0.0318
0.00797
0.024094
0.00705
0.010385
0.00398
-0.0105
-0.02843
0.048884
-0.01061
-0.02659
-0.00192
0.003805
0.009541
0.010265
0
-0.05663
0.024098
-0.03363
-0.14711
0.038855
0.019623
0
-0.01962
0
0.047628
-0.05682
-0.04887
0.030233
0.018634
0.018293
0.055815
0.043333
0.02566
-0.00803
-0.06096
0.052863
0.118686
-0.03802
-0.01511
-0.03355
-0.09347
0.017143
-0.00853
-0.0453
0.008929
0.019076
-0.028
0.045296
-0.0453
-0.01052
0.038523
-0.01023
-0.01778
0
0.028005
0
-0.01023
-0.0283
-0.0091
-0.00919
0
-0.03922
0.048409
0.019623
-0.04745
0.00936
-0.01505
-0.00019
-0.00683
0.005495
0.001366
-0.01918
-0.00495
-0.01076
-0.0163
-0.02584
0.032836
0.000327
-0.01809
-0.00582
0.034153
0.005866
-0.00082
0.001682
-0.02405
-0.00034
0.011035
0.013736
0.02174
-0.00574
0.004983
-0.00114
0.003848
-0.00022
-0.0159
-0.00651
-0.0247
-0.01083
0.023181
0.004948
-0.01266
-0.00336
-0.01852
0.003517
-0.01872
0.014572
0.005352
-0.00959
0.004361
-0.02031
0.000213
0.007378
0.038183
-0.01839
-0.00587
0.019415
0.007498
-0.00656
0.005795
-0.05734
0.026295
-0.03682
-0.14849
0.046459
0.021001
0.00392
-0.01328
0.010517
0.032472
-0.05775
-0.04174
0.031992
0.002902
0.014938
0.055386
0.041808
0.035395
-0.00867
-0.06658
0.046065
0.108385
-0.0363
-0.01808
-0.03384
-0.09595
0.016452
-0.00237
-0.04324
0.018946
0.023027
-0.03894
0.042342
-0.04054
-0.00984
0.045838
-0.01255
-0.01038
-0.00716
0.024874
0.003408
-0.01292
-0.0202
-0.00999
-0.01321
-0.0175
-0.03196
0.050188
0.010339
-0.05152
0.01144
-0.02346
0.010124
-0.01352
-0.02411
0.010405
0.02049
0.006738
0.006693
0.073909
0.036497
-0.03083
-0.01188
-0.01465
0.032671
-0.01802
-0.00104
0.00104
0
-0.00573
0.025788
-0.00818
-0.00412
-0.01088
0.003122
-0.0073
-0.02974
-0.00975
-0.01205
0.002751
0.024961
0.002676
0.010633
0.007376
0.024372
-0.00154
0.011225
0.0181
0
-0.0075
-0.00604
-0.00862
-0.05014
0.021198
-0.01267
0.006353
-0.01061
-0.02047
-0.00546
0.041282
0.038635
-0.00608
-0.01485
-0.00625
0.006124
0.002123
0.013819
-0.00404
0.000268
0.012947
0.002863
-0.00499
-0.00189
0.006782
0.006983
-0.00564
0.005446
-0.01763
0.00358
-0.00151
-0.00844
-0.00625
-0.01343
0.011758
-0.00869
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
-0.0057
0.005841
0.009931
0.006432
0.002256
-0.02508
-0.04414
0.01472
-0.02618
0.005854
-0.01982
0.017473
-0.02437
-0.01809
-0.00407
0.019713
0.011219
0.025253
-0.02473
0.055864
-0.0374
-0.02782
0.036927
-0.01829
-0.06024
-0.00985
0.040426
-0.0192
0.114367
-0.01891
0.044516
0.026336
0.105087
-0.01489
0.014889
-0.01489
0
-0.03175
0.039221
-0.00747
0.096446
0
0.034582
-0.02667
0.006734
-0.00673
0.006734
0.013334
0.02722
0.071496
-0.002
-0.00819
-0.01411
-0.0217
0.008038
-0.01304
-0.0318
0.00797
0.024094
0.00705
0.010385
0.00398
-0.0105
-0.02843
0.048884
-0.01061
-0.02659
-0.00192
0.003805
0.009541
0.010265
-0.00625
0.006124
0.002123
0.013819
-0.00404
0.000268
0.012947
0.002863
-0.00499
-0.00189
0.006782
0.006983
0.05866
0.000179
0.000439
7.7E-05
0.000151
0.000965
7.58E-05
0.000617
6.07E-05
0.000124
2.23E-05
9.53E-05
0.000767
0.002462
9.74E-05
0.000668
1.39E-06
2.06E-05
0.000106
0.000121
3.04E-05
4.71E-05
8.19E-06
0.000212
1.09E-05
1.01E-06
0.000187
1.3E-05
1.81E-05
1.32E-06
5.66E-05
5.96E-05
0.001341
0.001364
0.001332
0.001338
0.001411
0.001331
0.00138
0.00133
0.001336
0.001327
0.001333
0.001394
0.001546
0.001333
0.001385
0.001325
0.001327
0.001334
0.001336
0.001327
0.001329
0.001325
0.001344
0.001326
0.001325
0.001341
0.001326
0.001326
0.001325
0.00133
0.00133
-0.00465
-0.04344
0.058871
-0.01026
-0.00777
0.015984
0.018247
0.013965
0.010347
-0.00245
0.004902
-0.00147
-0.0054
-0.00741
0.01916
0.000973
0.043289
-0.00513
0.000468
0.006991
0.011086
0
0.008234
0.007263
0.000452
0.031155
0.006987
0.001305
0.000434
-0.00829
0.000438
0.005676
-0.00464
0.010727
-0.01254
-0.035
-0.00291
0.042753
-0.02019
0.008085
0.026706
-0.00213
0.014991
-0.00323
0.01023
0.038153
0.012465
-0.00858
-0.01509
-0.01224
0.015815
0.004685
0.014898
-0.00287
0.013498
0.000781
-0.01498
0.014337
-0.00245
-0.00183
-0.0045
-0.00029
-0.00761
0.002606
KMG
LZB
-0.53038 -1.23311
-2.31805 0.551112
-3.52925 0.198629
-2.48531 0.442958
MWD
NCR
-1.06221 0.490403
-0.39436 -0.26585
-1.65067 -0.20838
-1.55942 -0.45582
0.00079
0.43752
0.00131
0.014598
1.020833
CVD
DOW
GUC
HON
IN
1.337674 -0.15874 -0.00164 0.589519 -0.14729
1.383546 0.136442 0.011719 0.034888 0.285723
1.248676 -0.45129 -0.30236 0.532919 -0.30351
0.871142 -0.60169 -0.36586 0.041755 0.120348
1.253447 -0.43379
1.017931 -0.43949
0.838707 -0.19828
0.815499 -0.67315
0.887436
-0.6625
0.923745 -0.62107
0.547505 -0.62509
0.598914 -0.97844
0.3255 -0.67293
0.106995 -0.76692
0.123151 -0.96643
-0.09374 -0.91287
0.206934 -0.59034
0.270948 -0.46322
-0.00253 -0.29608
0.206408 -0.37978
0.361966
-0.1548
0.248816 -0.12566
0.147717
-0.0401
0.121955 -0.10036
0.120937 -0.09532
0.127049 -0.12413
-0.26477 0.070141
-0.6108 -0.01757
-0.4871 -0.15922
-0.53684 -0.25926
-0.57797 -0.36028
-0.61577
-0.73351
-0.8162
-0.94992
-1.19949
-0.76695
-1.09577
-1.22309
-1.40581
-1.22572
-1.14568
-0.7801
0.225112
0.360672
0.219777
0.301241
0.262326
0.358682
0.093229
0.04229
-0.01976
-0.06858
-0.14205
-0.2269
-0.39338
-0.45839
-0.61356
0.055234
-0.53891
-1.14123
-1.36653
-1.57295
-1.15946
-0.88272
-1.01237
-0.28808
0.063576
-0.14227
0.027957
0.438529
0.350995
0.479274
0.443079
0.681696
0.808066
1.075654
0.542195
0.328362
0.424203
0.364631
0.537273
0.640617
0.667492
0.87104
0.487055
0.054402
0.312026
0.144364
0.076522
-0.0153
-0.14151
-0.07661
0.02295
0.142943
0.000814
-0.15548
0.043111
0.069756
0.085485
-0.01197
0.042942
0.333782
0.552456
0.490191
0.363265
0.364279
0.410066
0.573699
0.936905
1.146966
0.888729
-2.35009 0.581256
-1.16332 -0.04299
-1.59314 0.166275
-1.08777 0.158821
-1.45032 -0.25674
-1.17882 -0.66613
-1.24644 -0.73941
-1.2328 -0.89416
-0.92416 -0.73463
-0.79014 -1.14993
-0.52476 -1.00391
-0.32776 -1.06673
-0.75135 -1.07023
-0.48117 -1.07166
-0.68174 -1.03151
-0.8166 -1.08065
-0.94712 -0.96417
-1.05219 -0.95892
-0.81665 -0.80784
-0.9062 -0.95853
-0.69994 -1.01778
-0.49207 -1.03325
-0.42988 -1.19519
-0.34444 -0.84085
-0.23939 -0.88566
-0.08637 -0.82921
-0.07948
-0.7856
-3.09738
-1.74165
-2.39756
-1.68452
-1.72045
-1.90372
-1.8857
-1.94998
-1.39967
-1.76173
-1.34023
-1.31112
-1.40458
-1.30685
-1.34731
-1.72195
-1.75755
-1.66832
-1.32193
-1.70139
-2.05779
-2.20052
-2.33804
-2.18708
-2.1573
-2.43446
-2.25551
-3.84037
-3.48832
-3.01351
-2.71397
-2.55882
-2.59515
-2.23596
-2.13988
-2.21006
-2.16066
-2.38573
-2.41713
-2.32271
-2.23676
-2.17018
-2.05001
-2.01447
-1.85432
-1.77483
-1.79874
-1.77549
-1.74123
-1.64301
-1.62494
-1.76291
-1.7864
-1.72732
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
-0.005
0.087155
0.018496
-0.01987
0.007732
0.033584
-0.04189
-0.00615
-0.0321
-0.01179
-0.01181
0.002201
-0.00933
-0.04012
0.040797
-0.01103
-0.00609
0.029511
0.042572
0.010362
-0.01704
-0.04153
-0.00147
0.007736
0.008606
-0.00901
-0.04503
0.018171
0.002919
-0.05885
0.051104
0.010217
0.031749
0.050388
0.016907
-0.00525
0.045348
0.007346
-0.03433
-0.02346
0.030367
0.003793
-0.00539
-0.01476
-0.0096
0.029707
-0.00225
RAD
Firm
return
-0.01745
0.065413
-0.08562
-0.03109
0.020834
-0.02336
-0.0055
0.018503
0.007885
-0.02894
0.013105
0.015834
0.022886
0.039609
-0.02956
0.002397
0.034513
-0.02696
0
-0.01235
0
-0.00523
-0.00769
0.039814
-0.01455
0.002373
0.026897
-0.02177
-0.03765
-0.06579
-0.01937
-0.02247
-0.00593
0.066337
-0.04911
-0.0113
0.022473
0
0.021979
-0.01093
0
0
-0.05095
-0.02009
-0.0181
-0.00289
-0.05244
S&P 500
return
0.015818
-0.00584
0.000425
0.003646
0.021475
0.005086
-0.01296
0.000994
-0.01207
-0.00707
0.000278
0.005518
0.022231
0.007108
0.002192
0.004577
-0.00977
-0.00211
-0.01305
-0.00036
0.012121
0.014985
0.015609
0.005992
0.007402
-0.00223
0.00556
-0.00103
0.006334
-0.00298
-0.00397
0.003303
0.008156
0.006477
-0.00788
-0.02194
0.001589
-0.01337
-0.00297
-0.00679
0.011127
0.001877
-0.01801
-0.00922
-0.0005
-0.00443
-0.01283
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
-0.03115
0.081121
-0.07842
-0.02827
-0.00055
-0.02249
0.019881
0.024931
0.032054
-0.01156
0.020505
0.016117
0.000473
0.037734
-0.02476
0.003959
0.055563
-0.01631
0.025496
-0.00409
-0.00868
-0.0178
-0.02111
0.039454
-0.01682
0.01318
0.027123
-0.01259
-0.03847
-0.05396
-0.0062
-0.01918
-0.00923
0.065319
-0.03064
0.026276
0.028092
0.025936
0.033784
0.006067
-0.00733
0.005229
-0.01871
0.000212
-0.00963
0.010906
-0.02724
-0.02372
-0.00163
-0.02155
-0.04301
0.008093
0.01418
-0.01135
-0.00203
0.072483
0.032189
-0.04319
-0.02442
-0.01548
0.021551
-0.00771
-0.01043
-0.00361
0.001782
-0.00598
0.032197
-0.02516
-0.0021
-0.01491
-0.01045
0.004368
-0.01954
0.00154
-0.01629
0.001865
0.002794
0.003757
0.017959
0.000349
0.023602
-0.01302
-0.00406
0.006065
-0.00816
0.009729
0.028897
-0.02836
-0.03188
0.0097
-0.00032
-0.01594
0.005967
-0.00974
-0.00774
0.01691
0.022153
-0.0356
0.002059
0.031002
0.00295
-0.01833
-0.045
0.016598
-0.00671
-0.01303
-0.0164
-0.03418
0.013703
0.062768
0.015724
-0.0091
-0.01278
0.162493
-0.06784
-0.06326
-0.02218
-0.05878
0.026668
0
-0.04027
-0.01713
-0.00391
0.044865
0.019603
0
-0.0132
-0.06139
-0.02519
0.031948
0.017256
-0.06734
-0.19062
-0.15415
-0.08701
0.044452
0.231802
-0.08114
0.03238
-0.01385
-0.02754
-0.0291
0.047791
-0.04779
-0.02917
-0.22314
0.04879
-0.04281
-0.01805
-0.03292
0.006257
0.006399
-0.01027
-0.00192
-0.01269
0.015871
-0.0029
0.022485
0.002325
0.010012
-0.00846
-0.00696
0.009789
0.01751
0.002408
0.013325
-0.01442
-0.01014
-0.01815
-0.00273
0.008041
-0.00903
0.028496
-0.00502
-0.00468
0.002608
0.002964
-0.00559
-0.00585
-0.0138
0.000387
0.012766
8.24E-05
-0.02115
0.002238
-0.02324
-0.00238
0.004647
-0.00087
-0.01084
0.011242
7.8E-05
0.016843
-0.00249
0.018312
-0.00587
0.013853
-0.00061
-0.01674
-0.02116
-0.00166
-0.02846
0.005373
0.030089
0.024672
-0.00795
-0.01998
0.002822
0.005006
-0.03579
-0.01178
-0.04
0.032965
0.080003
0.010208
-0.0251
-0.00827
0.152175
-0.04048
-0.04171
0.010247
-0.04729
0.023526
0.020035
-0.0712
-0.00254
0.010218
0.049101
0.023356
0.015364
0.002519
-0.03486
-0.01794
0.022388
0.024922
-0.03084
-0.18588
-0.11482
-0.076
0.045918
0.240754
-0.05863
0.024889
-0.00618
-0.04264
-0.01793
0.0307
-0.03204
-0.04021
-0.21454
0.079306
-0.0063
-0.00803
0.013501
0.006738
-0.00641
0.000167
0.000107
0.001077
5.19E-07
0.002019
0.000324
0.000105
0.000835
2.68E-09
0.000295
1.1E-06
0.000154
0.001627
0.000215
4.09E-05
0.000167
0.000101
0.000324
4.72E-05
0.000292
4.68E-07
0.000246
8.8E-06
0.000164
0.000273
7.04E-08
1.26E-07
5.35E-06
3.6E-06
2.94E-05
2.3E-05
0.000642
0.00064
0.000667
0.000637
0.000693
0.000646
0.00064
0.00066
0.000637
0.000645
0.000637
0.000641
0.000682
0.000643
0.000638
0.000642
0.00064
0.000646
0.000638
0.000645
0.000637
0.000644
0.000637
0.000642
0.000645
0.000637
0.000637
0.000637
0.000637
0.000638
0.000638
0.173272
-0.09724
-0.08859
0.006296
-0.01901
-0.11273
0.098776
-0.07054
0.014969
0.021482
-0.03645
-0.04387
0.015635
0
-0.03152
-0.02242
-0.38922
0.17048
0.065224
0.080382
-0.05286
0
-0.01729
0.126786
-0.04853
0.008032
0.007968
0.007905
0.016916
-0.02482
-0.016
0.048534
0.005717 0.173286
0.022041
0.000493 0.003256
-0.00452
1.91E-05 0.003135
0.013956
0.000199 0.003181
-0.00618
3.63E-05 0.003139
-0.0091
8E-05 0.00315
0.011479
0.000135 0.003165
0.034659
0.001212 0.003439
0.015148
0.000234 0.00319
-0.00648
4E-05 0.00314
-0.00472
2.08E-05 0.003135
0.005321
3E-05 0.003138
0.005674
3.4E-05 0.003139
0.005555
3.26E-05 0.003138
0.004936
2.59E-05 0.003137
-0.00855
7.05E-05 0.003148
0.005974
3.76E-05 0.00314
0.005808
3.56E-05 0.003139
0.010513
0.000114 0.003159
-0.0012
1.08E-06 0.00313
0.018249
0.000339 0.003217
-0.00661
4.17E-05 0.003141
0.010037
0.000104 0.003157
-0.00207
3.64E-06 0.003131
-0.00075
3.45E-07 0.00313
-0.01154
0.000129 0.003163
0.008817
8.06E-05 0.003151
-0.00032
2.78E-08 0.00313
-0.00622
3.68E-05 0.003139
-0.01353
0.000179 0.003176
0.006323
4.2E-05 0.003141
0.008066
6.76E-05 0.003147
0.00606
0.92885
0.00063
-0.00778
1.35804
0.0031
0.022589
0.012141
1.020833
1.020833
ODP
BOH
-0.86539 -2.32343
-0.9742 0.140309
-0.2846 0.472668
-0.42742 0.19114
RAD
-2.07092
-2.39768
-2.00714
-1.76329
RCL
SMG
3.339077 0.373749
3.126084
-0.1033
1.970222 0.041568
2.002797 0.001032
SGR
SMF
PCS
-0.75861 0.60764 0.868746
-0.55676 0.588659 -0.96088
-0.29395 1.015279 -0.96358
-0.26572 0.28397 -0.29962
TDY
-0.6892
-0.46595
-0.4413
-1.00345
-0.93744 -0.32977
-1.01221 0.190752
-0.64415 0.18244
-0.82394 -0.10878
0.207407 -0.18796
0.012528 -0.36418
0.406871 -0.40074
0.680283 -0.62022
1.232445 -1.10987
1.107667 -1.05362
1.246838 -0.98875
1.106376 -0.45676
1.057169 -0.44151
0.79291 -0.61523
0.982641 -0.62957
0.924195 -0.69043
1.452786 -0.70285
1.409425 -0.77289
1.534659 -0.75201
1.359788
-0.6699
1.364008 -0.56454
1.267629 -0.52895
1.268479 -0.54213
1.321261
-0.5431
1.435914
-0.6362
1.747456 -0.61519
1.690542 -0.62494
-2.30733
-1.45293
-2.04571
-1.90011
-1.56733
-1.61133
-1.76713
-1.61179
-1.54741
-1.63491
-1.59324
-3.26292
-2.43556
-2.1232
-1.70219
-1.93174
-1.8206
-1.86566
-1.318
-1.43377
-1.29401
-1.25584
-1.17747
-1.0456
-1.02308
-1.06008
-0.89912
2.36125
1.813793
1.70357
1.748294
1.697952
1.225639
1.298939
1.473588
2.055626
1.959586
1.843958
2.219464
2.005071
1.846652
1.813005
1.866276
1.978096
1.841388
1.852313
1.882219
1.817777
1.817206
1.78605
1.79002
1.90912
1.939874
1.914085
0.539581
0.41687
1.527906
2.041098
1.769834
1.495577
1.798857
1.371421
1.577837
1.476106
1.279414
1.312385
1.392401
1.459193
1.507734
1.69818
1.992203
1.933794
2.142674
1.991012
2.067289
1.759769
1.744057
1.752094
1.622283
1.478218
1.137582
0.353485
0.408248
0.376326
0.780739
0.662044
0.422136
0.684112
0.903439
0.818817
0.527808
0.61258
0.525218
0.57657
0.602742
0.684537
0.295228
0.127731
0.079729
0.078721
0.041228
0.052326
-0.04206
-0.07421
-0.19223
-0.16974
-0.06814
-0.01086
0.47736
0.372002
0.556936
0.420682
0.69076
0.774459
0.647359
0.362033
0.465935
0.517753
0.730612
0.498403
0.473803
0.407123
0.333424
0.31043
0.338488
0.337132
0.433347
0.361127
0.514964
0.605388
0.702217
0.661687
0.579659
0.533092
0.541574
0.797698
1.057423
1.022434
0.934523
1.226422
0.303553
0.731416
0.487525
0.943618
0.764165
0.661621
-0.89953
-1.21039
-0.92245
-1.01482
-1.13885
-1.41832
-1.00992
-0.98132
-0.83788
-0.63754
-0.99565
-0.97634
-1.08636
-0.98421
-0.74563
-0.64527
-0.99483
-1.68523
-1.47597
-1.07712
-0.7003
-0.76716
-0.69353
-0.57393
-0.40486
-0.21138
-0.60793
-0.73358
-0.69044
-0.68333
-0.63733
-0.58075
-0.55101
-0.49823
-0.39173
-0.20304
-0.46052
-0.26836
-0.39759
-0.26806
-0.35131
-0.23525
-0.09689
estimate of
the variance
used in SAR
RCL
Firm
return
-0.01051
0.010031
0.011812
-0.0383
0.005839
0.001939
-0.03048
-0.03557
0
-0.01827
0.007872
-0.01315
-0.00798
-0.01074
0.073337
0.03062
-0.01816
0.010838
0.019409
0.018568
0.027909
-0.00737
-0.01115
-0.00515
-0.00944
-0.0019
-0.00715
-0.0072
-0.02785
-0.01096
0.004499
0.015343
-0.00789
-0.0005
-0.02355
-0.01225
-0.01918
0.113179
0.068619
0.028389
-0.01195
-0.02257
0.031968
0.012255
-0.02079
0.004279
-0.01506
S&P 500
return
0.005095
0.012907
-0.0106
0.005442
-0.00944
-0.00839
0.001163
-0.01141
-0.01766
-0.00453
-0.0049
0.003428
0.008671
0.0113
-0.00949
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
0.006855
-0.0145
-0.00113
0.023415
0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
-0.01979
-0.02008
0.044401
-0.04851
0.035327
0.028624
-0.02928
-0.00083
0.051395
-0.00189
0.025234
-0.01799
-0.02679
-0.03656
0.102966
0.049658
-0.00982
0.027645
-0.00939
0.026836
0.005473
0.00184
0.026218
0.062568
-0.02341
0.041085
0.000182
-0.06534
-0.04014
0.022528
-0.01765
0.03447
-0.01968
0.012981
0.024767
0.035813
-0.05741
0.089764
0.066527
0.035573
-0.02245
-0.02859
0.025725
0.03058
0.014149
-0.00011
0.035867
SMG
Firm
return
-0.00371
-0.01356
-0.05493
-0.00574
-0.00175
-0.02281
0.025318
0.00075
0.011673
0.01227
0.014528
0.010759
-0.01437
-0.01336
-0.00318
0.010249
-0.00414
0
-0.00049
-0.01549
-0.00074
-0.00422
-0.008
-0.00629
-0.00913
0.012913
0.002513
-0.00882
-0.00025
0.015578
-0.00275
0
-0.00677
0.005522
0.001251
0
-0.00025
0.0005
0.017099
0.010996
0.016629
0.004293
-0.00525
-0.02103
0.003171
-0.00954
-0.01411
S&P 500
return
-0.0114118
-0.0176566
-0.0045271
-0.0048952
0.00342832
0.008671
0.01130011
-0.0094949
-0.0055239
-0.0015111
-0.0046873
0.01241569
-0.0014854
0.01002812
-0.0018372
-0.0123978
-0.0237787
0.00685539
-0.0145026
-0.0011348
0.02341502
0.0062216
-0.0109424
0.00992192
-0.0055571
0.00603453
-0.0034379
-0.0165041
-0.0164055
0.01595198
0.01039526
0.00239959
-0.0010787
0.00555522
0.00387284
0.00395621
-0.0052565
-0.0114875
0.00326004
-0.01748
-8.45E-05
0.00567075
0.000949
-0.0038351
-0.0073666
0.00308517
-0.0168034
-0.00827
0.005231
-0.01137
-0.00928
0.013228
0.014783
-0.0091
-0.01359
0.009666
0.004363
0.021534
0.028561
0.000828
-0.0209
-0.00934
-0.02286
0.003919
0.006929
0.011586
-0.01159
-0.06831
-0.02954
-0.51289
-0.07766
-0.05655
-0.2096
-0.04236
0.047954
0.054243
0.058448
-0.008
0.060388
-0.03952
0.014642
0.022042
0.015985
-0.03706
-0.04454
-0.05514
0.048026
0.038985
-0.02884
-0.04647
-0.01277
-0.04042
-0.03286
0.02278
-0.0367
-0.02724
0.041158
-0.01159
0.045566
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.00374
-0.00558
-0.00959
0.005257
0.037181
0.010863
0.040015
-0.03086
0.046384
-0.00982
0.033221
-0.01904
0.01804
0.023737
0.02487
0.027184
-0.0025
0.012743
0.018719
0.053112
-0.01384
-0.04179
-0.37399
-0.05783
-0.00893
-0.12115
0.013194
-0.04973
0.035212
0.07657
-0.03416
0.006865
-0.02909
-0.01367
-0.02627
0.026892
-0.03711
-0.01789
-0.03651
-0.00815
0.00304
-0.01045
-0.03808
-0.02689
0.014046
-0.00748
0.014961
-0.07288
-0.01037
0.044433
-0.04362
0.038938
-0.00275
-0.00225
0.011711
-0.01146
0.006245
0.014584
-0.00986
-0.00248
0.00372
-0.00671
0.022667
-0.00856
-0.00641
-0.01847
-0.01267
-0.05237
-0.00837
-0.02776
-0.04212
-0.031
-0.0009
0.018731
-0.01723
0.002693
0.018947
0.013978
-0.00377
0.041228
0.025575
0.004875
-0.0095
-0.01956
0.026624
0.043981
0.016963
0.01417
-0.00151
-0.02988
0.008519
0.011502
-0.00535
0.020484
-0.00376
0.026774
-0.01181
0.019608
-0.02258
0.000745
0.035339
-0.03311
-0.02253
0.008822
0.00809131
-0.012153
0.006932
-0.002767
0.01946359
-0.004839
-0.0151238
-0.0112119
-0.0171501
0.00402191
-0.0005647
-0.0010598
-0.0226448
-0.0188129
0.00620664
-0.0504679
-0.0058219
-0.0162437
-0.0315525
-0.0192178
0.03824257
0.00875127
-0.00518
0.01142362
0.0216852
-0.0022986
0.01223052
0.01973119
-0.0024744
0.00163474
-0.0083794
-0.00537
0.02267913
0.01509379
-0.0052808
-0.001531
0.00691196
-0.0188084
-0.0079042
0.00454697
0.01518024
-0.0047087
0.0003871
0.01362769
0.00410034
-0.0241066
-0.017315
-9.436E-06
0.02268881
0.00285543
0.01428309
0.01442164
0.004444
0.130756
0.053965
0.000921
0.035282
0.102958
-0.01129
-0.00814
0.025829
0.007937
-0.07466
0.068311
0.043587
0.122427
-0.01699
0.014291
0.069803
-0.0504
0.003308
0.015728
0.0013
-0.01439
0
0.00722
-0.00854
0.023469
0.064257
-0.01094
-0.01415
-0.0031
0.006813
-0.00185
-0.02411 0.073041
-0.01731
0.000248 0.002886
-9.4E-06
2.41E-06 0.002844
0.022689
0.000588 0.002944
0.002855
1.95E-05 0.002847
0.014283
0.000251 0.002887
0.014422
0.000255 0.002887
-0.00274
1.38E-06 0.002844
0.002453
1.61E-05 0.002847
0.001581
9.88E-06 0.002846
-0.00177
4.26E-08 0.002844
0.018393
0.000398 0.002911
0.001859
1.17E-05 0.002846
0.000902
6.07E-06 0.002845
-0.00315
2.51E-06 0.002844
0.01084
0.000154 0.00287
-0.00732
3.32E-05 0.00285
-0.00494
1.14E-05 0.002846
0.011638
0.000174 0.002874
0.006136
5.93E-05 0.002854
-0.00687
2.81E-05 0.002849
-0.01842
0.000284 0.002892
0.010297
0.000141 0.002868
-0.00066
8.18E-07 0.002844
-0.00842
4.7E-05 0.002852
0.013101
0.000215 0.00288
0.022073
0.000559 0.002939
-0.00278
1.48E-06 0.002844
-0.00756
3.6E-05 0.00285
-0.016
0.000208 0.002879
-0.00278
1.49E-06 0.002844
0.000273
3.37E-06 0.002845
0.001254
0.007242
-0.00724
0.002253
0.009953
0.019856
-0.00243
0.045192
0.033615
-0.01176
-0.01213
0.026365
-0.01537
0.010424
-0.01385
-0.00275
0.004117
0.002508
0.014916
0.019327
0.0142
0.019335
-0.0107
0.017058
-0.00807
-0.00043
-0.01938
0.007364
0.007739
-0.00494
-0.01518
-0.025
-0.0027387
0.00245263
0.00158117
-0.0017689
0.0183932
0.00185941
0.00090214
-0.0031479
0.01083991
-0.0073244
-0.0049393
0.01163795
0.00613584
-0.0068663
-0.01842
0.01029665
-0.000658
-0.0084166
0.01310082
0.0220729
-0.0027808
-0.00756
-0.0159952
-0.0027847
0.00027267
-0.0156798
0.00330885
0.0099848
0.00751778
0.00579287
-0.0084124
0.00434171
-0.00431
2.66685
0.00282
0.016626
1.020833
Cumulative
TSAR
TXN
1.087759
1.224303
0.473256
-0.0226
TRP
0.487803
0.735489
0.220034
0.004493
RIG
UTX
UNM
WMI
1.066309 0.476787 0.196388 -0.12506
1.946244 0.609174 0.045209 0.124413
1.900777 0.908385 0.011706 -0.15005
2.580842
1.4103 -0.49688 -0.01732
WEN
-1.16007
-0.54386
-0.65674
-0.38657
-15 0.44149583
-14 -0.7098974
-13 -6.1782035
-12 -10.594484
-0.17909 -0.38132 1.575106 0.877362 -0.48352 0.393944 -0.19932

0.021329 0.045477 1.53411 0.937393 -0.05244 0.307966 0.293909
0.577825 -0.20899 1.313221 1.320429
-0.212 0.163445 0.957164
0.209233 -1.21689 0.38392 1.352273
-0.2585 0.143619 1.210863
1.192171 -1.56153 0.590506 1.446059 0.516777 0.334185 1.135413
0.900651 -2.21113 0.486811 1.587089
0.7395 0.407681 1.171382
1.5315 -2.24851 0.117317 1.523605 0.565924 0.395661 1.124208
1.338302 -1.06117 0.161291 1.254406 0.450288 0.352677
1.3557
1.287498 -0.50252 0.638942 1.060814 0.503797 0.215809 1.31571
1.599365 -0.58756
0.3595 1.012959 0.547759 0.368928 1.268452
1.344762 -0.65309 -0.04943 1.020913 0.906793 0.613584 0.958757
1.650665 -0.59908 -0.27551 0.974223 0.166485 0.855867 0.619802
1.999677 -0.96299 -0.49807 1.12257 0.476713 0.764482 0.805882
1.965629 -1.53565 -0.31205 1.300388 0.368324 0.673161 0.641701
1.878261 -1.91899 -0.62164 1.246927 0.399053 0.715778 0.686642
1.427298 -1.58313 -0.82242 1.383039 0.292214 0.890511 0.919467
1.468807 -1.58726 -1.02093 1.28165 0.41798 0.740374 0.904232
1.476095 -1.39955 -0.69623 1.015132 0.447774 0.534206 0.795434
1.15763 -1.82533 -0.46989 1.174126 0.558719 0.34067 0.719882
0.66817 -1.77819 -0.11768 1.257816 0.545894 0.723731
0.5407
0.080782 -1.54629 -0.18515 1.278546 0.358805 0.674277 0.479387
0.221854 -1.47948
-0.4678 1.051082 0.205595 0.833692 0.507283
0.521614 -1.71551 -0.17049 1.02698 0.223697 0.896758 0.487364
0.43426 -1.84986 0.375509 0.81873 0.313691 0.739571 0.662284
0.373446
-1.6513 0.867744 0.705545 0.16217 0.695027 0.822918
0.533855 -1.59487 0.849013 0.732198 0.024326 0.678733 0.921889
0.273754 -1.56106 0.854761 0.698387 0.126659 0.589144 0.851153
-11
-10
-9
-8
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
-15.3807
-11.291361
-11.00255
-9.5949028
0.46938902
-0.9291791
-7.1567504
-8.2095932
6.83025758
2.84053842
1.38257836
-10.232946
-3.4059076
-7.7733365
-8.1730786
-13.577966
-4.9626176
1.34938871
4.19905316
-3.6403771
-20.286016
-20.87362
-20.976402
-17.614203
-14.776802
-11.720194
-11.248185
Cumulative TSARs
Graph of the Cumulative TSARs

10
5
0
-5
-10
-15
-20
-25
Cumul
estimation
period
Firm
Residuals
0.00328134
-0.0027918
-0.0521087
-0.0026927
-0.0037478
-0.0279842
0.01855632
0.00658008
0.0150986
0.01326606
0.01744736
0.00332222
-0.0133911
-0.0193491
-0.0019901
0.01783713
0.01034379
-0.0040701
0.00837497
-0.014717
-0.0148407
-0.0079094
-0.0012912
-0.0122203
-0.0056866
0.00934014
0.0046753
0.00125286
0.00976167
0.0059999
-0.0089598
-0.001372
-0.0060387
0.00223927
-0.0010133
-0.0023146
0.00301386
0.00753691
0.01520562
0.02166136
0.01676104
0.00094009
-0.005743
-0.0186298
0.00771272
-0.0113309
-0.0038586
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
SGR
Firm
return
-0.00147
-0.02812
0.032774
0.005359
-0.0078
-0.02705
-0.06335
-0.04804
0.078657
0.052904
-0.0139
-0.01258
-0.01994
-0.05222
-0.05051
0.065629
-0.03908
-0.05854
-0.04133
-0.05248
0.08281
0.004472
0.110819
-0.0099
-0.01545
0.082015
0.052199
-0.01056
-0.01214
-0.03581
-0.00152
0.056919
0.014977
-0.08311
0.003072
0.116191
-0.00433
0.123481
0.01125
-0.0012
-0.04479
-0.10743
-0.0162
0.011765
-0.01627
0.036419
0.038012
S&P 500
return
0.004983
-0.00114
0.003848
-0.00022
-0.0159
-0.00651
-0.0247
-0.01083
0.023181
0.004948
-0.01266
-0.00336
-0.01852
0.003517
-0.01872
0.014572
0.005352
-0.00959
0.004361
-0.02031
0.000213
0.007378
0.038183
-0.01839
-0.00587
0.019415
0.007498
-0.00656
-0.00819
-0.01411
-0.0217
0.008038
-0.01304
-0.0318
0.00797
0.024094
0.00705
0.010385
0.00398
-0.0105
-0.02843
0.048884
-0.01061
-0.02659
-0.00192
0.003805
0.009541
estimation
period
Firm
Residuals
-0.01015
-0.03064
0.025239
0.001915
0.004502
-0.02418
-0.0422
-0.04082
0.051699
0.044263
-0.00485
-0.01287
-0.00501
-0.05942
-0.03537
0.047321
-0.04813
-0.05257
-0.04938
-0.03574
0.078927
-0.00661
0.068789
0.004904
-0.01322
0.058841
0.040997
-0.00764
-0.00758
-0.0253
0.016608
0.045174
0.024411
-0.05484
-0.0086
0.088316
-0.01509
0.109378
0.003582
0.005683
-0.01989
-0.16021
-0.00921
0.034812
-0.01801
0.028927
0.024758
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
-0.0075654
0.00518681
0.0075941
-0.0097035
-0.0054601
0.01759546
-0.0006256
0.00438865
0.01418555
-0.00906
0.0230896
-0.0078401
0.00738421
-0.0069956
-0.0163517
-0.0217275
-0.004762
-0.0178436
-0.0229367
-0.019281
-0.0239757
0.01351292
-0.014014
-0.0041429
0.00589679
0.01545096
-0.0110914
0.02936159
0.02715474
0.00396652
-0.004347
-0.0162245
0.01297258
0.03492194
0.02024123
0.01517829
-0.005613
-0.0184136
0.01338664
0.00882941
-0.014462
0.02341594
-0.0039152
0.01860314
-0.014213
0.03428655
-0.0120176
0.0008312
0.02168176
-0.0347572
-0.0310969
0.00017008
0.035342
-0.09491
-0.02827
0.022398
0.013109
0.004409
-0.02794
0.04652
-0.03751
0.040237
0.018415
-0.01457
0.028271
-0.00572
-0.00709
-0.03576
-0.00185
0.015802
0.023134
0.045783
0.013482
0.006466
0.041736
-0.002
0.044929
-0.00594
-0.00655
-0.04349
0.029853
-0.01362
0.087492
-0.01653
-0.07097
0.03304
0.013372
0.004733
-0.03654
0.046315
0.004292
-0.02642
-0.03979
-0.00599
0.002199
0.033968
-0.00561
-0.15759
0.089508
-0.06971
0.022473
0.010403
0.030576
-0.0173
0.010265
-0.00625
0.006124
0.002123
0.013819
-0.00404
0.000268
0.012947
0.002863
-0.00499
-0.00189
0.006782
0.006983
-0.00564
0.005446
-0.01763
0.00358
-0.00151
-0.00844
-0.00625
-0.01343
0.011758
-0.00869
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
-0.0057
0.005841
0.009931
0.006432
0.002256
-0.02508
-0.04414
0.01472
-0.02618
0.005854
-0.01982
0.017473
-0.02437
-0.01809
-0.00407
0.019713
0.011219
0.025253
0.021361
-0.09229
-0.03809
0.016595
-0.00444
0.004795
-0.03188
0.029843
-0.04406
0.04158
0.016642
-0.02505
0.017586
-0.00373
-0.01623
-0.02172
-0.00911
0.013655
0.027948
0.048397
0.023301
-0.00902
0.046797
-0.00347
0.033132
0.009566
0.007366
-0.02839
0.028147
-0.01169
0.066403
-0.01247
-0.06016
0.028326
0.015425
-0.0048
-0.05019
0.036185
-0.00164
-0.00489
0.00089
-0.02444
0.024833
0.024418
0.010628
-0.17881
0.110324
-0.0552
0.022895
-0.01307
0.015635
-0.04634
0.00299323
1.32135E-05
7.63737E-06
3.44008E-07
0.000383204
9.25264E-06
4.34536E-06
3.86314E-06
0.000144536
3.77238E-05
1.41141E-05
0.000164362
5.35568E-05
3.23069E-05
0.000297135
0.000131769
2.7501E-07
5.23329E-05
0.000204011
0.000540809
2.55488E-06
4.06736E-05
0.000219418
2.56748E-06
2.11725E-06
0.000210175
2.01715E-05
0.000124707
7.56932E-05
4.86545E-05
5.22728E-05
3.05159E-05
0.000239
0.000239
0.000239
0.000244
0.000239
0.000239
0.000239
0.000241
0.000239
0.000239
0.000241
0.00024
0.000239
0.000243
0.000241
0.000239
0.00024
0.000242
0.000246
0.000239
0.000239
0.000242
0.000239
0.000239
0.000242
0.000239
0.00024
0.00024
0.000239
0.00024
0.000239
0.015831
-0.03517
0.013145
0.003633
-0.03252
0.060288
0.056467
-0.01681
0.066531
0.020315
-0.02781
0.061067
0.039187
0.005934
-0.00356
0.034184
-0.0172
0.001
-0.0005
0.038907
-0.06663
-0.01467
-0.00873
0.017392
-0.00345
-0.00869
-0.0035
-0.0065
-0.02662
0.003794
0.027745
0.010122
-0.02473
-0.00464
0.010727
-0.01254
-0.035
-0.00291
0.042753
-0.02019
0.008085
0.026706
-0.00213
0.014991
-0.00323
0.01023
0.038153
0.012465
-0.00858
-0.01509
-0.01224
0.015815
0.004685
0.014898
-0.00287
0.013498
0.000781
-0.01498
0.014337
-0.00245
-0.00183
-0.0045
-0.00029
-0.00761
0.03701
6.51278E-06
0.000164241
0.00010923
0.001083034
6.66495E-07
0.002010799
0.000327504
0.000103504
0.000829161
1.97676E-09
0.000291739
1.30866E-06
0.000151756
0.001619436
0.000211812
4.21267E-05
0.000169117
0.000102962
0.000320557
4.58845E-05
0.000288569
6.08637E-07
0.000242965
8.2391E-06
0.00016629
0.000269817
1.30688E-07
6.71098E-08
5.8029E-06
3.24792E-06
3.04316E-05
-8.1E-05
0.6055228
0.0002364
0.00367
1.00464
0.00197
0.01747726
0.022633
1.02083333
1.020833
Cumulative Cumulative
TSAR
TSAR
Z-statistic
p-value
0.06909064 0.944917474
-0.0785549 0.937386677
-0.5582056 0.576704018
-0.8289769 0.407117502
0.001988
0.002001
0.001997
0.002081
0.001987
0.002162
0.002016
0.001996
0.002059
0.001987
0.002013
0.001987
0.002
0.002128
0.002006
0.001991
0.002002
0.001996
0.002015
0.001991
0.002012
0.001987
0.002008
0.001988
0.002002
0.002011
0.001987
0.001987
0.001988
0.001988
0.00199
-1.0764248
-0.7213786
-0.6507841
-0.53087
0.02448523
-0.0459824
-0.3376853
-0.3708716
0.29645446
0.1188035
0.0558646
-0.400344
-0.129271
-0.2867238
-0.2934279
-0.4751298
-0.1694704
0.04502133
0.13701876
-0.1162876
-0.6349205
-0.6406247
-0.6317448
-0.5209266
-0.4294119
-0.3348627
-0.3161507
ve TSARs
e Event Date)
0.281737319
0.470676625
0.515185879
0.59550888
0.980465562
0.963324247
0.73560038
0.710733155
0.76688304
0.905431036
0.95544967
0.688903186
0.897143246
0.774323784
0.769195074
0.634694435
0.865426685
0.964090308
0.891015965
0.907424629
0.525480282
0.521766553
0.527553629
0.602417887
0.667623527
0.737728671
0.75188811
e Event Date)
estimate of
the variance
used in SAR
SMF
Firm
return
-0.00182
0.000909
-0.00729
-0.00459
-0.02325
0.006564
0.026742
-0.00822
-0.01758
0.012987
0.01373
0
0
-0.01373
0.004598
-0.00368
-0.01391
-0.00938
0.017749
0.015618
0.001821
0.001818
-0.00182
0.00091
-0.00456
-0.00641
0.000919
-0.0176
0.012076
-0.01208
-0.01033
0
-0.01522
0.001916
0.032944
-0.00557
-0.05159
0.018456
-0.00676
-0.00486
0.022148
0.037388
0
0.062242
0.005159
-0.02255
0.03024
S&P 500
return
-0.01141
-0.01766
-0.00453
-0.0049
0.003428
0.008671
0.0113
-0.00949
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
0.006855
-0.0145
-0.00113
0.023415
0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
estimation
period
Firm
Residuals
0.003678
0.009072
-0.00474
-0.00188
-0.02409
0.003475
0.02253
-0.00355
-0.01461
0.01425
0.016351
-0.00469
0.001252
-0.0174
0.006
0.002239
-0.00313
-0.01169
0.024564
0.01672
-0.00757
-0.00022
0.003475
-0.00271
-0.00156
-0.00838
0.003005
-0.00993
0.019705
-0.01828
-0.01416
-0.00041
-0.01415
0.000159
0.031906
-0.00664
-0.04872
0.023983
-0.00754
0.003231
0.022801
0.035581
0.000211
0.064498
0.008924
-0.02325
0.038038
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
PCS
Firm
return
0.009816
0.00972
0.023895
0.010522
0.016315
0.020387
0.004494
-0.01354
0.032379
0.002286
-0.01326
-0.0102
0.027836
0.017334
0.030631
0.018495
0.021367
0.015888
0.01564
-0.02451
0.002224
-0.01939
-0.0173
0.01227
-0.00587
-0.04414
0.015941
0.001009
0.005197
-0.00621
0.005202
0
-0.0106
0.023074
0.011504
0.009918
0.04291
0.001858
-0.00808
-0.00406
0.00811
-0.03961
-0.04478
-0.04282
-0.02573
-0.04422
0.025956
S&P 500
return
-0.01936
0.018169
-0.01261
-0.00254
0.031733
-0.0013
0.019663
0.019446
-0.00654
-0.00669
0.009231
-0.00661
-0.00323
-0.00754
0.01608
0.000748
0.005554
-0.0097
0.014601
-0.00679
0.002152
-0.01839
-0.0074
0.009549
-0.00328
0.002939
-0.00858
0.008429
0.010218
-0.01599
0.007193
0.015146
-0.00222
0.003558
0.008097
0.001954
0.009408
0.000338
-0.01115
-0.00792
0.009142
-0.01034
-0.0108
0.006928
-0.01507
-0.00193
-0.02072
-0.00598
-0.01119
0.008621
-0.01732
0.008696
-0.0087
0.004357
-0.00436
-0.04009
0.004535
0.011696
0.001787
-0.00897
0.004494
-0.00901
-0.03219
0.004662
-0.0283
-0.02226
-0.00294
0
0.00294
-0.01379
-0.01198
0.021848
-0.00888
0.00888
0.006853
0.005837
-0.01564
-0.00791
-0.00798
0.010951
0.009852
-0.00689
-0.01292
-0.01511
-0.01226
-0.01763
-0.02757
0.068563
-0.01009
-0.00101
0.015114
-0.02532
-0.0155
-0.01152
-0.00422
0.029199
0.017321
0.026907
-0.02691
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00882
-0.00538
0.006275
-0.01552
0.000994
-0.00601
0.011438
0.001051
-0.03215
0.003433
0.012554
0.002857
0.001326
0.013152
-0.01104
-0.01
0.007767
-0.02074
-0.00815
0.005891
-0.01573
-0.00018
-0.01096
-0.01624
0.013197
-0.00728
0.00427
-0.00096
0.007511
-0.01572
-0.00371
-0.00506
0.001875
0.004019
-0.00401
-0.01164
-0.01745
-0.0036
-0.01363
-0.0289
0.062692
-0.00746
-0.00056
0.009907
-0.02645
-0.00458
-0.00351
-0.0036
0.02012
0.016718
0.02142
-0.03245
0.018265
0.032235
-0.02018
-0.00754
0.022273
-0.03789
-0.01178
0.00222
-0.01152
0.005778
-0.01159
-0.02996
-0.02949
0.051144
0.02342
-0.03409
-0.06307
-0.02312
0.002503
0.019394
0.020227
-0.05537
0.026111
0.034252
0.00774
-0.0228
-0.02436
-0.05189
0.027983
-0.00767
0.031996
-0.01566
0.01005
-0.05481
-0.04639
-0.06107
-0.20487
-0.15415
-0.0177
0.119686
-0.0019
0.017622
0.07335
0.017811
0.01778
-0.04667
0.060556
-0.02091
-0.07121
0.028036
0.011114
-0.02593
0.007675
0.005068
0.000417
0.009588
0.007114
0.011141
0.00235
-0.00672
-0.00861
0.007906
0.013309
-0.00479
-0.00309
0.010901
-0.00291
0.005189
-0.0009
0.00522
0.001553
-0.00123
0.005059
-0.00281
-0.00481
0.009993
0.002034
-0.00904
-0.00989
0.006852
-0.00535
-0.00351
-0.00489
0.001968
-0.00272
-0.01022
-0.01464
0.010598
-0.00588
-0.00158
-0.00023
-0.00671
-0.00825
-0.00045
0.021992
-0.01505
-0.00019
-0.00683
0.005495
0.001366
-0.01918
-0.00495
-0.01076
-0.0163
-0.00506
0.011106
0.004008
0.014889
-0.01389
0.008951
-0.00297
0.007913
-0.00099
0.011765
0.003891
-0.00097
-0.0137
0.003933
-0.00393
0.019513
-0.01558
-0.00492
0.000986
0.003933
-0.00295
-0.00098
-0.00692
0.00692
-0.00593
0.006914
0.009794
0.013553
0
-0.00482
-0.00776
0.002917
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00328
1.32135E-05
7.63737E-06
3.44008E-07
0.000383204
9.25264E-06
4.34536E-06
3.86314E-06
0.000144536
3.77238E-05
1.41141E-05
0.000164362
5.35568E-05
3.23069E-05
0.000297135
0.000131769
2.7501E-07
5.23329E-05
0.000204011
0.000540809
2.55488E-06
4.06736E-05
0.000219418
2.56748E-06
2.11725E-06
0.000210175
2.01715E-05
0.000124707
7.56932E-05
4.86545E-05
5.22728E-05
3.05159E-05
-0.00062
0.42738
0.0003
0.017477
1.020833
0.000302
0.000302
0.000302
0.000309
0.000302
0.000302
0.000302
0.000305
0.000303
0.000302
0.000305
0.000303
0.000303
0.000307
0.000304
0.000302
0.000303
0.000306
0.000311
0.000302
0.000303
0.000306
0.000302
0.000302
0.000306
0.000302
0.000304
0.000303
0.000303
0.000303
0.000303
-0.01868
0.05704
-0.09201
-0.03005
0.03414
0.12154
0.032521
0
-0.00512
0.020068
-0.11201
0.06287
-0.02308
0.081968
-0.02982
-0.01196
-0.24905
-0.05629
0.038592
-0.03637
-0.03544
-0.07985
0.058128
0.014792
0.023674
0.023127
-0.0814
-0.01776
-0.02808
0
0.055785
0.019608
-0.02584
0.032836
0.000327
-0.01809
-0.00582
0.034153
0.005866
-0.00082
0.001682
-0.02405
-0.00034
0.011035
0.013736
0.02174
-0.00574
0.004983
-0.00114
0.003848
-0.00022
-0.0159
-0.00651
-0.0247
-0.01083
0.023181
0.004948
-0.01266
-0.00336
-0.01852
0.003517
-0.01872
0.014572
0.005352
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
0.028352
-4.3E-05
0.037339
0.016372
-0.00368
0.025305
-0.0064
-0.02427
0.041247
0.011269
-0.01628
-0.00128
0.034212
0.02696
0.022443
0.021867
0.021116
0.027137
0.008567
-0.01545
0.004538
-0.00158
-0.00778
0.009007
0.000536
-0.04242
0.026348
-0.00141
0.001428
0.009788
0.003715
-0.00748
-0.00499
0.024328
0.009335
0.012381
0.039753
0.00554
0.004268
0.005844
0.005153
-0.02787
-0.0327
-0.0441
-0.01043
-0.03883
0.045518
TDY
Firm
return
-0.00416
0.00692
0.023851
0.009383
0.013912
0.032365
-0.02581
-0.0198
0.016529
0.016261
0
-0.02284
0.018313
0.001295
-0.02956
-0.01681
-0.0268
0.001392
0.167375
0.005865
-0.03754
0.05493
-0.08076
0.077884
-0.02628
-0.08583
0.007067
0.020907
-0.00945
0.006309
0.08612
-0.02513
0.0059
-0.00177
-0.03478
0.018737
-0.01813
0.001219
-0.01164
-0.0174
-0.00629
-0.05246
-0.00133
0.034678
-0.01686
0.04226
-0.0158
S&P 500
return
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
estimation
period
Firm
Residuals
-0.00357
0.005029
0.026684
0.006303
0.015641
0.029561
-0.02631
-0.02558
0.016521
0.018695
0.001505
-0.01992
0.0162
0.000271
-0.03047
-0.01259
-0.02349
-0.00124
0.178205
0.00609
-0.03484
0.061266
-0.07735
0.067642
-0.02952
-0.08576
0.003196
0.014598
-0.01006
0.002246
0.080275
-0.0257
0.004353
-0.00093
-0.03466
0.012192
-0.02287
0.001315
-0.01243
-0.0202
-0.00298
-0.05174
-0.00357
0.029914
-0.0169
0.04101
-0.02019
Maximum
event
Likelihood
window
estimate of
Market the variance
Residuals used in SAR
0.016415
0.03235
-0.01656
-0.01083
0.020845
-0.04235
-0.00962
0.011223
-0.0011
0.003753
-0.01769
-0.02241
-0.02322
0.046861
0.029553
-0.03407
-0.05845
-0.02312
0.005269
0.024261
0.02035
-0.04931
0.033677
0.030654
0.010144
-0.01204
-0.01297
-0.05312
0.03595
-0.00109
0.039623
-0.01321
0.016041
-0.04316
-0.03142
-0.06513
-0.1965
-0.14902
-0.01359
0.128683
0.008253
0.021897
0.060705
0.033095
0.021863
-0.03758
0.060349
-0.018
-0.05281
0.035707
0.023167
-0.0097
0.016425
-0.06204
0.016529
-0.00526
0.010492
-0.00261
0.025825
-0.00896
0.01278
-0.01278
-0.01229
0.018704
-0.01286
0.00194
-0.01957
-0.05972
0.030984
-0.03098
-0.0042
0.009783
-0.01189
0.044727
-0.02315
0.03319
-0.02087
0.010826
0.016684
0.004622
0.020861
0
-0.00972
0.009725
-0.00065
0.002579
-0.00064
0.037931
-0.00373
0.027029
-0.04019
0.088115
0.017183
-0.00913
-0.02613
-0.02381
-0.01885
0.012203
0.014449
-0.00961
-0.02258
0.038746
-0.0204
0.007246
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
0.014293
-0.05747
0.019484
-0.00642
0.003944
-0.00445
0.021274
-0.01355
0.012272
-0.01452
-0.01383
0.017966
-0.01839
0.00034
-0.02094
-0.06013
0.027251
-0.0304
-0.00419
0.005861
-0.01451
0.0452
-0.01993
0.029586
-0.02187
0.011667
0.012414
-0.00178
0.020364
0.000638
-0.00708
0.009228
-0.00187
0.005145
-0.00259
0.034401
-0.00667
0.024495
-0.03935
0.085925
0.016074
-0.01126
-0.02888
-0.02577
-0.01735
0.009685
0.011121
-0.01224
-0.02219
0.038442
-0.02041
0.005799
0.00474
0.001113
7.18E-07
0.000309
2.81E-05
0.001202
4.08E-05
9.23E-08
4.85E-06
0.000554
3.34E-08
0.000134
0.000203
0.000496
2.72E-05
3.03E-05
3.87E-07
1.91E-05
8.78E-08
0.000237
3.58E-05
0.000585
0.000106
0.000562
2.99E-05
0.000147
8.05E-06
0.000324
1.63E-05
0.000331
0.000228
3.45E-05
0.001703
0.00154
0.001585
0.001544
0.001716
0.001546
0.00154
0.001541
0.001621
0.00154
0.001559
0.00157
0.001612
0.001544
0.001544
0.00154
0.001543
0.00154
0.001574
0.001545
0.001625
0.001555
0.001622
0.001544
0.001561
0.001541
0.001587
0.001542
0.001588
0.001573
0.001545
-0.03179
-0.02389
0.00381
-0.00636
-0.03902
-0.00866
-0.06565
0.010657
0.031307
0.033673
-0.00998
-0.00134
0.014628
0.022839
0.022329
-0.05913
-0.0196
0.002727
-0.00136
0.008823
0.010753
0.00267
0.00995
0.016367
0.028802
-0.04847
0.036415
-0.02653
0.025252
-0.01093
0.02174
0.026835
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
0.014824
-0.0071
-0.02505
-0.00405
-0.00599
-0.00309
0.014749
0.014238
-0.004
0.009892
-0.00182
-0.01108
-0.01905
0.013423
-0.01563
0.008191
0.017815
-4.5E-05
0.00046
-0.03069
3.5322E-05
5.1317E-05
0.00025683
0.00010677
9.2522E-05
4.912E-05
6.7997E-05
1.4942E-05
1.8234E-06
2.5149E-08
0.00082239
0.00014477
0.00023032
4.5574E-05
0.00060987
1.3646E-05
3.1782E-05
7.4781E-06
0.00022808
0.0002129
1.331E-05
0.00010496
2.1428E-06
0.00011503
0.00034974
0.00018978
0.00023345
7.2989E-05
0.00033008
9.4656E-08
6.599E-07
-0.00394
0.75403
0.00152
0.00116
0.23753
0.00113
0.010426
0.016485
1.020833
1.020833
0.001144
0.001145
0.001159
0.001148
0.001148
0.001145
0.001146
0.001142
0.001141
0.001141
0.001198
0.001151
0.001157
0.001144
0.001183
0.001142
0.001143
0.001142
0.001157
0.001156
0.001142
0.001148
0.001141
0.001149
0.001165
0.001154
0.001157
0.001146
0.001164
0.001141
0.001141
estimate of
the variance
used in SAR
TXN
Firm
return
0.025392
-0.01534
-0.01858
-0.00302
-0.04271
0.01061
0.016887
0.013819
-0.02711
-0.02321
0.044962
0.049948
0.037337
-0.01686
-0.04845
-0.02244
0.047519
-0.05905
0.005664
-0.00566
-0.03003
0.023383
-0.0604
0.006308
-0.02521
0.001546
0.018878
0.00328
-0.02706
0.071887
0.072231
-0.03118
0.021496
0.030305
0.046111
-0.02633
-0.013
0.012996
0.041106
0.040872
-0.00676
-0.02138
0.022582
-0.06061
0.033125
0.000615
0.010796
S&P 500
return
0.012766
8.24E-05
-0.02115
0.002238
-0.02324
-0.00238
0.004647
-0.00087
-0.01084
0.011242
7.8E-05
0.016843
-0.00249
0.018312
-0.00587
0.013853
-0.00061
-0.01674
-0.02116
-0.00166
-0.02846
0.005373
0.005717
0.022041
-0.00452
0.013956
-0.00618
-0.0091
0.011479
0.034659
0.015148
-0.00648
-0.00472
0.005321
0.005674
0.005555
0.004936
-0.00855
0.005974
0.005808
0.010513
-0.0012
0.018249
-0.00661
0.010037
-0.00207
-0.00075
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
0.006511
-0.01898
0.003289
-0.00925
-0.01833
0.009935
0.007761
0.011318
-0.01762
-0.04026
0.041327
0.026166
0.036793
-0.0424
-0.04494
-0.04263
0.044707
-0.04247
0.027548
-0.00721
0.000624
0.013386
-0.07081
-0.02372
-0.02332
-0.01877
0.022764
0.010675
-0.0444
0.026699
0.050487
-0.02693
0.02363
0.020371
0.035751
-0.03655
-0.02247
0.019734
0.030387
0.030351
-0.02294
-0.02349
-0.00289
-0.05621
0.017523
-0.00044
0.00815
TRP
Firm
return
0.004357
0.002605
0.017197
-0.02067
-0.01138
0.00088
-0.01775
0.005357
0.001779
0.00885
0.000881
0.00088
0.007884
-0.00175
-0.00878
0.018349
-0.0026
0.022319
-0.00511
-0.01808
0.002603
0.012059
-0.0086
0.011164
0.014413
0.005038
-0.00084
-0.00757
-0.00254
-0.01967
0.009454
-0.00257
0.001714
0
0.001711
0.003413
0.001702
-0.00854
0.001714
0
-0.00515
0.014524
0.002541
-0.0102
0
-0.00086
-0.00773
S&P 500
return
0.00272
0.002689
0.016025
-0.00263
-0.01565
0.003191
-0.01189
-0.00782
-0.01578
0.006182
0.003855
0.005095
0.012907
-0.0106
0.005442
-0.00944
-0.00839
0.001163
-0.01141
-0.01766
-0.00453
-0.0049
0.003428
0.008671
0.0113
-0.00949
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
0.006855
-0.0145
-0.00113
0.023415
0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.004245
0.013426
0.019904
-0.03011
-0.04021
0.032743
0.006462
0.014587
0.057059
-0.02793
0.038739
-0.01381
-0.00113
-0.00755
-0.09395
-0.00984
0.04543
0.018517
-0.01531
0.060247
0.010507
-0.00224
-0.00469
0.003564
-0.01111
-0.06635
-0.02811
0.062716
-0.04355
-0.02439
-0.02757
0.005148
0.066422
-0.00945
0.015044
0.013447
0.052236
0.023036
-0.00805
0.030388
-0.01852
0.000726
0.026663
-0.01226
0.004815
-0.05335
0.0058
0.04879
0.053787
0.115479
-0.01496
0.018706
-0.01154
0.008817
-0.00032
-0.00622
-0.01353
0.006323
0.008066
0.017071
-0.00698
-0.01
-0.00376
0.003009
0.006322
-0.00129
-0.00855
0.007215
0.003849
0.001585
-0.00207
0.010759
0.001882
0.015347
-0.00085
0.000384
0.003971
0.00069
0.003259
-0.00959
-0.0391
0.00192
0.000955
0.02673
0.011128
-0.01315
-0.0044
0.012096
0.010615
-0.00686
0.000522
-0.00712
-0.00292
-0.02802
0.006046
-0.00422
-0.00395
-0.02784
0.024905
0.010572
-0.00011
0.011185
-0.00042
-9.1E-05
0.014568
-0.00071
0.016753
-0.02617
-0.02749
0.021603
-0.00677
-0.00947
0.061906
-0.01946
0.039717
-0.02097
-0.01227
-0.00955
-0.08721
-0.02205
0.037264
0.013072
-0.01636
0.043777
0.004704
-0.02422
-0.00721
-0.00044
-0.01942
-0.07072
-0.03557
0.070704
-0.0001
-0.03024
-0.03226
-0.03051
0.049509
0.002805
0.016785
-0.00463
0.035939
0.027733
-0.01222
0.035403
-0.01856
0.030858
0.015856
-0.01073
0.006016
-0.02343
-0.02767
0.032545
0.050382
0.098497
-0.018
0.015275
0.003442
0.010257
-0.00255
0.009334
-0.00423
0.005076
0.007566
0.002509
0.00832
-0.00498
-0.00752
0.004186
-0.00084
0.000836
0.029632
-0.018
-0.00165
-0.01081
0.014114
-0.00082
-0.00165
0
0.002476
-0.00911
0.00746
-0.00829
0.004983
-0.00582
0.006645
0.001654
0
-0.01499
0.001676
0.007509
0.002491
0.007435
-0.00743
0.020518
0.012112
-0.00483
0.006431
0.009569
-0.01761
0.003226
0.008019
-0.0008
-0.00561
0.005611
0.00558
-0.01119
0.000804
0.009592
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
0.032062
0.014227
0.028833
-0.05207
-0.02215
0.002386
0.005941
0.052078
-0.06504
0.10608
-0.01263
0.069785
-0.02896
0.016908
0.0637
-0.01058
0.051134
0.081204
-0.00872
-0.03274
-0.04546
0.045462
0.004123
-0.05111
-0.0929
-0.06267
0.084775
0.059856
-0.01634
0.024358
0.038683
-0.02123
0.012199 0.013862
-0.02104
0.000481 0.001071
0.00362
7.43E-06 0.001037
-0.02119
0.000488 0.001071
0.002031
1.29E-06 0.001036
0.008675
6.05E-05 0.001041
-0.01031
0.000126 0.001045
0.000425
2.19E-07 0.001036
-0.03085
0.001007 0.001108
0.004507
1.31E-05 0.001037
0.006281
2.9E-05 0.001038
-0.00535
3.9E-05 0.001039
-0.01494
0.000251 0.001054
0.010957
0.000101 0.001044
0.013535
0.00016 0.001048
0.009302
7.07E-05 0.001041
0.001862
9.37E-07 0.001036
0.019643
0.000352 0.001061
-0.01278
0.000187 0.00105
-0.02597
0.000721 0.001088
0.00814
5.25E-05 0.00104
0.02528
0.000595 0.001079
-0.00473
3.17E-05 0.001039
-0.00824
8.34E-05 0.001042
-0.01784
0.000351 0.001061
0.023983
0.000533 0.001074
0.046546
0.002084 0.001186
0.004105
1.03E-05 0.001037
-0.00537
3.92E-05 0.001039
0.025245
0.000593 0.001079
0.004522
1.32E-05 0.001037
0.017643
0.000281 0.001056
0.00354
1.20165
0.00103
0.014333
1.020833
0.005553
0.005523
0.007056
-0.00706
-0.00315
-0.00633
0.011844
-0.00551
-0.02558
-0.00895
-0.0198
-0.00585
0.0346
0.018452
0
-0.00159
0.003973
-0.01197
-0.02273
-0.01572
0.013256
-0.00082
0.009836
-0.01894
0.001661
0.009909
0.0041
-0.01235
-0.00748
0.010793
0.003298
0.000823
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
estimation
period
Firm
Residuals
0.002893
0.001144
0.014277
-0.02155
-0.01083
-0.00064
-0.01761
0.005046
0.002338
0.007006
-0.00071
-0.00084
0.005305
-0.00175
-0.01054
0.018215
-0.00285
0.021024
-0.00503
-0.01732
0.001931
0.011427
-0.01014
0.009048
0.01201
0.004909
-0.0014
-0.00857
-0.00319
-0.02219
0.00845
-0.00483
0.000748
0.000189
0.003145
0.001496
0.002121
-0.00958
-0.00201
-0.00185
-0.00512
0.012271
0.001982
-0.01203
-0.00079
-0.00022
-0.0071
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
RIG
Firm
return
0.012041
-0.02423
-0.00238
-0.02002
0.067644
-0.01639
-0.02648
0.036043
0.029998
-0.00444
0.070896
-0.00624
0.029474
-0.00406
0
0.006422
-0.00642
-0.0171
-0.04335
0.006463
0.002145
0.015592
0.019154
0.015064
0.014505
0.052515
-0.03393
-0.00627
0.008236
0.030056
0.042387
-0.00735
0.055312
0.026691
-0.01771
-0.00347
-0.00348
-0.01285
0.034107
-0.01778
-0.0181
0.001766
0.014595
-0.00377
-0.06117
0.028351
-0.00936
S&P 500
return
-0.00211
-0.01305
-0.00036
0.012121
0.014985
0.015609
0.005992
0.007402
-0.00223
0.00556
-0.00103
0.006334
-0.00298
-0.00397
0.003303
0.008156
0.006477
-0.00788
-0.02194
0.001589
-0.01337
-0.00297
-0.00679
0.011127
0.001877
-0.01801
-0.00922
-0.0005
-0.00443
-0.01283
0.006399
-0.01027
-0.00192
-0.01269
0.015871
-0.0029
0.022485
0.002325
0.010012
-0.00846
-0.00696
0.009789
0.01751
0.002408
0.013325
-0.01442
-0.01014
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
0.011255
-0.02567
-0.00306
-0.01996
0.067882
-0.01612
-0.02678
0.035827
0.029205
-0.00477
0.070174
-0.00652
0.028636
-0.00496
-0.00046
0.006251
-0.00669
-0.01823
-0.04533
0.005899
0.000685
0.014755
0.018088
0.015071
0.013958
0.050776
-0.03515
-0.00696
0.007311
0.028628
0.042111
-0.00863
0.054538
0.025271
-0.01742
-0.0043
-0.00279
-0.01337
0.034047
-0.01894
-0.01917
0.001693
0.014984
-0.00429
-0.06103
0.026828
-0.01063
0.00053
0.007952
-0.00398
0.008285
-0.00601
0.003485
0.005966
0.001917
0.008409
-0.00651
-0.00678
0.003028
-0.00262
-0.00044
0.028884
-0.01837
-0.00316
-0.01014
0.012062
-0.00066
-0.00358
-0.00086
-0.00082
-0.00975
0.007947
-0.00823
0.005692
-0.00742
0.005539
0.000603
0.00131
-0.0141
-0.00017
0.011863
0.00196
0.008045
-0.00515
0.021453
0.006761
-0.00695
0.00583
0.007153
-0.02115
0.00231
0.005514
-0.00412
-0.00651
0.004265
0.005329
-0.01177
-0.00284
0.006774
0.001819
0.016817
-0.00837
-0.01117
-0.00946
0.040847
-0.02594
0.060074
-0.00886
0.017634
-0.04468
0.018113
0.005486
0
-0.03457
-0.0321
-0.00556
-0.0156
-0.02773
-0.01007
-0.03929
0.055478
-0.02439
0.008195
-0.04337
-0.03893
0.01338
-0.03778
-0.03211
0.107983
-0.03181
0
-0.03502
-0.01122
-0.04391
0.01884
0.029425
0.00902
0.034943
-0.01292
-0.02203
-0.01557
-0.03452
0.020928
0.044838
-0.03344
0.004378
-0.03897
-0.04807
0.033584
0.05782
0.013679
-0.01815
-0.00273
0.008041
-0.00903
0.028496
-0.00502
-0.00468
0.002608
0.002964
-0.00559
-0.00585
-0.0138
0.000387
0.012766
8.24E-05
-0.02115
0.002238
-0.02324
-0.00238
0.004647
-0.00087
-0.01084
0.011242
7.8E-05
0.016843
-0.00249
0.018312
-0.00587
0.013853
-0.00061
-0.01674
-0.02116
-0.00166
-0.02846
0.005373
0.005717
0.022041
-0.00452
0.013956
-0.00618
-0.0091
0.011479
0.034659
0.015148
-0.00648
-0.00472
0.005321
0.005674
0.005555
0.004936
-0.00855
0.005974
7.19E-05
0.015994
-0.00855
-0.01237
-0.00841
0.039886
-0.02688
0.05957
-0.00934
0.01664
-0.04569
0.016627
0.004849
0.000105
-0.03522
-0.03403
-0.00608
-0.01765
-0.02853
-0.01045
-0.04
0.054169
-0.02437
0.00754
-0.04302
-0.03974
0.013818
-0.03879
-0.03194
0.107287
-0.03348
-0.00193
-0.03578
-0.01359
-0.04424
0.018523
0.030085
0.00809
0.035119
-0.01395
-0.02323
-0.01554
-0.0331
0.021175
0.043789
-0.03438
0.004037
-0.03929
-0.0484
0.03322
0.056647
0.013377
0.004964
9.92824E-09
7.29755E-05
0.000295075
3.93582E-05
3.81624E-05
0.000282605
9.47495E-06
4.07114E-06
0.000232816
3.28437E-05
0.000505171
0.000245999
2.62819E-06
0.000591434
2.01246E-05
0.000253246
0.000257675
1.22781E-06
1.66728E-05
1.03155E-05
1.91339E-08
0.000400953
1.21802E-05
6.41482E-06
2.30217E-06
0.000155514
3.24191E-05
1.09473E-05
0.000176055
6.03177E-05
2.74127E-05
8.42201E-05
8.45975E-05
8.57465E-05
8.44236E-05
8.44174E-05
8.5682E-05
8.4269E-05
8.42411E-05
8.54244E-05
8.43899E-05
8.68333E-05
8.54926E-05
8.42336E-05
8.72796E-05
8.43241E-05
8.55301E-05
8.5553E-05
8.42264E-05
8.43063E-05
8.42734E-05
8.42201E-05
8.62942E-05
8.4283E-05
8.42532E-05
8.42319E-05
8.50245E-05
8.43877E-05
8.42766E-05
8.51308E-05
8.4532E-05
8.43618E-05
-0.02498
0.033523
0.053489
0.016661
0.059652
-0.05142
0.008161
-0.00816
-0.07378
0.021641
-0.00658
-0.03502
0.006816
0.054951
-0.02988
-0.04895
-0.02747
-0.02863
0.023729
-0.04289
-0.03006
-0.03057
0.045509
0.031949
0.052922
-0.01036
-0.04489
0.047121
0.090439
0.084493
0
0.004043
0.005808
0.010513
-0.0012
0.018249
-0.00661
0.010037
-0.00207
-0.00075
-0.01154
0.008817
-0.00032
-0.00622
-0.01353
0.006323
0.008066
0.017071
-0.00698
-0.01
-0.00376
0.003009
0.006322
-0.00129
-0.00855
0.007215
0.003849
0.001585
-0.00207
0.010759
0.001882
0.015347
-0.00085
0.000384
-0.02529
0.000104
2.35E-06
0.000321
4.83E-05
9.41E-05
5.76E-06
1.17E-06
0.000141
7.19E-05
4.36E-07
4.3E-05
0.000192
3.59E-05
5.98E-05
0.00028
5.35E-05
0.000107
1.68E-05
7.15E-06
3.58E-05
2.63E-06
7.9E-05
4.73E-05
1.23E-05
1.56E-06
5.79E-06
0.000109
2.39E-06
0.000225
1.41E-06
2.38E-09
0.00117
0.10939
8.3E-05
0.00066
-0.0599
0.00095
0.016119
0.012993
1.020833
1.020833
0.000966
0.000959
0.000982
0.000962
0.000966
0.000959
0.000959
0.000969
0.000964
0.000959
0.000962
0.000973
0.000962
0.000963
0.000979
0.000963
0.000967
0.00096
0.000959
0.000962
0.000959
0.000965
0.000962
0.00096
0.000959
0.000959
0.000967
0.000959
0.000975
0.000959
0.000959
estimate of
the variance
used in SAR
UTX
Firm
return
0.001243
-0.00318
-0.02297
-0.03006
-0.0223
0.013644
-0.00813
0.001484
-0.00282
-0.03172
0.008407
-0.30292
0.003497
-0.02938
-0.13471
0.014413
0.05408
0.048295
-0.04717
0.01345
0.027236
0.015907
0.035613
0.042311
0.023783
-0.01163
0.00389
-0.01743
0.023236
0.009413
-0.01639
0.022486
0.018266
-0.03765
-0.03129
0.029353
0.016367
0.003622
0.00626
0.022069
0.045561
-0.04612
-0.01812
0.007884
-0.00337
0.010637
0.017846
S&P 500
return
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
estimation
period
Firm
Residuals
-0.04007
0.007831
0.01018
-0.00533
0.015219
0.005579
-0.00633
0.004359
0.046524
0.009371
-0.00436
-0.19367
0.016624
0.006184
-0.06619
0.05638
-0.02766
0.030048
-0.03542
-0.01055
-0.01886
0.02145
0.009876
0.000425
0.029703
-0.01455
0.022524
-0.00527
-0.025
-0.02249
-0.00442
0.026375
0.003979
0.003439
-0.01368
0.020157
-0.01572
0.014353
0.00602
-0.00668
0.037327
0.006376
0.019754
0.008498
-0.05162
0.005083
-0.01231
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
UNM
Firm
return
0.002296
0.015928
0
0.007123
-0.00712
-0.00226
0.018308
0.006642
0.013153
-0.00656
-0.05443
-0.00232
0.018391
-0.00686
-0.0232
0
0
-0.01697
0.026312
0.016148
-0.00689
-0.05729
0.031228
-0.06894
-0.01575
0
0.028338
0.012433
-0.00247
-0.02255
0.025022
0.015124
-0.01019
-0.0249
0.087641
0.013762
0.087897
0.001043
-0.00209
0.000696
0.004165
-0.01465
-0.0138
0.02915
0.005179
-0.06656
0.00404
S&P 500
return
-0.02031
0.000213
0.007378
0.038183
-0.01839
-0.00587
0.019415
0.007498
-0.00656
-0.00819
-0.01411
-0.0217
0.008038
-0.01304
-0.0318
0.00797
0.024094
0.00705
0.010385
0.00398
-0.0105
-0.02843
0.048884
-0.01061
-0.02659
-0.00192
0.003805
0.009541
0.010265
-0.00625
0.006124
0.002123
0.013819
-0.00404
0.000268
0.012947
0.002863
-0.00499
-0.00189
0.006782
0.006983
-0.00564
0.005446
-0.01763
0.00358
-0.00151
-0.00844
0.025031
-0.01885
0.022223
0.003715
-0.03139
0.029446
0.025331
-0.00745
0.010889
0.018227
-0.01103
0.000171
0.012549
0.014887
-0.01035
-0.01147
0.039919
-0.02226
-0.02157
0.033339
0.012119
0.002439
-0.01176
-0.01024
0.007937
-0.02383
0.019045
0.013315
0.022284
0.008111
0.019607
-0.02008
0.005847
0.005656
0.007647
0.015581
-0.01093
-0.00341
-0.00451
0.025411
-0.00274
0.000457
-0.01536
0.005095
-0.01271
-0.00799
-0.02531
-0.01822
-0.02899
0.064792
0.004742
0.017196
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
-0.00542
-0.01236
0.017536
0.000905
-0.02699
-0.00956
0.021921
-0.00879
0.01826
-0.00452
0.005329
0.011398
-0.01191
0.002271
0.005029
0.028777
0.018345
-0.02025
-0.00286
0.005728
-0.03481
0.009019
0.005108
0.02479
0.014525
-0.02383
0.053395
0.006785
0.001381
-0.00748
0.007729
-0.00138
-0.00291
0.006701
-0.00062
0.001688
-0.01756
0.021313
-0.01624
0.006331
-0.01548
0.015088
-0.00703
0.016044
-0.01474
0.013088
-0.01117
-0.03229
0.006867
0.043899
0.026803
0.033638
0.004389
-0.0088
0.020048
-0.07569
-0.01017
0.005099
-0.02095
-0.04787
0.000838
0.022361
-0.00205
0.029913
0.035215
-0.02059
0.020203
0.023942
0.00487
0.004474
-0.00373
0.003727
-0.00447
-0.02039
0.015891
-0.02663
0.014163
0.021805
0.003712
-0.00446
-0.0264
-0.0046
-0.00771
0.027848
0.013453
0.003705
0.005532
0.045299
-0.02961
-0.03951
0.016807
0.034938
-0.02499
0.013839
0.021114
-0.01822
-0.00797
0.022287
0.024233
0
-0.01187
0.004554
-0.00035
0.00035
-0.00625
-0.01343
0.011758
-0.00869
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
-0.0057
0.005841
0.009931
0.006432
0.002256
-0.02508
-0.04414
0.01472
-0.02618
0.005854
-0.01982
0.017473
-0.02437
-0.01809
-0.00407
0.019713
0.011219
0.025253
-0.02473
-0.00464
0.010727
-0.01254
-0.035
-0.00291
0.042753
-0.02019
0.008085
0.026706
-0.00213
0.014991
-0.00323
0.01023
0.038153
0.012465
-0.00858
-0.01509
-0.01224
-0.00856
0.020884
0.012778
0.019755
-0.02582
-0.00061
0.041138
0.019092
-0.04468
0.005677
0.006385
-0.00624
0.010372
0.014778
-0.01022
0.025498
-0.00617
-0.00303
-0.01542
0.025904
-0.01222
0.007922
0.005009
0.024675
0.01589
0
0.01699
0.040283
-0.04433
0.014775
-0.00414
0.008399
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
0.014824
-0.0071
-0.02505
-0.00405
-0.00599
-0.00309
0.014749
0.014238
-0.004
0.009892
-0.00182
-0.01108
-0.01905
0.013423
-0.01563
0.008191
0.017815
-4.5E-05
0.00046
-0.00285
0.022382
0.019304
-0.0067
0.014405
-0.00451
0.005832
-0.02496
1.45078E-05
1.67378E-06
1.04037E-08
0.000825641
0.00014341
0.000228605
4.6341E-05
0.000612666
1.40672E-05
3.24231E-05
7.79075E-06
0.00022637
0.000211251
1.37261E-05
0.000103803
2.31168E-06
0.000116246
0.000351862
0.000188222
0.000235184
7.2025E-05
0.000328031
6.30385E-08
5.71165E-07
6.52826E-06
0.000514293
0.000384162
4.09548E-05
0.000216133
1.774E-05
3.75489E-05
-0.00059
2.15288
0.00083
0.016543
1.020833
0.000834
0.000834
0.000834
0.000875
0.000841
0.000845
0.000836
0.000864
0.000834
0.000835
0.000834
0.000845
0.000844
0.000834
0.000839
0.000834
0.000839
0.000851
0.000843
0.000845
0.000837
0.00085
0.000834
0.000834
0.000834
0.000859
0.000853
0.000836
0.000844
0.000835
0.000836
0.006619
0.009331
0.008222
-0.00137
-0.01376
0
0.014443
0.000683
-0.0041
0.054662
0.017364
-0.00961
-0.011
0.009393
0.007387
0.055397
-0.0644
0.034278
0.002493
0.004038
-0.01909
0.01816
-0.00186
0.010206
-0.00896
-0.01533
-0.01365
0.007641
0.021958
-0.02418
-0.01247
0.008972
0.015815
0.004685
0.014898
-0.00287
0.013498
0.000781
-0.01498
0.014337
-0.00245
-0.00183
-0.0045
-0.00029
-0.00761
0.002606
0.000416
0.028055
0.00272
0.002689
0.016025
-0.00263
-0.01565
0.003191
-0.01189
-0.00782
-0.01578
0.006182
0.003855
0.005095
0.012907
-0.0106
0.005442
-0.00944
estimation
period
Firm
Residuals
0.014123
0.014222
-0.00643
-0.01962
0.003436
4.53E-05
0.003941
0.000133
0.015911
-0.00272
-0.04669
0.010423
0.011526
0.000177
-0.0038
-0.00682
-0.01745
-0.02318
0.017899
0.011958
-0.00153
-0.04011
-0.00257
-0.06351
0.000221
-0.0003
0.024264
0.004577
-0.01081
-0.01999
0.019419
0.012158
-0.02087
-0.0238
0.085899
0.003659
0.084444
0.002767
-0.00241
-0.00534
-0.002
-0.0125
-0.01896
0.039209
0.001253
-0.06713
0.008042
event
window
Market
Residuals
Maximum
Likelihood
estimate of
the variance
used in SAR
WMI
Firm
return
0.032014
-0.00683
-0.02741
0.054087
-0.04487
0
-0.00221
0.04038
-0.02904
-0.02318
-0.02107
0.035118
-0.02792
-0.03848
0.007426
0.031055
-0.05829
-0.01005
0.002422
0.039531
-0.01681
-0.03857
-0.00082
0.00041
-0.01695
-0.00543
0.030136
0.012929
-0.03763
-0.00042
0.008719
0.024501
-0.0175
-0.00576
-0.02339
0.013017
-0.01091
-0.00932
-0.01934
0.015931
0.055258
0.024752
-0.0288
0.022076
0.026637
-0.01127
0.012046
S&P 500
return
0.00398
-0.0105
-0.02843
0.048884
-0.01061
-0.02659
-0.00192
0.003805
0.009541
0.010265
-0.00625
0.006124
0.002123
0.013819
-0.00404
0.000268
0.012947
0.002863
-0.00499
-0.00189
0.006782
0.006983
-0.00564
0.005446
-0.01763
0.00358
-0.00151
-0.00844
-0.00625
-0.01343
0.011758
-0.00869
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
-0.0057
0.005841
0.009931
0.006432
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
0.030303
-0.00348
-0.01781
0.036702
-0.04149
0.008961
-0.00186
0.038731
-0.03269
-0.02709
-0.01921
0.032658
-0.02898
-0.04363
0.008514
0.03064
-0.06313
-0.01138
0.003842
0.039868
-0.0195
-0.04133
0.000826
-0.00181
-0.01111
-0.007
0.030344
0.015555
-0.03577
0.003947
0.004294
0.027213
-0.01706
-0.00891
-0.01705
0.018807
-0.00471
-0.00896
-0.01772
0.009558
0.05762
0.029461
-0.02949
0.023743
0.024277
-0.01506
0.009479
0.006948
-0.00151
0.01073
-0.07153
-0.0103
-0.0018
-0.00993
-0.03789
0.01159
0.022084
5.83E-05
0.016915
0.03872
-0.01265
0.017952
0.026132
-0.00055
-0.00364
-0.00953
0.000674
0.010494
0.007154
0.00462
-0.01093
0.008738
0.033308
-0.00937
0.010049
-0.01604
-0.00348
-0.02227
0.018886
-0.00476
0.018448
0.007027
0.036661
-0.0229
-0.018
0.017157
0.005183
-0.01324
0.006942
0.001939
-0.01838
-0.01942
0.022853
0.015922
-0.02672
-0.02165
0.008646
0.008037
0.006852
0.047152
-0.0074
-0.02823
-0.02318
-0.00785
0.003146
0.032068
0.010966
0.003754
-0.01853
-0.0679
0.043172
0.015913
-0.0218
-0.00671
0.007106
-0.02914
-0.02876
-0.03824
-0.00391
0.047132
0.003313
0.04447
0.0067
-0.00868
0.013772
-0.00156
0.025122
-0.04369
-0.0072
-0.0281
0
0.001238
0.007398
0.004902
0.010942
-0.01666
0.011005
0.005256
-0.01996
-0.00454
0.052718
0.030118
-0.01148
0.030317
-0.00299
0.021482
0.001099
0.00802
0.023328
-0.00712
-0.00358
0.002256
-0.02508
-0.04414
0.01472
-0.02618
0.005854
-0.01982
0.017473
-0.02437
-0.01809
-0.00407
0.019713
0.011219
0.025253
-0.02473
-0.00464
0.010727
-0.01254
-0.035
-0.00291
0.042753
-0.02019
0.008085
0.026706
-0.00213
0.014991
-0.00323
0.01023
0.038153
0.012465
-0.00858
-0.01509
-0.01224
0.015815
0.004685
0.014898
-0.00287
0.013498
0.000781
-0.01498
0.014337
-0.00245
-0.00183
-0.0045
-0.00029
-0.00761
0.002606
0.000416
0.028055
0.00272
0.002689
0.016025
0.046043
0.001035
-0.01315
-0.02864
0.000971
0.000781
0.038664
0.004546
0.011939
-0.01254
-0.0668
0.03597
0.011676
-0.03094
0.001599
0.008405
-0.0332
-0.02471
-0.02634
-0.00321
0.031888
0.010037
0.041326
-0.00294
-0.00826
0.008217
-0.00076
0.02123
-0.05733
-0.01188
-0.02543
0.004947
0.005188
0.001557
0.002945
0.005421
-0.01598
0.005972
0.004661
-0.01505
-0.00986
0.053252
0.030435
-0.01023
0.030095
-0.00066
0.020251
0.000632
-0.00209
0.022057
-0.00838
-0.00949
-0.00537
3.09798E-05
0.000248991
3.95217E-06
0.000206769
2.764E-06
0.0001989
0.000231595
2.4629E-06
9.00219E-07
1.30811E-05
3.53245E-07
4.52167E-05
1.21575E-05
1.68322E-06
0.000837327
1.29684E-05
1.2749E-05
0.000285805
3.06339E-06
0.000218068
1.65826E-05
0.000121114
4.82124E-05
0.000221955
4.98929E-05
2.24268E-05
3.57186E-05
0.000190099
9.45488E-05
3.99784E-05
7.32845E-05
0.000556
0.00056
0.000555
0.000559
0.000555
0.000559
0.00056
0.000555
0.000555
0.000555
0.000555
0.000556
0.000555
0.000555
0.000572
0.000555
0.000555
0.000561
0.000555
0.000559
0.000555
0.000557
0.000556
0.000559
0.000556
0.000555
0.000556
0.000559
0.000557
0.000556
0.000556
-0.00359
-0.00831
0.00903
-0.01485
0.003279
0.018025
-0.00071
-0.00646
0.001438
0.019922
0.003867
0.002803
-0.00526
-0.01381
0.015921
0.021529
0.020738
-0.00811
-0.00886
0.00818
0.02514
-0.01065
-0.02541
-0.02361
0.04802
-0.00571
0.026916
0.010113
-0.01504
-0.00462
-0.00464
-0.01914
-0.00263
-0.01565
0.003191
-0.01189
-0.00782
-0.01578
0.006182
0.003855
0.005095
0.012907
-0.0106
0.005442
-0.00944
-0.00839
0.001163
-0.01141
-0.01766
-0.00453
-0.0049
0.003428
0.008671
0.0113
-0.00949
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
-0.003
0.00024
1.12E-05
0.000138
5.89E-05
0.000244
4.01E-05
1.6E-05
2.75E-05
0.00017
0.000109
3.12E-05
8.64E-05
6.79E-05
1.72E-06
0.000127
0.000307
1.92E-05
2.25E-05
1.28E-05
7.78E-05
0.000131
8.74E-05
2.89E-05
1.86E-06
2.06E-05
0.000158
1.79E-06
0.000104
2.85E-06
0.00015
0.000558
0.00157
0.65936
0.00055
0.00032
0.34905
0.00062
0.027334
0.023877
1.020833
1.020833
0.00063
0.000624
0.000627
0.000625
0.00063
0.000624
0.000624
0.000624
0.000628
0.000626
0.000624
0.000626
0.000625
0.000623
0.000627
0.000631
0.000624
0.000624
0.000624
0.000625
0.000627
0.000626
0.000624
0.000623
0.000624
0.000627
0.000623
0.000626
0.000623
0.000627
0.000638
estimate of
the variance
used in SAR
WEN
Firm
return
-0.01676
0.033253
0.002042
-0.01521
0.007429
-0.00123
-0.0091
0.017707
0.003667
-0.01269
0.006159
0.004493
0.007713
-0.00405
-0.00693
-0.01566
0.01115
0.024743
0.012343
-0.02484
-0.02672
-0.03347
-0.00822
-0.01224
-0.00795
-0.03565
-0.04702
-0.02387
0.028678
-0.02523
-0.00888
0.007409
0.057377
0.027951
0.025871
-0.00486
-0.01786
0.03279
-0.02293
0.02858
0.021017
-0.0111
-0.01252
0.01424
0.000857
0.02911
-0.00042
S&P 500
return
0.010265
-0.00625
0.006124
0.002123
0.013819
-0.00404
0.000268
0.012947
0.002863
-0.00499
-0.00189
0.006782
0.006983
-0.00564
0.005446
-0.01763
0.00358
-0.00151
-0.00844
-0.00625
-0.01343
0.011758
-0.00869
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
-0.0057
0.005841
0.009931
0.006432
0.002256
-0.02508
-0.04414
0.01472
-0.02618
0.005854
-0.01982
0.017473
-0.02437
Maximum
estimation
event
Likelihood
period
window estimate of
Firm
Market the variance
-0.01747
0.032949
0.001436
-0.01572
0.006635
-0.00159
-0.00956
0.016934
0.00314
-0.01302
0.005748
0.00387
0.007086
-0.00437
-0.00752
-0.01568
0.010606
0.024323
0.012093
-0.02515
-0.02685
-0.03421
-0.00846
-0.01264
-0.0086
-0.03564
-0.04705
-0.02388
0.028269
-0.02555
-0.00976
0.00714
0.057272
0.027469
0.025554
-0.00545
-0.01856
0.032176
-0.02344
0.028735
0.021638
-0.01191
-0.01234
0.01364
0.000884
0.028227
-0.00028
-0.01087
-0.0021
0.007975
0.011224
0.004125
0.001645
0.031556
0.01502
-0.0063
-0.01873
0.003614
-0.00886
0.003633
-0.00323
-0.0004
0.010459
-0.0141
0.016503
-0.01367
0.004845
0.000805
0
0.022679
-0.02268
0.015572
-0.00079
0.005141
-0.00435
-0.02976
0.013379
-0.01952
0.002051
-0.01611
0.003326
0.003729
0.021277
0.000809
0.007657
-0.00928
-0.01346
-0.00535
0.003298
0.00738
0.038859
-0.02305
-0.00161
0.012408
-0.00279
0.024041
-0.01175
0.006676
-0.01657
-0.01809
-0.00407
0.019713
0.011219
0.025253
-0.02473
-0.00464
0.010727
-0.01254
-0.035
-0.00291
0.042753
-0.02019
0.008085
0.026706
-0.00213
0.014991
-0.00323
0.01023
0.038153
0.012465
-0.00858
-0.01509
-0.01224
0.015815
0.004685
0.014898
-0.00287
0.013498
0.000781
-0.01498
0.014337
-0.00245
-0.00183
-0.0045
-0.00029
-0.00761
0.002606
0.000416
0.028055
0.00272
0.002689
0.016025
-0.00263
-0.01565
0.003191
-0.01189
-0.00782
-0.01578
0.006182
0.003855
0.005095
-0.01089
-0.00246
0.007037
0.010494
0.003053
0.001792
0.031213
0.014302
-0.00645
-0.01833
0.003228
-0.01036
0.003669
-0.00388
-0.00151
0.010054
-0.01493
0.016125
-0.01437
0.003457
4.44E-05
-0.00025
0.02259
-0.02284
0.01473
-0.00136
0.004321
-0.00474
-0.03054
0.012904
-0.01961
0.001245
-0.01651
0.002914
0.003382
0.020828
0.000538
0.007137
-0.00974
-0.0146
-0.00588
0.002775
0.006532
0.038467
-0.02313
-0.00214
0.012241
-0.00305
0.023969
-0.01236
0.006125
-0.01716
0.00159
-0.02088
0.007678
-0.00646
0.006865
0.006418
0.021362
0.033105
0.016523
0
0.005941
0.00111
0.018322
0.001089
0.000363
-0.0183
-0.02203
0.016102
-0.01046
0.005615
0.020688
0.000731
-0.0077
-0.00443
-0.01453
-0.00414
0.004511
-0.00038
0.017851
0.017538
0.011523
-0.00503
0.012907 0.000819
-0.0106
0.000108 0.000323
0.005442
3.22E-05 0.000322
-0.00944
8.49E-05 0.000323
-0.00839
6.66E-05 0.000323
0.001163
1.94E-06 0.000322
-0.01141
0.000125 0.000324
-0.01766
0.000304 0.000326
-0.00453
1.85E-05 0.000322
-0.0049
2.18E-05 0.000322
0.003428
1.34E-05 0.000322
0.008671
7.92E-05 0.000323
0.0113
0.000133 0.000324
-0.00949
8.59E-05 0.000323
-0.00552
2.8E-05 0.000322
-0.00151
1.64E-06 0.000322
-0.00469
1.99E-05 0.000322
0.012416
0.00016 0.000324
-0.00149
1.58E-06 0.000322
0.010028
0.000105 0.000323
-0.00184
2.59E-06 0.000322
-0.0124
0.000148 0.000324
-0.02378
0.000555 0.00033
0.006855
5.02E-05 0.000322
-0.0145
0.000204 0.000325
-0.00113
8.21E-07 0.000322
0.023415
0.000559 0.00033
0.006222
4.16E-05 0.000322
-0.01094
0.000115 0.000323
0.009922
0.000103 0.000323
-0.00556
2.84E-05 0.000322
0.006035
3.92E-05 0.000322
0.00046
0.0244
0.00032
0.020573
1.020833
time
(relative to the
event date)
-115
-114
-113
-112
-111
-110
-109
-108
-107
-106
-105
-104
-103
-102
-101
-100
-99
-98
-97
-96
-95
-94
-93
-92
-91
-90
-89
-88
-87
-86
-85
-84
-83
-82
-81
-80
-79
-78
-77
-76
-75
-74
-73
-72
-71
-70
-69
AK
Firm
return
-0.01563
-0.03038
0.001622
0.008875
-0.00322
0.00161
-0.00242
-0.00161
-0.02702
0.020535
0.011318
0.011986
-0.01118
-0.00564
-0.04798
-0.03536
0.009611
-0.03091
-0.02268
0.086935
0.127732
0.027019
0.022793
0.020907
-0.06114
-0.02524
-0.02281
0.052446
-0.05245
-0.05129
-0.07131
0.002605
-0.16769
-0.00514
-0.0114
0.109523
-0.05771
-0.00995
0.00995
0.014742
0.070618
0.197359
0.006694
0.052701
0.066646
-0.01058
-0.00266
ARG
Firm
return
-0.02457
0.039986
0.008567
0.03447
0.011834
-0.01642
-0.00092
0.024558
0
-0.0027
-0.00905
0.007246
-0.05281
0.052814
-0.00452
-0.05497
0.004778
0
0.04383
0.043737
0.038549
-0.02985
0.008621
-0.00949
-0.05706
0.004577
-0.01379
0.031893
0.05071
0.013548
0.007541
0.020653
0.033765
0.011788
-0.00863
-0.05092
-0.00332
-0.01678
0.031643
-0.02658
0.008382
-0.00418
0.03864
0.004024
0.004008
-0.02265
0.031416
AGN
Firm
return
-0.00374
-0.00201
-0.01281
-0.01023
0.001643
-0.02522
0.003222
0.011405
0.040783
-0.02242
-0.02266
-0.01159
0.003367
0.013768
0.011535
0.042241
0.009769
0.001295
0.000647
-0.01722
-0.01686
-0.01905
-0.01706
0.000694
-0.00905
-0.01112
0.007893
-0.00323
-0.04715
-0.04561
-0.01683
0.010941
-0.03142
-0.01617
0.020493
0.014587
0.037991
0.002119
0.017835
-0.01105
-0.02279
0.032502
0.007262
-0.00592
0
0.004446
0.003838
AHC
Firm
return
-0.00024
0.00181
-0.02712
-0.02775
0.019168
-0.00375
-0.00578
0.015516
0.007915
-0.03179
-0.02576
-0.0219
-0.01154
0.013135
-0.0199
-0.01285
-0.02748
0.017384
0.012019
-0.00966
-0.0277
0.049638
0.017747
0.028508
-0.00402
-0.0043
-0.00708
0.006685
-0.00972
-0.00119
0.003428
-0.02075
0.007498
0.01404
-0.00079
0.005251
0.023424
-0.00977
-0.01195
-0.00629
0.001709
-0.0021
0.012034
0.008932
-0.004
-0.00129
0.003104
AMH
Firm
return
0.009302
0.00699
0.004448
-0.0165
0.001127
0.000282
-0.00962
-0.0201
-0.00845
-0.01414
-0.00059
-0.00715
-0.01203
-0.01494
0.004598
0.020881
0.00627
0.020036
0.004366
0.001161
-0.0032
0.001745
0.004348
-0.00551
0.019015
-0.00774
-0.00925
0.003766
-0.01163
0.004379
0.00436
-0.00874
-0.02039
0.002684
-0.00268
-0.0003
-0.00269
-0.00872
0.004221
-0.00452
0.004523
-0.0012
-0.05702
-0.01737
0.013856
0.019332
0.010615
AXE
Firm
return
0.010859
-0.0153
0.029379
0.000665
0.025285
0.006786
-0.00193
0.022337
-0.00538
-0.01245
0.013402
-0.02568
-0.02369
-0.06465
-0.0082
-0.09459
0.015625
-0.01957
-0.00515
-0.01683
0.01085
0.009151
-0.03301
-0.05382
0.068042
-0.03825
0.015395
0.050715
0.000785
0.03089
0.01322
-0.04804
0.015625
0.036907
-0.00374
-0.00639
-0.00568
0.015066
-0.03229
0.011516
-0.03101
0.023347
-0.02138
0.024836
0.008017
-0.02698
-0.02372
ABI
Firm
return
-0.00199
0.000399
0.011492
0.115943
0.039895
-0.0406
-0.01486
-0.00715
-0.02397
-0.01221
-0.0222
-0.02076
-0.03197
-0.02642
0.023607
0.039824
-0.02703
-0.01199
0.00641
-0.0012
-0.03292
0.013544
0.089251
-0.02186
0.041066
-0.01846
-0.02757
-0.017
-0.02246
-0.0068
0.007194
-0.00719
-0.03552
-0.00584
-0.01389
-0.1125
0.050866
0.016544
-0.01654
0.015657
0.01279
0.002189
-0.02211
0.13135
-0.04777
-0.01742
0.033734
ONE
Firm
return
0.013405
-0.00534
0
-0.0105
-0.01857
-0.00276
-0.0519
-0.02297
-0.00089
0.015385
0.032638
-0.00142
-0.01867
0.012104
0.007989
-0.01518
0.010047
0.025104
0.004724
-0.02158
-0.05413
0.026558
-0.02357
0.020072
-0.00645
0.02584
-0.00488
-0.0052
-0.04713
0.031957
0.01459
0.028557
-0.00536
0.000283
0.00733
0.000562
-0.03398
-0.02977
0.027156
-0.03768
0.024788
0.012605
0.005809
-0.00377
0.01271
0.027182
0.043455
-68
-67
-66
-65
-64
-63
-62
-61
-60
-59
-58
-57
-56
-55
-54
-53
-52
-51
-50
-49
-48
-47
-46
-45
-44
-43
-42
-41
-40
-39
-38
-37
-36
-35
-34
-33
-32
-31
-30
-29
-28
-27
-26
-25
-24
-23
-22
-21
-20
-19
-18
-17
-0.01005
-0.05823
-0.01076
0.005755
0.044888
0.015652
-0.01771
-0.02435
0.022974
-0.04793
-0.0595
0.030191
0.033629
-0.01521
0.010889
0.024957
-0.00282
0.020273
0.01238
-0.00205
0.060463
0.061875
0.007246
-0.0012
0.003608
-0.03419
-0.00936
-0.00125
0.015572
0.00984
-0.0273
-0.00189
0.032241
-0.02721
0.036323
0.027432
0.023257
-0.01915
-0.02191
-0.003
0.007777
-0.02596
-0.02101
0.021014
0.016379
0.007791
-0.01504
0.025136
0.009412
-0.00176
0.018019
0.019396
-0.02896
0.038435
0.018678
-0.00541
0.030537
-0.01898
-0.01934
0.015504
0.052446
-0.0214
-0.00374
0.003736
0.002235
0.000744
-0.00447
0.022157
0.015223
0.010734
0.018336
-0.01905
-0.00428
-0.02756
-0.01706
-0.09651
0.00902
-0.02479
-0.08284
-0.06188
0.070925
0.079627
-0.00167
0.077732
0.022867
-0.03684
0.036088
0.020896
-0.00741
0.004454
-0.00074
-0.00595
0.016273
0.01167
-0.02125
-0.01493
0.014926
-0.03161
-0.00845
0.001541
0.014521
-0.00609
0.011385
-0.00758
-0.0132
0.025206
-0.00219
-0.01218
-0.05509
0.036161
0.034899
0.010984
0.029599
0.009168
0.029698
-0.00903
-0.0381
0.00743
-0.00813
0.003514
0.002662
-0.0021
-0.00492
-0.01334
-0.01671
0.011694
-0.01446
0.000582
0.017314
0.041194
0.013904
0.004053
0.02411
0.013205
0.013033
-0.00038
-0.01252
-0.00913
-0.012
-0.00319
-0.00681
0.005478
0.012842
-0.00885
-0.0004
0.004768
-0.0234
-0.00488
-0.0075
-0.00591
0.000689
0.00371
0.01281
0.014118
0.007581
0.005945
-0.00557
0
0.013672
-0.00797
-0.0022
0.000259
-0.01394
-0.02068
-0.04409
-0.03736
-0.03897
-0.01507
-0.05323
-0.04703
-0.00034
0.029908
0.035097
-0.02608
0.024494
-0.00623
0.034323
0.010623
0.010208
0.013401
-0.00165
0.018406
-0.00575
-0.02365
0.005589
-0.00786
-0.04106
0.003474
0.00832
-0.03241
-0.00827
0.013744
0.016248
-0.01128
-0.0426
-0.02979
0.015512
-0.02206
-0.0052
-0.00873
0.012719
0.014609
0.044875
-0.01811
-0.00116
-0.06245
-0.0514
0.024302
-0.00623
0.00312
-0.02812
-0.00934
-0.01302
0.019468
-0.00483
0.001935
-0.00323
0.001615
-0.00843
0.031718
-0.00951
0.003179
-0.01245
0.007682
-0.00479
-0.00546
-0.00064
0.006106
0
-0.01974
0.075204
0.012052
-0.01661
-0.03502
0.00754
-0.00754
-0.00316
-0.00794
-0.00736
-0.01652
0.012979
0.069122
-0.02036
0.029347
0.036016
-0.02948
0.028615
-0.00664
0.004626
-0.0201
-0.04146
0.008248
0.025827
-0.00416
0.000893
0.003267
-0.01674
-0.02906
-0.00373
-0.005
-0.00803
0.044943
0.0584
0.013365
0.007151
-0.00572
-0.02577
-0.0178
0.014121
0.011739
0.020932
0.011364
0.017154
0.011732
-0.03349
-0.00855
0.011384
0.011606
-0.00984
-0.00567
0.027668
-0.00624
-0.00698
0.045501
0.027706
0.003896
-0.03227
-0.01756
-0.0151
-0.00069
-0.01569
0.01049
0.019632
-0.01305
-0.01427
0
0.01634
-0.00173
0.001726
0.011997
-0.01822
0.006571
0.037549
0.016464
0.001958
-0.03415
-0.00983
0.018225
-0.00402
-0.00945
-0.01022
-0.00481
0.008058
0.016713
0.019926
-0.03704
0.026932
0.037205
0.079579
0.041211
0.009299
-0.00963
-0.03775
-0.05339
-0.01436
0.041415
-0.02486
0.018077
0.035203
0.043654
-0.01872
-0.02979
0.011061
0.020416
0.018686
0.057177
-0.00752
-0.00916
0.013245
-0.00881
-0.00825
0.039674
0.005193
0.006681
-0.01341
0.038513
-0.0083
0.008299
0.012029
0.009578
0.014909
-0.05438
0.009569
-0.01681
-0.06632
0.027434
0.031591
0.068057
-0.01059
-0.03396
-0.01168
-0.02811
0.040388
0.002675
0.003471
-0.0008
-0.00777
0.001612
0.003483
0.00187
0.008506
-0.01655
0.005635
0.010912
0.003962
0.001054
-0.00502
-0.02465
-0.01036
0.003284
-0.01625
0.004157
0.011001
0.023785
-0.00697
-0.00081
0.008577
0.013256
0
0.004205
-0.00368
0.000789
-0.00475
0.029169
-0.01136
0.00492
-0.00752
-0.01706
-0.00318
-0.0072
-0.01564
0.002714
0.006752
-0.02839
0
-0.00305
0.005816
-0.00138
0.012368
-0.01375
-0.02071
-0.02114
0
0.01462
0.007937
0.026193
-16
-15
-14
-13
-12
-11
-10
-9
-8
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
-0.01136
0.003423
-0.00457
0.021506
0.01169
-0.01505
-0.00846
0.012388
-0.00956
-0.00396
0.015199
-0.0569
-0.00534
-0.02224
-0.00793
0.002448
0.033066
-0.01549
-0.00723
-0.0439
-0.02367
0.036853
-0.00626
-0.0502
-0.01329
0.004005
0.063872
0.04282
0.015449
0
0.0302
-0.02491
0.035851
-0.02376
0.014174
-0.00371
0.003711
0.01105
0.002926
-0.01398
-0.01869
0.006769
0.043995
-0.00576
0.019293
-0.02363
0.00722
0.024868
0.051293
-0.00803
0.001343
0.012008
0.014483
0.022618
-0.0077
-0.00387
-0.02421
-0.00865
0.010631
0.026738
-0.01165
0.000651
-0.01839
0.023577
-0.00581
0.000397
-0.00744
-0.02417
-0.03505
-0.00255
-0.01185
0.005585
0.002852
0.012876
0.022382
-0.01148
0.002361
-0.00375
-0.01997
0.011863
0.040311
-0.00554
-0.01461
-0.0248
-0.02038
-0.02551
0.005008
-0.02078
0.031889
-0.08172
0.051025
-0.01571
0.013455
0.026233
0.010477
0.011371
0.000182
0.036075
-0.02468
0.013394
-0.00249
0.004436
-0.00711
0.017324
0.008898
0.005198
0.005858
0.025442
-0.02476
-0.00499
-0.00797
-0.00856
0.00821
-0.00541
0.014758
-0.00657
0.015323
0.017445
0.004189
0.006167
0.011565
0.009319
0.014379
0.011008
-0.01245
-0.00564
-0.01317
0.005387
0.003438
-0.02017
-0.00928
0.032873
-0.01757
-0.00858
-0.02882
-0.0179
0.050858
0.003807
-0.00667
0.02456
0.004964
0.008936
-0.01764
-0.01225
0.013811
0.008381
0.004934
0.013444
0.014462
0.006559
-0.01951
0.027792
-0.00384
0.006194
-0.00767
0.036368
-0.00602
-0.01535
0.029338
0.002265
-0.00207
-0.00692
-0.00243
-0.03471
-0.01123
0.02732
-0.0089
0.035844
-0.02552
0.015461
0.000697
-0.01404
-0.02215
0.008275
0.00429
-0.01727
-0.00364
-0.00146
-0.01396
-0.01528
-0.01552
0.000381
0.008356
0.013151
-0.02227
0.015152
0.025243
0.006577
-0.02919
-0.03046
0.033077
0.040672
0.025785
0.028797
0.008396
0.028844
0.012112
0.027703
0.00855
-0.00517
0.038911
-0.02271
-0.03268
-0.0525
0.045888
-0.00933
-0.05224
0.020948
-0.02349
0.009855
-0.0342
0.014107
-0.02314
0.008159
-0.01226
-0.01629
0.005657
-0.29205
-0.03233
-0.02201
-0.0486
0.008339
-0.02613
0.06007
-0.01078
-0.00838
-0.02959
0.014335
-0.02829
0.014246
0.021138
-0.00453
-0.01632
0.013188
0.042382
-0.00273
-0.00329
0.010654
-0.01506
0.015058
0.00731
0.011266
-0.00857
0.029948
-0.00944
0.015691
-0.00416
-0.01391
0.002639
-0.00953
0.006629
0.004483
0.005248
-0.00656
-0.00581
0.002382
time
(relative to the
event date)
-115
-114
-113
-112
-111
-110
-109
-108
-107
-106
-105
-104
-103
-102
-101
-100
S&P 500
return
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
S&P 500
return
0.003855
0.005095
0.012907
-0.0106
0.005442
-0.00944
-0.00839
0.001163
-0.01141
-0.01766
-0.00453
-0.0049
0.003428
0.008671
0.0113
-0.00949
S&P 500
return
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
S&P 500
return
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
0.006855
-0.0145
-0.00113
0.023415
0.006222
-0.01094
0.009922
S&P 500
return
-0.01189
-0.00782
-0.01578
0.006182
0.003855
0.005095
0.012907
-0.0106
0.005442
-0.00944
-0.00839
0.001163
-0.01141
-0.01766
-0.00453
-0.0049
S&P 500
return
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
S&P 500
return
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
S&P 500
return
-0.01343
0.011758
-0.00869
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
-0.0057
0.005841
-99
-98
-97
-96
-95
-94
-93
-92
-91
-90
-89
-88
-87
-86
-85
-84
-83
-82
-81
-80
-79
-78
-77
-76
-75
-74
-73
-72
-71
-70
-69
-68
-67
-66
-65
-64
-63
-62
-61
-60
-59
-58
-57
-56
-55
-54
-53
-52
-51
-50
-49
-48
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
0.006855
-0.0145
-0.00113
0.023415
0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.003428
0.008671
0.0113
-0.00949
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
0.006855
-0.0145
-0.00113
0.023415
0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.009931
0.006432
0.002256
-0.02508
-0.04414
0.01472
-0.02618
0.005854
-0.01982
0.017473
-0.02437
-0.01809
-0.00407
0.019713
0.011219
0.025253
-0.02473
-0.00464
0.010727
-0.01254
-0.035
-0.00291
0.042753
-0.02019
0.008085
0.026706
-0.00213
0.014991
-0.00323
0.01023
0.038153
0.012465
-0.00858
-0.01509
-0.01224
0.015815
0.004685
0.014898
-0.00287
0.013498
0.000781
-0.01498
0.014337
-0.00245
-0.00183
-0.0045
-0.00029
-0.00761
0.002606
0.000416
0.028055
0.00272
-47
-46
-45
-44
-43
-42
-41
-40
-39
-38
-37
-36
-35
-34
-33
-32
-31
-30
-29
-28
-27
-26
-25
-24
-23
-22
-21
-20
-19
-18
-17
-16
-15
-14
-13
-12
-11
-10
-9
-8
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
0.014824
-0.0071
-0.02505
-0.00405
-0.00599
-0.00309
0.014749
0.014238
-0.004
0.009892
-0.00182
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.002689
0.016025
-0.00263
-0.01565
0.003191
-0.01189
-0.00782
-0.01578
0.006182
0.003855
0.005095
0.012907
-0.0106
0.005442
-0.00944
-0.00839
0.001163
-0.01141
-0.01766
-0.00453
-0.0049
0.003428
0.008671
0.0113
-0.00949
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
0.006855
-0.0145
-0.00113
0.023415
0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
5
6
7
8
9
10
11
12
13
14
15
0.014824 -0.00687 -0.02903 0.005793 -0.00732

-0.0071 -0.01842 0.011679 -0.00841 -0.00494
-0.02505 0.010297 0.014824 0.004342 0.011638
-0.00405 -0.00066
-0.0071 -0.00021 0.006136
-0.00599 -0.00842 -0.02505 0.004115 -0.00687
-0.00309 0.013101 -0.00405 0.006729 -0.01842
0.014749 0.022073 -0.00599 0.003356 0.010297
0.014238 -0.00278 -0.00309 -0.01121 -0.00066
-0.004 -0.00756 0.014749 0.005724 -0.00842
0.009892
-0.016 0.014238 0.009138 0.013101
-0.00182 -0.00278
-0.004 0.006194 0.022073
-0.01108
-0.01905
0.013423
-0.01563
0.008191
0.017815
-4.5E-05
0.00046
-0.00285
0.022382
0.019304
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
0.014824
-0.0071
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
BAX
Firm
return
-0.00568
-0.00412
-0.03426
-0.01224
-0.01408
-0.02392
0.007235
0.02274
0.040124
0.019474
0.00944
-0.01929
0.005731
0.005067
0.000947
-0.01655
-0.01389
0.012928
-0.00483
0.027059
-0.01264
-0.01248
-0.00808
0.02152
0.017326
0.000936
0.028301
0
-0.00945
0.025991
-0.00299
-0.03999
0.024609
0.001821
0.004539
-0.00545
0.008163
-0.00634
-0.00364
-0.02276
-0.02489
-0.0265
-0.00394
-0.00594
0.000661
0.011177
-0.01184
BEC
Firm
return
0.001778
-0.00509
0.011666
0.012528
-0.02012
-0.03885
-0.00317
0.047098
0.005546
0.009009
-0.01253
-0.00328
0.009823
-0.01821
0.00204
-0.00025
0.004829
-0.01482
-0.0153
-0.00945
0.007621
-0.02922
-0.01384
0.040439
-0.03092
-0.07619
0.044845
0.000559
0.024543
0.020758
0.028149
0.006206
-0.02374
-0.02513
-0.00815
0.0232
-0.00107
-0.00401
-0.00537
-0.02179
0.017743
-0.00054
-0.03358
0.038176
0.013118
0.00557
-0.0101
BTH
Firm
return
-0.00502
-0.01266
0.025169
-0.01503
-0.02815
-0.00912
-0.01097
0.010972
-0.00657
-0.00044
0.015267
-0.00913
-0.0035
0.004811
-0.00525
0.001315
0.005242
-0.02381
-0.00537
0.008488
-0.00446
0.000893
0
0
-0.00268
-0.01125
0
-0.00408
-0.02718
-0.01696
0.006157
0.020099
-0.00324
-0.02111
0.000948
-0.01096
0.007634
-0.04421
-0.00249
0.027991
-0.07907
-0.04502
0.052855
-0.01996
-0.00906
0.038335
0.015845
POS
Firm
return
0.021654
-0.04379
-0.03169
-0.05689
0.047042
-0.00248
-0.00391
0.03117
-0.03509
-0.02166
-0.00366
0.021023
0.013184
-0.01966
-0.0219
0.015016
0.011924
-0.01192
0.000363
-0.03551
0.04563
-0.03738
-0.01429
0.024693
-0.01564
0.035402
0.014389
0.018752
0.004197
-0.01548
-0.0215
0.001448
0.007566
-0.0018
0.01073
0.01132
0.003862
0.017023
0.002752
-0.01453
0.022062
0.029231
-0.01501
0.009701
-0.00167
0.002664
0.004314
CRA
Firm
return
-0.03488
-0.04871
-0.00342
0.05506
0.019293
-0.03566
0.010832
-0.01845
-0.001
-0.00634
-0.00504
-0.03949
0.00524
-0.02077
0.001422
0.036964
-0.01553
-0.03936
-0.02638
-0.0271
-0.02394
0.012813
0.020241
0.033826
-0.00037
0.030605
-0.01609
0.008969
-0.03711
-0.01607
-0.0148
-0.01657
-0.06048
-0.05867
0.000438
-0.13072
0.004975
0.021601
-0.02409
0.019705
0.054581
0.041616
-0.00311
0.047731
0.020965
-0.00416
0.013656
CPQ
Firm
return
-0.01602
-0.04088
-0.02521
0.006192
0.020367
-0.01013
-0.02335
-0.03753
0.001442
0.008608
-0.00933
-0.03149
-0.01348
-0.02752
0.048421
-0.02771
0.003789
-0.01448
-0.03435
-0.02738
-0.10854
-0.06193
-0.00583
0.0231
-0.0231
-0.16821
-0.02686
-0.04601
-0.03531
0.017812
0.065877
0.035946
-0.04902
0.018958
-0.02978
0.002415
-0.02072
0.058594
0.022963
-0.00341
0.025859
-0.00445
0.052129
0.040441
0.003044
-0.01223
0.038234
GLW
Firm
return
0.017754
-0.07429
-0.02515
0.008675
-0.006
-0.03192
-0.00623
-0.00977
0.022878
0.07205
0.009521
-0.02819
-0.0527
-0.19196
-0.00333
-0.0761
-0.04408
0.02412
0.00366
-0.05153
-0.01942
-0.0198
0.011929
-0.08235
-0.02169
0.096107
-0.04169
-0.04242
-0.1002
0.05476
-0.01946
0.025115
0.01455
-0.156
-0.0026
-0.04392
-0.04736
0.072884
0.168074
0.010039
-0.00111
-0.05129
-0.04669
-0.01731
-0.01508
0.018809
0.026962
CVD
Firm
return
-0.05275
-0.04299
-0.01446
0.019231
-0.02632
0.09531
-0.03495
0.00209
-0.00251
-0.03797
0.025752
-0.01408
0.007706
0.006376
-0.02141
0.00432
-0.01345
0.004794
-0.01313
0.019198
0.02602
-0.06749
-0.07674
-0.04782
0.02519
-0.03803
0.018941
-0.03983
0.002635
0.020318
-0.00881
0.025175
0.014606
-0.02686
-0.01971
-0.02869
-0.01084
-0.05316
0
-0.0262
-0.09007
0.122006
-0.00286
-0.02613
0.016336
0.035809
0.016062
DOW
Firm
return
0.014257
0.00202
0.015685
-0.02787
0.019889
-0.00569
-0.0142
-0.00204
0
-0.02452
-0.01444
0.049145
-0.0222
0.067103
0.091281
0.018976
-0.04193
-0.05517
0.020814
-0.0132
0
-0.02271
-0.01139
-0.05171
0.037868
0.063003
-0.02269
0.056981
0.060448
-0.00483
0.037719
-0.00992
-0.03208
-0.05074
0.010772
0.045099
-0.05768
0.010791
-0.06625
-0.02288
-0.02375
-0.00603
0.031728
-0.00784
0.003927
-0.02782
-0.00809
-0.02784
0.002039
-0.0051
-0.00719
0.020746
0.027226
-0.02219
-0.01145
0.014461
0.024082
-0.00196
-0.02313
-0.02265
0.04283
0.020746
0.055232
-0.03869
0
-0.01174
0.02304
-0.03073
-0.01295
-0.00196
-0.02916
-0.00404
-0.02392
-0.02238
0
0.08341
-0.00587
0.018801
-0.01195
0.004216
0.00194
0
-0.00713
-0.00195
-0.00098
-0.03756
-0.02192
0.008619
-0.0107
-0.02139
-0.0032
-0.03179
0.01999
-0.00541
-0.02825
-0.01689
0.012413
-0.00675
0.028202
-0.0121
0.000811
-0.00162
0.019298
-0.06583
0.022706
0.017311
-0.00027
0.002993
0.004608
-0.01033
-0.0052
-0.00468
-0.01585
0
-0.00056
0.018344
0.013405
-0.01396
-0.0011
0.006325
-0.01658
0.014114
-0.00275
0.000551
0.013948
0.019366
0.034044
0.02517
0.002758
-0.00401
-0.0252
0.012044
-0.03262
-0.01886
0.06489
-0.00504
0.012301
0.028531
-0.00755
0.003415
0.002432
-0.00438
-0.01005
0
0.001724
0.010279
-0.012
0.012246
0.004614
0.00242
0.002173
-0.01998
-0.00779
0.027765
-0.00152
0.014621
-0.01971
-0.00153
0.056164
0.027647
-0.03687
0.024574
-0.00908
-0.01451
-0.01226
-0.00395
0.009857
-0.00738
-0.01845
0.022395
-0.02441
-0.00658
-0.03303
0.017681
0.018893
0.005045
0.001509
0.001005
-0.01111
0.011106
-0.00503
-0.00963
0.009633
0.0386
-0.01221
-0.00098
0.015618
-0.00388
-0.02212
0.039947
-0.0154
0.014922
-0.01784
0.03536
-0.06698
0.009493
0.039966
0.018931
-0.01464
0.008998
-0.01425
0.007623
0.008977
0.005943
0.020203
0.006751
0.010201
-0.00956
0.012411
-0.00858
0.026752
0.028171
0.04227
-0.01693
-0.01902
-0.0139
0.007275
-0.03005
0.02429
0.001821
0.030165
-0.00946
-0.01436
0.021756
-0.01246
0.008323
0.005903
0.02327
-0.0023
0.001152
0.004595
0.014507
0.007876
-0.01895
0.020911
0.020482
-0.01657
0.000557
0.013275
-0.00745
0.011558
0.039957
-0.00105
0.026232
-0.02729
-0.02562
0.007271
-0.01596
0.007605
0.018231
0.000797
-0.00853
-0.01892
-0.02402
-0.01634
0.028365
-0.03745
0.020526
-0.02343
0.023027
0.021316
0.053082
0.011257
-0.0105
0.017938
-0.0678
-0.00916
0.023717
0.030772
-0.01912
0.020635
-0.00076
-0.00417
-0.05107
-0.0589
-0.00297
0.014784
-0.01011
0.045942
0.012462
0.007959
-0.01317
-0.00121
-0.01295
0.058154
0.001152
0.086371
-0.03475
0.02591
-0.03801
-0.01225
0.059811
0.012588
0.025387
-0.05716
0.023747
0.006981
-0.02465
0.035374
0.04508
-0.02768
-0.02119
-0.03194
0.001782
-0.02926
0.000733
0.00183
-0.04235
-0.02503
0.029138
-0.0155
-0.02639
0.035718
0.004119
-0.0292
-0.03226
-0.02098
-0.0283
0.043803
-0.00441
-0.01222
-0.0563
-0.06218
0
-0.03325
-0.00914
0.13942
0.127377
0.067987
-0.03828
0.004866
-0.07247
0.004167
0.013423
0.014257
-0.0434
-0.04868
0.057097
0.055994
0
0.06144
0.076168
-0.04681
0.017922
-0.1543
-0.022
0.031285
-0.04193
0.00959
0.00106
-0.04109
-0.00887
0.009972
0.086552
-0.02768
0.01137
0.01833
-0.00404
-0.01326
-0.01217
0.06515
-0.01037
-0.00348
-0.0599
-0.00495
-0.0264
0
0.058149
0.027269
0.023122
-0.12265
-0.02089
0.015707
0.03697
0.080524
0.03851
0.110348
0.016774
-0.06781
0.03093
0.037853
0
-0.00196
-0.08372
0.001064
0.003186
-0.05224
0.058585
0.062297
0.013766
-0.05315
0.014315
0.044672
-0.01763
-0.12286
-0.02374
-0.02667
0.004689
-0.00587
-0.0059
0.010595
-0.01534
-0.01317
0.020275
0.060694
-0.00893
0.028731
0.055099
0.098118
-0.01792
-0.00286
-0.01105
0
-0.02817
-0.01904
-0.01349
-0.07347
0.000635
-0.03554
0.001972
0.075233
0.064272
0.024818
-0.00279
0.030264
0.054837
0.018302
-0.03852
0.013004
0.025512
-0.01728
-0.03177
-0.02953
0.008141
-0.00814
0.024227
0.015831
-0.03843
-0.03488
0.003375
0.02276
-0.04032
0.0447
-0.00274
-0.00991
0.03052
0.073456
0.019754
0.013117
0.00241
-0.02783
-0.04041
0.030459
0
-0.0005
0.024705
0.030283
0.004252
-0.03502
-0.02122
0.005471
-0.00547
0.015834
0.022097
0.01185
0.011711
0.005483
-0.01295
0.035529
0.029437
-0.00551
-0.00925
-0.01185
-0.02412
0.031618
-0.04683
0.003256
-0.02235
-0.002
-0.00133
0.035712
-0.03205
-0.01676
-0.00169
-0.01845
-0.03081
0.065383
0.025651
0.017061
0.014261
0.024861
-0.00492
-0.01335
0.032296
0.036843
-0.00703
-0.05154
-0.03622
-0.02501
-0.01725
0.013954
0.031501
-0.04112
-0.02223
-0.021
0.031499
0.015385
0.018741
0.008433
-0.01957
-0.00165
0.015387
-0.02334
0.020409
0.048961
0.013447
-0.00362
-0.04029
-0.0483
0.043763
0.029496
0.005504
-0.04223
0.00495
0.087233
0.05683
-0.01025
-0.001
0.019105
-0.00196
0.018783
-0.03893
-0.0209
0.001361
-0.00102
0.020557
0.019161
-0.00788
-0.00198
-0.00298
-0.03097
-0.00927
0.019816
0.017106
-0.01204
-0.01458
-0.05981
-0.00872
0.006306
-0.00728
0.022159
0.046542
0.01758
-0.00695
-0.0009
0.002025
-0.00338
0.008979
-0.03271
0.019889
0.013043
0.012875
0.011622
-0.00349
-0.01122
-0.00599
0.005991
-0.00155
0.000222
-0.01518
-0.00451
0.00158
0.050153
-0.0147
0.00174
0.010594
0.007285
-0.02224
-0.00745
0.007498
0.006978
-0.00325
0.010181
-0.0544
0.052556
0.039788
0.008826
0.01049
0.000869
0.021488
-0.01542
-0.02758
0.034464
0.010239
-0.02623
-0.00393
-0.00219
-0.00881
-0.00443
-0.00401
-0.02255
-0.01702
0.012909
-0.01523
-0.00466
0.02081
-0.0129
-0.00279
0.000465
-0.00466
0
0.026631
0.014827
-0.01954
0.029305
0.024791
-0.00687
-0.00053
-0.01362
-0.00702
-0.01336
0.007927
-0.01012
-0.0069
-0.00083
0.011848
-0.00329
0.027377
-0.01971
0.004897
-0.00299
-0.00464
-0.00686
-0.02792
-0.00939
-0.00717
0.033681
0.008867
-0.0072
0.007198
0.005776
-0.00743
-0.01223
0.020985
-0.00287
0.002152
-0.04245
0.026196
-0.01689
-0.00483
0.015876
0.003656
-0.02625
-0.0113
-0.05411
0.029559
-0.03961
0.014839
-0.00479
-0.00602
-0.00849
-0.02632
-0.00292
-0.02711
0.003001
0.02034
-0.06678
0.048149
-0.04145
-0.00402
-0.03922
-0.01973
-0.00333
-0.00525
0.007151
0.070361
0.044909
0.038587
0.025208
-0.03405
-0.04449
0.0184
0.044571
-0.03189
0.023133
-0.02044
0.055012
-0.02408
-0.0518
0.038656
0.058236
-0.00835
-0.00589
-0.05731
0.066547
0.029656
-0.0205
0.008251
-0.01657
-0.00587
-0.02295
-0.00604
-0.00433
-0.03717
0.024935
0
-0.04038
0.001907
-0.01729
-0.02353
-0.02715
0.001019
-0.09165
0.00223
-0.03976
-0.0199
-0.01669
0.017868
-0.04467
0.006154
-0.0555
0.046874
-0.01371
-0.04754
-0.06805
-0.12751
0.069526
-0.03958
0.155038
0.092647
-0.02578
-0.09655
-0.02778
-0.01276
-0.02748
-0.00588
-0.0391
0.013709
0.048718
0.006362
0.051805
0.025607
0.01033
-0.02259
0.037673
-0.01195
-0.00715
0.007152
0.013275
-0.0022
-0.0336
0.014922
-0.02638
-0.03279
-0.00191
-0.03397
0.040625
0.000474
-0.04555
0.035553
0.009524
-0.00952
-0.0252
-0.01135
0.005444
0.002957
-0.06822
-0.06363
-0.00507
-0.00226
0.001695
-0.02037
0.004739
0.034994
-0.02683
0.003121
0.006213
0.00802
0.050617
-0.02604
-0.00722
-0.00971
-0.01104
-0.0215
0.03345
0.002434
-0.02461
0.016371
0.037286
0.002947
0.033568
-0.01116
0.02865
0.001956
0.013308
-0.01247
0.005007
-0.00167
0.054623
-0.00819
-0.01686
0
-0.01632
S&P 500
return
-0.00061
-0.01674
-0.02116
-0.00166
-0.02846
0.005373
0.005717
0.022041
-0.00452
0.013956
-0.00618
-0.0091
0.011479
0.034659
0.015148
-0.00648
S&P 500
return
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
-0.0057
0.005841
0.009931
0.006432
0.002256
S&P 500
return
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
S&P 500
return
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
S&P 500
return
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
S&P 500
return
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
S&P 500
return
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
S&P 500
return
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
S&P 500
return
-0.01083
0.023181
0.004948
-0.01266
-0.00336
-0.01852
0.003517
-0.01872
0.014572
0.005352
-0.00959
0.004361
-0.02031
0.000213
0.007378
0.038183
-0.00472
0.005321
0.005674
0.005555
0.004936
-0.00855
0.005974
0.005808
0.010513
-0.0012
0.018249
-0.00661
0.010037
-0.00207
-0.00075
-0.01154
0.008817
-0.00032
-0.00622
-0.01353
0.006323
0.008066
0.017071
-0.00698
-0.01
-0.00376
0.003009
0.006322
-0.00129
-0.00855
0.007215
0.003849
0.001585
-0.00207
0.010759
0.001882
0.015347
-0.00085
0.000384
0.003971
0.00069
0.003259
-0.00959
-0.0391
0.00192
0.000955
0.02673
0.011128
-0.01315
-0.0044
0.012096
0.010615
-0.02508
-0.04414
0.01472
-0.02618
0.005854
-0.01982
0.017473
-0.02437
-0.01809
-0.00407
0.019713
0.011219
0.025253
-0.02473
-0.00464
0.010727
-0.01254
-0.035
-0.00291
0.042753
-0.02019
0.008085
0.026706
-0.00213
0.014991
-0.00323
0.01023
0.038153
0.012465
-0.00858
-0.01509
-0.01224
0.015815
0.004685
0.014898
-0.00287
0.013498
0.000781
-0.01498
0.014337
-0.00245
-0.00183
-0.0045
-0.00029
-0.00761
0.002606
0.000416
0.028055
0.00272
0.002689
0.016025
-0.00263
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-0.01839
-0.00587
0.019415
0.007498
-0.00656
-0.00819
-0.01411
-0.0217
0.008038
-0.01304
-0.0318
0.00797
0.024094
0.00705
0.010385
0.00398
-0.0105
-0.02843
0.048884
-0.01061
-0.02659
-0.00192
0.003805
0.009541
0.010265
-0.00625
0.006124
0.002123
0.013819
-0.00404
0.000268
0.012947
0.002863
-0.00499
-0.00189
0.006782
0.006983
-0.00564
0.005446
-0.01763
0.00358
-0.00151
-0.00844
-0.00625
-0.01343
0.011758
-0.00869
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00686
0.000522
-0.00712
-0.00292
-0.02802
0.006046
-0.00422
-0.00395
-0.02784
0.024905
0.010572
-0.00011
0.011185
-0.00042
-9.1E-05
0.012199
-0.02104
0.00362
-0.02119
0.002031
0.008675
-0.01031
0.000425
-0.03085
0.004507
0.006281
-0.00535
-0.01494
0.010957
0.013535
0.009302
0.001862
0.019643
-0.01278
-0.02597
0.00814
0.02528
-0.00473
-0.00824
-0.01784
0.023983
0.046546
0.004105
-0.00537
0.025245
0.004522
0.017643
7.2E-05
-0.00236
-0.01064
0.000524
-0.01375
-0.01565
0.003191
-0.01189
-0.00782
-0.01578
0.006182
0.003855
0.005095
0.012907
-0.0106
0.005442
-0.00944
-0.00839
0.001163
-0.01141
-0.01766
-0.00453
-0.0049
0.003428
0.008671
0.0113
-0.00949
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
0.006855
-0.0145
-0.00113
0.023415
0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
0.014824
-0.0071
-0.02505
-0.00405
-0.00599
-0.00309
0.014749
0.014238
-0.004
0.009892
-0.00182
-0.01108
-0.01905
0.013423
-0.01563
0.008191
0.017815
-4.5E-05
0.00046
-0.00285
0.022382
0.019304
-0.0067
0.014405
-0.00451
0.005832
0.003387
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
0.014824
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
0.014824
-0.0071
-0.02505
-0.00405
-0.00599
-0.00309
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
-0.0057
0.005841
0.009931
0.006432
0.002256
-0.02508
-0.04414
0.01472
-0.02618
0.005854
-0.01982
0.017473
-0.02437
-0.01809
-0.00407
0.019713
0.011219
0.025253
-0.02473
-0.00464
0.010727
-0.01254
-0.035
-0.00291
0.042753
-0.02019
0.008085
0.026706
-0.00213
0.014991
-0.00323
0.01023
0.038153
0.012465
-0.00858
-0.01509
-0.01224
0.015815
0.004685
0.014898
-0.00287
0.013498
0.000781
-0.01498
0.014337
-0.00245
0.007139
0.004919
-0.00749
-0.00494
0.009349
0.009948
-0.00787
-0.00258
-0.02252
-0.01834
-0.06005
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
-0.0023
-0.00991
-0.00091
0.011314
-0.00052
0.004059
-0.01588
0.001509
-0.00425
-0.01476
0.005832
0.00998
-0.0071 0.014749 -0.01638
-0.00997 -0.02505 0.014238 0.00998
-0.00736 -0.00405
-0.004 -0.00997
0.007893 -0.00599 0.009892 -0.00736
0.003513 -0.00309 -0.00182 0.007893
0.000998 0.014749 -0.01108 0.003513
-0.00019 0.014238 -0.01905 0.000998
-0.02903
-0.004 0.013423 -0.00019
0.011679 0.009892 -0.01563 -0.02903
0.014824 -0.00182 0.008191 0.011679
-0.0071 -0.01108 0.017815 0.014824
-0.00183
-0.0045
-0.00029
-0.00761
0.002606
0.000416
0.028055
0.00272
0.002689
0.016025
-0.00263
GUC
Firm
return
-0.02639
0.021228
-0.02997
-0.02188
-0.02961
-0.02305
0.004047
0.028208
-0.00755
0.003949
0.042122
0.031916
-0.02658
-0.00345
-0.0274
0.022042
-0.0038
0.030301
-0.00339
-0.01587
0.04027
0.048805
0.052541
-0.0173
0.055495
0.038051
0.0521
0.004063
-0.05465
-0.01882
-0.01474
0.005973
-0.02252
-0.01683
0.018413
0.016521
0.051943
0.064307
-0.02011
-0.00402
-0.02473
0
-0.03388
-0.02625
-0.01038
0.007537
0
HON
Firm
return
-0.00642
-0.00618
0.011768
-0.00867
0.013397
0.017315
0.010031
-0.01495
0.030738
-0.02256
0.006767
0.010999
0.026851
0
-0.03758
-0.01358
-0.00356
0.010371
-0.00845
0.011976
-0.01335
-0.03147
-0.00142
-0.1908
-0.03419
-0.07018
-0.11912
0.04977
0.115832
0.01443
-0.08285
-0.03726
0.052323
-0.01118
-0.0176
0.049635
0.009341
0.022068
0.0255
-0.0032
0.012726
0.01879
-0.00727
-0.02924
0.001786
-0.02311
-0.00293
IN
Firm
return
-0.05906
-0.07012
0.051293
0.060625
0.108696
0.017988
0.214148
0.062591
-0.06059
-0.05598
0.013334
0.002089
-0.00663
-0.01091
0.047356
-0.04948
-0.00891
0.002145
0.028518
-0.00872
0
0.085844
-0.03665
-0.04919
0.030347
0.002036
-0.05433
-0.02025
-0.08615
0.044002
-0.04879
0.027226
-0.03728
0.12552
0.127634
-0.02606
0.058767
0
-0.07303
-0.05643
-0.01954
0
-0.04063
0.027151
-0.10576
-0.05341
-0.04848
KMG
Firm
return
-0.01123
-0.00015
-0.01799
-0.02234
0.006477
-0.00015
0.006741
-0.0227
-0.04016
0.050569
-0.00932
-0.00313
0.003125
-0.00125
-0.02612
-0.02402
-0.01539
-0.01073
0.0109
-0.05133
-0.00035
0.002105
0.010981
0.01343
0.000855
-0.03195
0.030579
0.043037
0.020281
-0.00774
-0.00178
-0.01536
0.002631
-0.01073
-0.00549
-0.00017
-0.0281
0.005479
0.013906
-0.00507
0.012113
0.035322
-0.00162
-0.01351
-0.01137
-0.00816
-0.00435
LZB
Firm
return
0.028263
-0.01568
-0.00396
-0.00464
-0.02828
-0.00411
-0.02079
0.020791
-0.02079
-0.00915
-0.03013
0.04347
-0.03477
0.012913
-0.02016
0.022295
0.030125
-0.00901
-0.00839
-0.02129
0.01707
0.008427
0.029627
-0.0123
0.008214
0.04074
0.020085
-0.00386
-0.04074
-0.01623
0.024909
0
0
-0.01271
-0.00405
0
-0.01636
0.056777
0.023742
-0.02374
-0.01176
0.073451
0.011533
-0.03814
-0.01135
-0.03945
0.04703
MWD
Firm
return
0.035286
0.064972
0.01591
0.009884
-0.0174
-0.07293
-0.02827
0.011013
0
-0.06429
-0.00481
0.050626
0.065083
0.051086
0.09878
-0.01128
-0.02935
0.002308
-0.01497
0.006351
0.019448
0.031309
0.025103
-0.01837
-0.03412
0.039958
0.024911
-0.01094
-0.02887
-0.02505
0.013041
0.009794
0.006027
0.010369
-0.01344
0.020815
0.024161
0.029773
0.01259
0.02987
0.015953
0.006546
0.009051
-0.00382
-0.04127
-0.00947
-0.03347
NCR
Firm
return
0.016436
0.013935
-0.02347
-0.02639
0.033652
0
0.020472
0.006262
-0.02014
-0.00536
0.008024
-0.05151
0.011796
-0.03096
-0.03286
-0.00593
0.00933
0.003617
0.056381
0.005319
0.007399
-0.02603
-0.03296
0.0029
-0.03099
-0.00299
-0.04937
0.012512
-0.02813
-0.03377
0.004822
0.012329
0.006977
-0.00723
-0.04241
-0.01764
0.035998
-0.00772
-0.07337
-0.00949
0.061202
-0.02674
0.025684
0.038092
0.018391
0.030726
-0.03573
ODP
Firm
return
BOH
Firm
return
0
-0.07009
0.021225
0
0.009646
0.039221
0.028812
-0.01052
0.028297
0.054299
0.016552
0
0.033628
0.032534
0
-0.0405
-0.02566
0.041533
0.009144
0.062993
-0.02347
0.007472
-0.00747
0
-0.00753
-0.05701
0
-0.02293
0.006798
0.024098
-0.00797
0.03279
0
0.031749
0.007472
-0.00747
0.014889
-0.00742
-0.00747
-0.04867
0
0
0.024629
0
-0.00771
0.02422
-0.01651
0
0.09679
0.024349
-0.02858
0.007749
0.016702
-0.0459
0.021445
-0.02144
-0.01749
-0.00886
-0.00894
0
-0.05145
0.060393
0
-0.00894
0.039624
0.029768
0.016621
-0.00413
0
-0.01249
0.008345
0.0327
0.004013
-0.04506
0.016621
-0.00413
-0.07294
0.064631
0.004164
0.008276
0.063851
0.045348
0.007362
0.061056
0.017104
-0.03802
-0.04381
0.081834
0
-0.02403
-0.01048
0
0.04463
0.013341
0.064425
0.020426
0.113014
0
-0.04209
-0.00266
-0.00893
0.004027
-0.03106
0.035965
0.010168
-0.00375
-0.00887
-0.01142
-0.01315
-0.00503
0.019312
0.086186
0.051696
0.206659
-0.01737
0.104646
-0.05234
-0.01411
-0.00094
0.028201
0.008624
-0.03683
-0.01084
0.008183
0.042945
-0.02616
0.012253
-0.02279
-0.0108
-0.00997
-0.0035
0.005411
0.001744
-0.00365
0.018121
-0.00815
-0.00901
-0.00813
-0.03074
-0.00381
-0.01335
0.022921
-0.03543
0.057678
0.03503
-0.00078
-0.01179
0.023806
-0.01275
0.024621
0.024728
0.03396
-0.00338
-0.04075
0.029179
0.030014
0.022665
0.026284
0.000316
-0.02757
0.019956
-0.00064
-0.03869
0.037728
-0.01576
-0.01076
0.015287
0.02329
0.003463
-0.00473
0.024331
0.023452
-0.0109
-0.00427
0.004574
0.002734
-0.00426
0.011211
0.033188
-0.01173
0.002062
-0.01244
0.005942
-0.00743
-0.02999
-0.03155
-0.00541
0.023961
0.01607
-0.01141
0.008337
0.012225
-0.0153
0.012567
0.023481
0.000595
-0.01227
0.019378
0.010929
-0.06744
0.110001
-0.01596
0.14296
-0.07861
0.012231
-0.04246
-0.08805
0.010667
-0.01067
-0.13775
0.006135
0.043875
0
-0.02469
-0.07796
-0.04477
0.122733
-0.11935
0.02778
0.040274
-0.02343
-0.03733
-0.15061
-0.11203
0.013724
0.004295
0.187072
-0.05354
0.030772
0
-0.00364
-0.01966
-0.00373
-0.00374
-0.06454
0.036653
0.027885
-0.00753
0.007528
0.007472
-0.11006
-0.16939
-0.01072
-0.02095
-0.06561
-0.02286
-0.0291
0.05196
0.039012
-0.02198
-0.0171
0.003069
-0.00598
-0.00257
-0.0012
-0.01979
-0.00035
0.014278
0.02594
-0.00422
0.000169
-0.00679
-0.01406
-0.0607
-0.05702
0.002135
-0.00837
-0.05052
-0.03516
0.003402
0.043002
0.037514
-0.01998
-0.0006
0.006774
0.044659
0.007756
-0.00396
0.00453
0.030783
0.009632
0.000723
-0.01548
0.01945
-0.00288
-0.03903
0.011943
0.013999
-0.00698
0.002943
0.020001
0.026469
0.020304
-0.03052
0.003536
-0.01047
-0.02638
-0.00367
-0.00018
0.011514
0.001816
0.024901
0.003769
0.015552
0.022583
-0.01889
0.014652
-0.01465
-0.01113
0.025784
-0.0073
0.007299
0.004233
0.01735
-0.00894
-0.01873
0.017528
0.004782
0.020656
0.027652
-0.01951
-0.01166
-0.02553
0.034282
-0.00524
0.011037
0.044075
-0.06097
0.008192
-0.01882
-0.01919
-0.02513
0.012951
-0.03682
-0.00638
-0.00835
0.030498
0.016139
0.000616
0.030902
0.011863
0.019849
-0.02221
0.016413
-0.01523
-0.05272
-0.02393
0.074882
-0.00593
-0.00956
0.009564
0.013003
0.014573
0.004043
0.033465
0.036923
-0.00595
0.003683
-0.01569
-0.0054
-0.04703
0.033465
-0.00348
0.013723
0.018117
0.040413
0.009568
-0.01986
0.016649
-0.01792
0.050405
0.023741
-0.02495
-0.03004
0.036856
-0.01734
0.014239
0.009779
-0.01259
0.01497
-0.01829
0.015914
0.015665
0.013014
0.015985
0.001044
-0.00704
-0.007
-0.01122
0.004756
0.036039
-0.01326
-0.03232
0.004195
-0.06339
-0.05205
0.041936
-0.01616
-0.0716
0.013858
0.020543
-0.0414
-0.02142
0.036851
0.015084
-0.00887
0.09289
0.060113
0.053444
-0.04189
-0.00598
0.016771
-0.00422
-0.00679
0.007422
-0.00678
0.005092
-0.01171
-0.00429
0.004506
-0.00882
0.000432
-0.00498
0.000434
0.016988
0.007435
0.009059
0.037057
-0.0073
-0.00469
0.02185
-0.01188
-0.01428
0.008591
-0.02453
-0.03116
-0.02861
0.038257
0.016917
-0.02828
0.042443
0.000413
0.010075
-0.00966
-0.00996
0.000834
0.006234
-0.04926
0.023019
-0.00661
-0.02625
0.003729
0.025509
-0.0103
0.005162
0.002357
0.007251
0.013298
0
-0.05663
0.024098
-0.03363
-0.14711
0.038855
0.019623
0
-0.01962
0
0.047628
-0.05682
-0.04887
0.030233
0.018634
0.018293
0.055815
0.043333
0.02566
-0.00803
-0.06096
0.052863
0.118686
-0.03802
-0.01511
-0.03355
-0.09347
0.017143
-0.00853
-0.0453
0.008929
0.019076
-0.028
0.045296
-0.0453
-0.01052
0.038523
-0.01023
-0.01778
0
0.028005
0
-0.01023
-0.0283
-0.0091
-0.00919
0
-0.03922
0.048409
0.019623
-0.04745
0.00936
-0.02346
0.010124
-0.01352
-0.02411
0.010405
0.02049
0.006738
0.006693
0.073909
0.036497
-0.03083
-0.01188
-0.01465
0.032671
-0.01802
-0.00104
0.00104
0
-0.00573
0.025788
-0.00818
-0.00412
-0.01088
0.003122
-0.0073
-0.02974
-0.00975
-0.01205
0.002751
0.024961
0.002676
0.010633
0.007376
0.024372
-0.00154
0.011225
0.0181
0
-0.0075
-0.00604
-0.00862
-0.05014
0.021198
-0.01267
0.006353
-0.01061
-0.02047
-0.00546
0.041282
0.038635
-0.00608
-0.01485
-0.00888
0
0.001721
-0.01623
-0.0091
-0.01746
0.000815
0.00844
-0.01023
-0.03034
0.052462
-0.03346
-0.01901
-0.01852
0.022381
0.005685
0.064559
0.1459
0.026
-0.03686
0.023216
0.012068
0.018675
-0.02542
-0.0092
-0.01457
0
0.006097
-0.01387
-0.02384
0
-0.02601
0.015527
0.002903
-0.0202
0.013222
-0.01886
-0.01649
-0.048
-0.03028
-0.05167
-0.0031
0.008256
0.005126
0
0.068811
0.034092
-0.02019
-0.03643
0.064579
0.019336
0.002092
-0.04895
0.021406
0.005815
0.028874
-0.03622
0.000615
0.00582
0.01154
0.020619
-0.00504
-0.02987
0.055114
0.163629
-0.01905
0.028812
-0.06324
0.043621
0.051255
-0.07517
0.052464
-0.03314
-0.01388
-0.02995
-0.02511
0.00491
0.020203
0.015086
-0.04596
-0.04213
0.047888
0.00491
-0.00491
-0.02913
0.018411
0.07966
0.07378
-0.01288
-0.04645
0
0.018692
0.058269
0.138759
0.080043
-0.10343
-0.00301
-0.00766
-0.05912
-0.06122
0.021549
-0.00455
0.047061
-0.03191
0.025835
-0.02681
0.009534
-0.01561
-0.00157
0.017962
0.003862
0.021736
0.020165
-0.04017
0.018493
-0.02603
-0.01681
-0.0161
-0.01881
0.020811
-0.00985
0.020388
0.02095
0.001742
0.008283
0.009546
0.016769
0.000934
-0.01979
-0.02742
0.055815
-0.01729
-0.01582
0.009406
0.009319
-0.0029
0.010411
0
-0.02741
0.008831
-0.01357
0.021746
0
0.02299
-0.01258
-0.01332
-0.01055
0.018103
0
0.025144
-0.00113
0.028406
-0.01382
-0.01855
0.011841
-0.01924
0.039221
-0.00772
0.007722
0
0.013657
-0.01433
0.017886
-0.08808
-0.01193
-0.111
0.042719
-0.09438
0.100001
-0.00641
-0.04949
-0.01276
0.047579
0.055671
-0.03707
0.040843
-0.03915
-0.01128
0.027845
0.017931
-0.00696
-0.01561
0.017127
0.038167
-0.04045
-0.04627
-0.04754
-0.03132
-0.02404
-0.0165
-0.0018
0.030758
-0.01457
0.023342
-0.01867
-0.01386
-0.03942
-0.1457
-0.01589
0.011226
0.03595
0.008727
-0.0231
0.029292
-0.00569
-0.00273
-0.00549
-0.04268
-0.0278
0.022562
0.015625
0.00464
0.005642
0.006628
0.016629
0.009698
-0.01145
-0.01437
0.005066
-0.01348
-0.00026
-0.01004
-0.00363
-0.00026
0.055864
-0.0374
-0.02782
0.036927
-0.01829
-0.06024
-0.00985
0.040426
-0.0192
0.114367
-0.01891
0.044516
0.026336
0.105087
-0.01489
0.014889
-0.01489
0
-0.03175
0.039221
-0.00747
0.096446
0
0.034582
-0.02667
0.006734
-0.00673
0.006734
0.013334
0.02722
0.071496
-0.002
-0.00465
-0.04344
0.058871
-0.01026
-0.00777
0.015984
0.018247
0.013965
0.010347
-0.00245
0.004902
-0.00147
-0.0054
-0.00741
0.01916
0.000973
0.043289
-0.00513
0.000468
0.006991
0.011086
0
0.008234
0.007263
0.000452
0.031155
0.006987
0.001305
0.000434
-0.00829
0.000438
0.005676
S&P 500
return
-0.03057
0.0163
-0.0141
-0.00402
-0.01423
-0.01165
0.025672
0.01344
-0.00292
0.010728
0.040882
0.008489
0.005635
0.001449
0.005614
0.007969
S&P 500
return
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
S&P 500
return
-0.01315
-0.0044
0.012096
0.010615
-0.00686
0.000522
-0.00712
-0.00292
-0.02802
0.006046
-0.00422
-0.00395
-0.02784
0.024905
0.010572
-0.00011
S&P 500
return
-0.0049
0.003428
0.008671
0.0113
-0.00949
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
0.006855
-0.0145
S&P 500
return
0.004983
-0.00114
0.003848
-0.00022
-0.0159
-0.00651
-0.0247
-0.01083
0.023181
0.004948
-0.01266
-0.00336
-0.01852
0.003517
-0.01872
0.014572
S&P 500
return
0.009297
0.021857
0.009375
-0.01252
-0.00734
-0.02128
-0.00444
-0.01936
0.018169
-0.01261
-0.00254
0.031733
-0.0013
0.019663
0.019446
-0.00654
S&P 500
return
-0.00844
-0.00625
-0.01343
0.011758
-0.00869
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
S&P 500
return
0.006928
-0.01507
-0.00193
-0.02072
0.007675
0.005068
0.000417
0.009588
0.007114
0.011141
0.00235
-0.00672
-0.00861
0.007906
0.013309
-0.00479
S&P 500
return
-0.00114
0.003848
-0.00022
-0.0159
-0.00651
-0.0247
-0.01083
0.023181
0.004948
-0.01266
-0.00336
-0.01852
0.003517
-0.01872
0.014572
0.005352
-0.00727
0.00154
-0.00653
0.002578
0.016565
0.011664
0.0117
-0.00068
0.007024
0.013478
0.006295
-0.00952
-0.00172
-0.00648
-0.00293
0.007159
0.008976
0.003033
0.004519
0.007079
0.009447
0.020972
-0.0044
0.003274
0.00459
-0.02436
0.009962
-0.00343
-0.01819
0.022864
0.009271
-0.00534
0.001784
-0.01573
0.001235
-0.02189
0.018776
-0.00077
0.015406
0.006799
0.012389
0.000607
0.020534
-0.00185
-0.00064
0.013229
-0.00799
-0.00219
-0.00092
0.013491
0.021899
-0.00205
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.011185
-0.00042
-9.1E-05
0.012199
-0.02104
0.00362
-0.02119
0.002031
0.008675
-0.01031
0.000425
-0.03085
0.004507
0.006281
-0.00535
-0.01494
0.010957
0.013535
0.009302
0.001862
0.019643
-0.01278
-0.02597
0.00814
0.02528
-0.00473
-0.00824
-0.01784
0.023983
0.046546
0.004105
-0.00537
0.025245
0.004522
0.017643
7.2E-05
-0.00236
-0.01064
0.000524
-0.01375
0.007139
0.004919
-0.00749
-0.00494
0.009349
0.009948
-0.00787
-0.00258
-0.02252
-0.01834
-0.06005
0.032548
-0.00113
0.023415
0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.005352
-0.00959
0.004361
-0.02031
0.000213
0.007378
0.038183
-0.01839
-0.00587
0.019415
0.007498
-0.00656
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-0.01411
-0.0217
0.008038
-0.01304
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0.00797
0.024094
0.00705
0.010385
0.00398
-0.0105
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0.048884
-0.01061
-0.02659
-0.00192
0.003805
0.009541
0.010265
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0.006124
0.002123
0.013819
-0.00404
0.000268
0.012947
0.002863
-0.00499
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0.006782
0.006983
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0.005446
-0.01763
0.00358
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-0.00669
0.009231
-0.00661
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-0.00754
0.01608
0.000748
0.005554
-0.0097
0.014601
-0.00679
0.002152
-0.01839
-0.0074
0.009549
-0.00328
0.002939
-0.00858
0.008429
0.010218
-0.01599
0.007193
0.015146
-0.00222
0.003558
0.008097
0.001954
0.009408
0.000338
-0.01115
-0.00792
0.009142
-0.01034
-0.0108
0.006928
-0.01507
-0.00193
-0.02072
0.007675
0.005068
0.000417
0.009588
0.007114
0.011141
0.00235
-0.00672
-0.00861
0.007906
0.013309
-0.00479
-0.00309
0.010901
-0.0057
0.005841
0.009931
0.006432
0.002256
-0.02508
-0.04414
0.01472
-0.02618
0.005854
-0.01982
0.017473
-0.02437
-0.01809
-0.00407
0.019713
0.011219
0.025253
-0.02473
-0.00464
0.010727
-0.01254
-0.035
-0.00291
0.042753
-0.02019
0.008085
0.026706
-0.00213
0.014991
-0.00323
0.01023
0.038153
0.012465
-0.00858
-0.01509
-0.01224
0.015815
0.004685
0.014898
-0.00287
0.013498
0.000781
-0.01498
0.014337
-0.00245
-0.00183
-0.0045
-0.00029
-0.00761
0.002606
0.000416
-0.00309
0.010901
-0.00291
0.005189
-0.0009
0.00522
0.001553
-0.00123
0.005059
-0.00281
-0.00481
0.009993
0.002034
-0.00904
-0.00989
0.006852
-0.00535
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0.001968
-0.00272
-0.01022
-0.01464
0.010598
-0.00588
-0.00158
-0.00023
-0.00671
-0.00825
-0.00045
0.021992
-0.01505
-0.00019
-0.00683
0.005495
0.001366
-0.01918
-0.00495
-0.01076
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-0.02584
0.032836
0.000327
-0.01809
-0.00582
0.034153
0.005866
-0.00082
0.001682
-0.02405
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0.011035
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0.004361
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0.000213
0.007378
0.038183
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0.019415
0.007498
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-0.01411
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0.008038
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0.00797
0.024094
0.00705
0.010385
0.00398
-0.0105
-0.02843
0.048884
-0.01061
-0.02659
-0.00192
0.003805
0.009541
0.010265
-0.00625
0.006124
0.002123
0.013819
-0.00404
0.000268
0.012947
0.002863
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0.006782
0.006983
-0.00564
0.005446
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0.00358
-0.00151
-0.00844
-0.00625
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0.011758
0.004212
-0.00883
-0.01947
-0.00413
-0.01816
0.025308
0.007005
0.003683
-0.01723
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0.007149
0.014745
-0.00733
0.0177
0.011214
-0.0052
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0.007956
-0.01871
-0.00731
0.00352
-0.02247
0.006075
0.024614
-0.01925
0.009498
-0.01447
0.010767
0.001567
0.026218
-0.00075
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-0.00672
-0.00539
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-0.00866
0.001794
0.015309
0.022863
0.005676
-0.00226
0.005455
0.008388
-0.00238
0.009739
-0.00067
-0.00657
0.014329
-0.0132
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-0.02725
0.005097
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
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0.013101
0.022073
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0.000273
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0.003309
0.009985
0.007518
0.005793
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0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
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0.00122
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0.006811
-0.01638
0.00998
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0.007893
0.003513
0.000998
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0.011679
0.014824
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0.02826
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0.004941
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0.032734
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0.002686
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0.010833
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0.016227
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0.017744
0.009297
0.021857
0.009375
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0.018169
-0.01261
-0.00254
0.031733
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0.019663
0.019446
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0.009231
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0.000748
0.005554
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0.014601
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0.002152
-0.01839
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0.009549
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0.002939
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0.008429
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
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0.01084
-0.00732
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0.011638
0.006136
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-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
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-0.016
-0.00278
0.011758
-0.00869
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
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0.00104
-0.0057
0.005841
0.009931
0.006432
0.002256
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0.01472
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0.005854
-0.01982
0.017473
-0.02437
-0.01809
-0.00407
0.019713
0.011219
0.025253
-0.02473
-0.00464
0.010727
-0.01254
-0.035
-0.00291
0.042753
-0.02019
0.008085
0.026706
-0.00213
0.014991
-0.00323
0.01023
0.038153
0.012465
-0.00858
-0.01509
-0.01224
0.015815
0.004685
-0.00291
0.005189
-0.0009
0.00522
0.001553
-0.00123
0.005059
-0.00281
-0.00481
0.009993
0.002034
-0.00904
-0.00989
0.006852
-0.00535
-0.00351
-0.00489
0.001968
-0.00272
-0.01022
-0.01464
0.010598
-0.00588
-0.00158
-0.00023
-0.00671
-0.00825
-0.00045
0.021992
-0.01505
-0.00019
-0.00683
0.005495
0.001366
-0.01918
-0.00495
-0.01076
-0.0163
-0.02584
0.032836
0.000327
-0.01809
-0.00582
0.034153
0.005866
-0.00082
0.001682
-0.02405
-0.00034
0.011035
0.013736
0.02174
0.028055
0.00272
0.002689
0.016025
-0.00263
-0.01565
0.003191
-0.01189
-0.00782
-0.01578
0.006182
0.003855
0.005095
0.012907
-0.0106
0.005442
-0.00944
-0.00839
0.001163
-0.01141
-0.01766
-0.00453
-0.0049
0.003428
0.008671
0.0113
-0.00949
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
0.006855
-0.0145
-0.00113
0.023415
0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.013736
0.02174
-0.00574
0.004983
-0.00114
0.003848
-0.00022
-0.0159
-0.00651
-0.0247
-0.01083
0.023181
0.004948
-0.01266
-0.00336
-0.01852
0.003517
-0.01872
0.014572
0.005352
-0.00959
0.004361
-0.02031
0.000213
0.007378
0.038183
-0.01839
-0.00587
0.019415
0.007498
-0.00656
-0.00819
-0.01411
-0.0217
0.008038
-0.01304
-0.0318
0.00797
0.024094
0.00705
0.010385
0.00398
-0.0105
-0.02843
0.048884
-0.01061
-0.02659
-0.00192
0.003805
0.009541
0.010265
-0.00625
-0.00869
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
-0.0057
0.005841
0.009931
0.006432
0.002256
-0.02508
-0.04414
0.01472
-0.02618
0.005854
-0.01982
0.017473
-0.02437
-0.01809
-0.00407
0.019713
0.011219
0.025253
-0.02473
-0.00464
0.010727
-0.01254
-0.035
-0.00291
0.042753
-0.02019
0.008085
0.026706
-0.00213
0.014991
-0.00323
0.01023
0.038153
0.012465
-0.00858
-0.01509
-0.01224
0.015815
0.004685
0.014898
0.016728
-0.00559
0.021112
-0.00722
-0.01112
0.005697
0.020958
-0.00245
0.006806
0.012798
0.003246
-0.00405
-0.00599
-0.00309
0.014749
0.014238
-0.004
0.009892
-0.00182
-0.01108
-0.01905
0.013423
0.010218
-0.01599
0.007193
0.015146
-0.00222
0.003558
0.008097
0.001954
0.009408
0.000338
-0.01115
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.014898
-0.00287
0.013498
0.000781
-0.01498
0.014337
-0.00245
-0.00183
-0.0045
-0.00029
-0.00761
-0.00574
0.004983
-0.00114
0.003848
-0.00022
-0.0159
-0.00651
-0.0247
-0.01083
0.023181
0.004948
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
0.006124
0.002123
0.013819
-0.00404
0.000268
0.012947
0.002863
-0.00499
-0.00189
0.006782
0.006983
-0.00287
0.013498
0.000781
-0.01498
0.014337
-0.00245
-0.00183
-0.0045
-0.00029
-0.00761
0.002606
RAD
Firm
return
-0.01745
0.065413
-0.08562
-0.03109
0.020834
-0.02336
-0.0055
0.018503
0.007885
-0.02894
0.013105
0.015834
0.022886
0.039609
-0.02956
0.002397
0.034513
-0.02696
0
-0.01235
0
-0.00523
-0.00769
0.039814
-0.01455
0.002373
0.026897
-0.02177
-0.03765
-0.06579
-0.01937
-0.02247
-0.00593
0.066337
-0.04911
-0.0113
0.022473
0
0.021979
-0.01093
0
0
-0.05095
-0.02009
-0.0181
-0.00289
-0.05244
RCL
Firm
return
-0.01051
0.010031
0.011812
-0.0383
0.005839
0.001939
-0.03048
-0.03557
0
-0.01827
0.007872
-0.01315
-0.00798
-0.01074
0.073337
0.03062
-0.01816
0.010838
0.019409
0.018568
0.027909
-0.00737
-0.01115
-0.00515
-0.00944
-0.0019
-0.00715
-0.0072
-0.02785
-0.01096
0.004499
0.015343
-0.00789
-0.0005
-0.02355
-0.01225
-0.01918
0.113179
0.068619
0.028389
-0.01195
-0.02257
0.031968
0.012255
-0.02079
0.004279
-0.01506
SMG
Firm
return
-0.00371
-0.01356
-0.05493
-0.00574
-0.00175
-0.02281
0.025318
0.00075
0.011673
0.01227
0.014528
0.010759
-0.01437
-0.01336
-0.00318
0.010249
-0.00414
0
-0.00049
-0.01549
-0.00074
-0.00422
-0.008
-0.00629
-0.00913
0.012913
0.002513
-0.00882
-0.00025
0.015578
-0.00275
0
-0.00677
0.005522
0.001251
0
-0.00025
0.0005
0.017099
0.010996
0.016629
0.004293
-0.00525
-0.02103
0.003171
-0.00954
-0.01411
SGR
Firm
return
-0.00147
-0.02812
0.032774
0.005359
-0.0078
-0.02705
-0.06335
-0.04804
0.078657
0.052904
-0.0139
-0.01258
-0.01994
-0.05222
-0.05051
0.065629
-0.03908
-0.05854
-0.04133
-0.05248
0.08281
0.004472
0.110819
-0.0099
-0.01545
0.082015
0.052199
-0.01056
-0.01214
-0.03581
-0.00152
0.056919
0.014977
-0.08311
0.003072
0.116191
-0.00433
0.123481
0.01125
-0.0012
-0.04479
-0.10743
-0.0162
0.011765
-0.01627
0.036419
0.038012
SMF
Firm
return
-0.00182
0.000909
-0.00729
-0.00459
-0.02325
0.006564
0.026742
-0.00822
-0.01758
0.012987
0.01373
0
0
-0.01373
0.004598
-0.00368
-0.01391
-0.00938
0.017749
0.015618
0.001821
0.001818
-0.00182
0.00091
-0.00456
-0.00641
0.000919
-0.0176
0.012076
-0.01208
-0.01033
0
-0.01522
0.001916
0.032944
-0.00557
-0.05159
0.018456
-0.00676
-0.00486
0.022148
0.037388
0
0.062242
0.005159
-0.02255
0.03024
PCS
Firm
return
0.009816
0.00972
0.023895
0.010522
0.016315
0.020387
0.004494
-0.01354
0.032379
0.002286
-0.01326
-0.0102
0.027836
0.017334
0.030631
0.018495
0.021367
0.015888
0.01564
-0.02451
0.002224
-0.01939
-0.0173
0.01227
-0.00587
-0.04414
0.015941
0.001009
0.005197
-0.00621
0.005202
0
-0.0106
0.023074
0.011504
0.009918
0.04291
0.001858
-0.00808
-0.00406
0.00811
-0.03961
-0.04478
-0.04282
-0.02573
-0.04422
0.025956
TDY
Firm
return
-0.00416
0.00692
0.023851
0.009383
0.013912
0.032365
-0.02581
-0.0198
0.016529
0.016261
0
-0.02284
0.018313
0.001295
-0.02956
-0.01681
-0.0268
0.001392
0.167375
0.005865
-0.03754
0.05493
-0.08076
0.077884
-0.02628
-0.08583
0.007067
0.020907
-0.00945
0.006309
0.08612
-0.02513
0.0059
-0.00177
-0.03478
0.018737
-0.01813
0.001219
-0.01164
-0.0174
-0.00629
-0.05246
-0.00133
0.034678
-0.01686
0.04226
-0.0158
TXN
Firm
return
0.025392
-0.01534
-0.01858
-0.00302
-0.04271
0.01061
0.016887
0.013819
-0.02711
-0.02321
0.044962
0.049948
0.037337
-0.01686
-0.04845
-0.02244
0.047519
-0.05905
0.005664
-0.00566
-0.03003
0.023383
-0.0604
0.006308
-0.02521
0.001546
0.018878
0.00328
-0.02706
0.071887
0.072231
-0.03118
0.021496
0.030305
0.046111
-0.02633
-0.013
0.012996
0.041106
0.040872
-0.00676
-0.02138
0.022582
-0.06061
0.033125
0.000615
0.010796
TRP
Firm
return
0.004357
0.002605
0.017197
-0.02067
-0.01138
0.00088
-0.01775
0.005357
0.001779
0.00885
0.000881
0.00088
0.007884
-0.00175
-0.00878
0.018349
-0.0026
0.022319
-0.00511
-0.01808
0.002603
0.012059
-0.0086
0.011164
0.014413
0.005038
-0.00084
-0.00757
-0.00254
-0.01967
0.009454
-0.00257
0.001714
0
0.001711
0.003413
0.001702
-0.00854
0.001714
0
-0.00515
0.014524
0.002541
-0.0102
0
-0.00086
-0.00773
0.031002
0.00295
-0.01833
-0.045
0.016598
-0.00671
-0.01303
-0.0164
-0.03418
0.013703
0.062768
0.015724
-0.0091
-0.01278
0.162493
-0.06784
-0.06326
-0.02218
-0.05878
0.026668
0
-0.04027
-0.01713
-0.00391
0.044865
0.019603
0
-0.0132
-0.06139
-0.02519
0.031948
0.017256
-0.06734
-0.19062
-0.15415
-0.08701
0.044452
0.231802
-0.08114
0.03238
-0.01385
-0.02754
-0.0291
0.047791
-0.04779
-0.02917
-0.22314
0.04879
-0.04281
-0.01805
-0.03292
0.006257
-0.00827
0.005231
-0.01137
-0.00928
0.013228
0.014783
-0.0091
-0.01359
0.009666
0.004363
0.021534
0.028561
0.000828
-0.0209
-0.00934
-0.02286
0.003919
0.006929
0.011586
-0.01159
-0.06831
-0.02954
-0.51289
-0.07766
-0.05655
-0.2096
-0.04236
0.047954
0.054243
0.058448
-0.008
0.060388
-0.03952
0.014642
0.022042
0.015985
-0.03706
-0.04454
-0.05514
0.048026
0.038985
-0.02884
-0.04647
-0.01277
-0.04042
-0.03286
0.02278
-0.0367
-0.02724
0.041158
-0.01159
0.045566
-0.00275
-0.00225
0.011711
-0.01146
0.006245
0.014584
-0.00986
-0.00248
0.00372
-0.00671
0.022667
-0.00856
-0.00641
-0.01847
-0.01267
-0.05237
-0.00837
-0.02776
-0.04212
-0.031
-0.0009
0.018731
-0.01723
0.002693
0.018947
0.013978
-0.00377
0.041228
0.025575
0.004875
-0.0095
-0.01956
0.026624
0.043981
0.016963
0.01417
-0.00151
-0.02988
0.008519
0.011502
-0.00535
0.020484
-0.00376
0.026774
-0.01181
0.019608
-0.02258
0.000745
0.035339
-0.03311
-0.02253
0.008822
0.035342
-0.09491
-0.02827
0.022398
0.013109
0.004409
-0.02794
0.04652
-0.03751
0.040237
0.018415
-0.01457
0.028271
-0.00572
-0.00709
-0.03576
-0.00185
0.015802
0.023134
0.045783
0.013482
0.006466
0.041736
-0.002
0.044929
-0.00594
-0.00655
-0.04349
0.029853
-0.01362
0.087492
-0.01653
-0.07097
0.03304
0.013372
0.004733
-0.03654
0.046315
0.004292
-0.02642
-0.03979
-0.00599
0.002199
0.033968
-0.00561
-0.15759
0.089508
-0.06971
0.022473
0.010403
0.030576
-0.0173
-0.00598
-0.01119
0.008621
-0.01732
0.008696
-0.0087
0.004357
-0.00436
-0.04009
0.004535
0.011696
0.001787
-0.00897
0.004494
-0.00901
-0.03219
0.004662
-0.0283
-0.02226
-0.00294
0
0.00294
-0.01379
-0.01198
0.021848
-0.00888
0.00888
0.006853
0.005837
-0.01564
-0.00791
-0.00798
0.010951
0.009852
-0.00689
-0.01292
-0.01511
-0.01226
-0.01763
-0.02757
0.068563
-0.01009
-0.00101
0.015114
-0.02532
-0.0155
-0.01152
-0.00422
0.029199
0.017321
0.026907
-0.02691
0.018265
0.032235
-0.02018
-0.00754
0.022273
-0.03789
-0.01178
0.00222
-0.01152
0.005778
-0.01159
-0.02996
-0.02949
0.051144
0.02342
-0.03409
-0.06307
-0.02312
0.002503
0.019394
0.020227
-0.05537
0.026111
0.034252
0.00774
-0.0228
-0.02436
-0.05189
0.027983
-0.00767
0.031996
-0.01566
0.01005
-0.05481
-0.04639
-0.06107
-0.20487
-0.15415
-0.0177
0.119686
-0.0019
0.017622
0.07335
0.017811
0.01778
-0.04667
0.060556
-0.02091
-0.07121
0.028036
0.011114
-0.02593
0.016425
-0.06204
0.016529
-0.00526
0.010492
-0.00261
0.025825
-0.00896
0.01278
-0.01278
-0.01229
0.018704
-0.01286
0.00194
-0.01957
-0.05972
0.030984
-0.03098
-0.0042
0.009783
-0.01189
0.044727
-0.02315
0.03319
-0.02087
0.010826
0.016684
0.004622
0.020861
0
-0.00972
0.009725
-0.00065
0.002579
-0.00064
0.037931
-0.00373
0.027029
-0.04019
0.088115
0.017183
-0.00913
-0.02613
-0.02381
-0.01885
0.012203
0.014449
-0.00961
-0.02258
0.038746
-0.0204
0.007246
0.004245
0.013426
0.019904
-0.03011
-0.04021
0.032743
0.006462
0.014587
0.057059
-0.02793
0.038739
-0.01381
-0.00113
-0.00755
-0.09395
-0.00984
0.04543
0.018517
-0.01531
0.060247
0.010507
-0.00224
-0.00469
0.003564
-0.01111
-0.06635
-0.02811
0.062716
-0.04355
-0.02439
-0.02757
0.005148
0.066422
-0.00945
0.015044
0.013447
0.052236
0.023036
-0.00805
0.030388
-0.01852
0.000726
0.026663
-0.01226
0.004815
-0.05335
0.0058
0.04879
0.053787
0.115479
-0.01496
0.018706
0.003442
0.010257
-0.00255
0.009334
-0.00423
0.005076
0.007566
0.002509
0.00832
-0.00498
-0.00752
0.004186
-0.00084
0.000836
0.029632
-0.018
-0.00165
-0.01081
0.014114
-0.00082
-0.00165
0
0.002476
-0.00911
0.00746
-0.00829
0.004983
-0.00582
0.006645
0.001654
0
-0.01499
0.001676
0.007509
0.002491
0.007435
-0.00743
0.020518
0.012112
-0.00483
0.006431
0.009569
-0.01761
0.003226
0.008019
-0.0008
-0.00561
0.005611
0.00558
-0.01119
0.000804
0.009592
0.173272
-0.09724
-0.08859
0.006296
-0.01901
-0.11273
0.098776
-0.07054
0.014969
0.021482
-0.03645
-0.04387
0.015635
0
-0.03152
-0.02242
-0.38922
0.17048
0.065224
0.080382
-0.05286
0
-0.01729
0.126786
-0.04853
0.008032
0.007968
0.007905
0.016916
-0.02482
-0.016
0.048534
0.004444
0.130756
0.053965
0.000921
0.035282
0.102958
-0.01129
-0.00814
0.025829
0.007937
-0.07466
0.068311
0.043587
0.122427
-0.01699
0.014291
0.069803
-0.0504
0.003308
0.015728
0.0013
-0.01439
0
0.00722
-0.00854
0.023469
0.064257
-0.01094
-0.01415
-0.0031
0.006813
-0.00185
0.001254
0.007242
-0.00724
0.002253
0.009953
0.019856
-0.00243
0.045192
0.033615
-0.01176
-0.01213
0.026365
-0.01537
0.010424
-0.01385
-0.00275
0.004117
0.002508
0.014916
0.019327
0.0142
0.019335
-0.0107
0.017058
-0.00807
-0.00043
-0.01938
0.007364
0.007739
-0.00494
-0.01518
-0.025
0.015831
-0.03517
0.013145
0.003633
-0.03252
0.060288
0.056467
-0.01681
0.066531
0.020315
-0.02781
0.061067
0.039187
0.005934
-0.00356
0.034184
-0.0172
0.001
-0.0005
0.038907
-0.06663
-0.01467
-0.00873
0.017392
-0.00345
-0.00869
-0.0035
-0.0065
-0.02662
0.003794
0.027745
0.010122
-0.00506
0.011106
0.004008
0.014889
-0.01389
0.008951
-0.00297
0.007913
-0.00099
0.011765
0.003891
-0.00097
-0.0137
0.003933
-0.00393
0.019513
-0.01558
-0.00492
0.000986
0.003933
-0.00295
-0.00098
-0.00692
0.00692
-0.00593
0.006914
0.009794
0.013553
0
-0.00482
-0.00776
0.002917
-0.01868
0.05704
-0.09201
-0.03005
0.03414
0.12154
0.032521
0
-0.00512
0.020068
-0.11201
0.06287
-0.02308
0.081968
-0.02982
-0.01196
-0.24905
-0.05629
0.038592
-0.03637
-0.03544
-0.07985
0.058128
0.014792
0.023674
0.023127
-0.0814
-0.01776
-0.02808
0
0.055785
0.019608
-0.03179
-0.02389
0.00381
-0.00636
-0.03902
-0.00866
-0.06565
0.010657
0.031307
0.033673
-0.00998
-0.00134
0.014628
0.022839
0.022329
-0.05913
-0.0196
0.002727
-0.00136
0.008823
0.010753
0.00267
0.00995
0.016367
0.028802
-0.04847
0.036415
-0.02653
0.025252
-0.01093
0.02174
0.026835
0.032062
0.014227
0.028833
-0.05207
-0.02215
0.002386
0.005941
0.052078
-0.06504
0.10608
-0.01263
0.069785
-0.02896
0.016908
0.0637
-0.01058
0.051134
0.081204
-0.00872
-0.03274
-0.04546
0.045462
0.004123
-0.05111
-0.0929
-0.06267
0.084775
0.059856
-0.01634
0.024358
0.038683
-0.02123
0.005553
0.005523
0.007056
-0.00706
-0.00315
-0.00633
0.011844
-0.00551
-0.02558
-0.00895
-0.0198
-0.00585
0.0346
0.018452
0
-0.00159
0.003973
-0.01197
-0.02273
-0.01572
0.013256
-0.00082
0.009836
-0.01894
0.001661
0.009909
0.0041
-0.01235
-0.00748
0.010793
0.003298
0.000823
S&P 500
return
0.015818
-0.00584
0.000425
0.003646
0.021475
0.005086
-0.01296
0.000994
-0.01207
-0.00707
0.000278
0.005518
0.022231
0.007108
0.002192
0.004577
S&P 500
return
0.005095
0.012907
-0.0106
0.005442
-0.00944
-0.00839
0.001163
-0.01141
-0.01766
-0.00453
-0.0049
0.003428
0.008671
0.0113
-0.00949
-0.00552
S&P 500
return
-0.01141
-0.01766
-0.00453
-0.0049
0.003428
0.008671
0.0113
-0.00949
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
S&P 500
return
0.004983
-0.00114
0.003848
-0.00022
-0.0159
-0.00651
-0.0247
-0.01083
0.023181
0.004948
-0.01266
-0.00336
-0.01852
0.003517
-0.01872
0.014572
S&P 500
return
-0.01141
-0.01766
-0.00453
-0.0049
0.003428
0.008671
0.0113
-0.00949
-0.00552
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
S&P 500
return
-0.01936
0.018169
-0.01261
-0.00254
0.031733
-0.0013
0.019663
0.019446
-0.00654
-0.00669
0.009231
-0.00661
-0.00323
-0.00754
0.01608
0.000748
S&P 500
return
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
S&P 500
return
0.012766
8.24E-05
-0.02115
0.002238
-0.02324
-0.00238
0.004647
-0.00087
-0.01084
0.011242
7.8E-05
0.016843
-0.00249
0.018312
-0.00587
0.013853
S&P 500
return
0.00272
0.002689
0.016025
-0.00263
-0.01565
0.003191
-0.01189
-0.00782
-0.01578
0.006182
0.003855
0.005095
0.012907
-0.0106
0.005442
-0.00944
-0.00977
-0.00211
-0.01305
-0.00036
0.012121
0.014985
0.015609
0.005992
0.007402
-0.00223
0.00556
-0.00103
0.006334
-0.00298
-0.00397
0.003303
0.008156
0.006477
-0.00788
-0.02194
0.001589
-0.01337
-0.00297
-0.00679
0.011127
0.001877
-0.01801
-0.00922
-0.0005
-0.00443
-0.01283
0.006399
-0.01027
-0.00192
-0.01269
0.015871
-0.0029
0.022485
0.002325
0.010012
-0.00846
-0.00696
0.009789
0.01751
0.002408
0.013325
-0.01442
-0.01014
-0.01815
-0.00273
0.008041
-0.00903
-0.00151
-0.00469
0.012416
-0.00149
0.010028
-0.00184
-0.0124
-0.02378
0.006855
-0.0145
-0.00113
0.023415
0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
-0.00484
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-0.01715
0.004022
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0.006855
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0.006222
-0.01094
0.009922
-0.00556
0.006035
-0.00344
-0.0165
-0.01641
0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
-0.00737
0.003085
-0.0168
0.008091
-0.01215
0.006932
-0.00277
0.019464
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0.004022
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0.006207
-0.05047
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-0.01922
0.038243
0.005352
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0.004361
-0.02031
0.000213
0.007378
0.038183
-0.01839
-0.00587
0.019415
0.007498
-0.00656
-0.00819
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-0.0217
0.008038
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0.00797
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0.003805
0.009541
0.010265
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0.013819
-0.00404
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0.012947
0.002863
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0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
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0.008091
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0.006932
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0.010218
-0.01599
0.007193
0.015146
-0.00222
0.003558
0.008097
0.001954
0.009408
0.000338
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0.009142
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0.006928
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0.000417
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0.011141
0.00235
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0.007906
0.013309
-0.00479
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0.010901
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-0.0009
0.00522
0.001553
-0.00123
0.005059
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0.006207
-0.05047
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-0.01624
-0.03155
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0.038243
0.008751
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0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
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0.022679
0.015094
-0.00528
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0.006912
-0.01881
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0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
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0.01084
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0.006136
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0.034659
0.015148
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0.005674
0.005555
0.004936
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0.005974
0.005808
0.010513
-0.0012
0.018249
-0.00661
0.010037
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0.008817
-0.00032
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0.008066
0.017071
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0.003009
0.006322
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0.007215
0.003849
0.001585
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0.001882
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0.015952
0.010395
0.0024
-0.00108
0.005555
0.003873
0.003956
-0.00526
-0.01149
0.00326
-0.01748
-8.4E-05
0.005671
0.000949
-0.00384
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0.003085
-0.0168
0.008091
-0.01215
0.006932
0.028496
-0.00502
-0.00468
0.002608
0.002964
-0.00559
-0.00585
-0.0138
0.000387
0.012766
8.24E-05
-0.02115
0.002238
-0.02324
-0.00238
0.004647
-0.00087
-0.01084
0.011242
7.8E-05
0.016843
-0.00249
0.018312
-0.00587
0.013853
-0.00061
-0.01674
-0.02116
-0.00166
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0.022041
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0.013956
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0.011479
0.034659
0.015148
-0.00648
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0.005674
0.005555
0.004936
-0.00855
0.005974
0.005808
0.010513
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0.018249
0.006207
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0.038243
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0.0041
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-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
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0.001581
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-9.4E-06
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-9.4E-06
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-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.00021
0.004115
0.006729
0.003356
-0.01121
0.005724
0.009138
0.006194
-0.00652
-0.00359
-0.00481
0.00122
-0.00951
-0.0063
0.006811
-0.01638
0.00998
-0.00997
-0.00736
0.007893
0.003513
0.000998
-0.00019
-0.02903
0.011679
0.014824
-0.0071
-0.02505
-0.00405
-0.00599
-0.00309
0.014749
0.014238
0.015347
-0.00085
0.000384
0.003971
0.00069
0.003259
-0.00959
-0.0391
0.00192
0.000955
0.02673
0.011128
-0.01315
-0.0044
0.012096
0.010615
-0.00686
0.000522
-0.00712
-0.00292
-0.02802
0.006046
-0.00422
-0.00395
-0.02784
0.024905
0.010572
-0.00011
0.011185
-0.00042
-9.1E-05
0.012199
-0.02104
0.00362
-0.02119
0.002031
0.008675
-0.01031
0.000425
-0.03085
0.004507
0.006281
-0.00535
-0.01494
0.010957
0.013535
0.009302
0.001862
0.019643
-0.01278
-0.02597
0.00814
-0.00277
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00661
0.010037
-0.00207
-0.00075
-0.01154
0.008817
-0.00032
-0.00622
-0.01353
0.006323
0.008066
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
-0.00278
-0.00756
-0.016
-0.00278
0.000273
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
0.014898
-0.00287
0.013498
0.000781
-0.01498
0.014337
-0.00245
-0.00183
-0.0045
-0.00029
-0.00761
-0.00756
-0.016
-0.00278
0.000273
-0.01568
0.003309
0.009985
0.007518
0.005793
-0.00841
0.004342
-0.0247
-0.01083
0.023181
0.004948
-0.01266
-0.00336
-0.01852
0.003517
-0.01872
0.014572
0.005352
-0.004
0.009892
-0.00182
-0.01108
-0.01905
0.013423
-0.01563
0.008191
0.017815
-4.5E-05
0.00046
0.02528
-0.00473
-0.00824
-0.01784
0.023983
0.046546
0.004105
-0.00537
0.025245
0.004522
0.017643
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
RIG
Firm
return
0.012041
-0.02423
-0.00238
-0.02002
0.067644
-0.01639
-0.02648
0.036043
0.029998
-0.00444
0.070896
-0.00624
0.029474
-0.00406
0
0.006422
-0.00642
-0.0171
-0.04335
0.006463
0.002145
0.015592
0.019154
0.015064
0.014505
0.052515
-0.03393
-0.00627
0.008236
0.030056
0.042387
-0.00735
0.055312
0.026691
-0.01771
-0.00347
-0.00348
-0.01285
0.034107
-0.01778
-0.0181
0.001766
0.014595
-0.00377
-0.06117
0.028351
-0.00936
UTX
Firm
return
0.001243
-0.00318
-0.02297
-0.03006
-0.0223
0.013644
-0.00813
0.001484
-0.00282
-0.03172
0.008407
-0.30292
0.003497
-0.02938
-0.13471
0.014413
0.05408
0.048295
-0.04717
0.01345
0.027236
0.015907
0.035613
0.042311
0.023783
-0.01163
0.00389
-0.01743
0.023236
0.009413
-0.01639
0.022486
0.018266
-0.03765
-0.03129
0.029353
0.016367
0.003622
0.00626
0.022069
0.045561
-0.04612
-0.01812
0.007884
-0.00337
0.010637
0.017846
UNM
Firm
return
0.002296
0.015928
0
0.007123
-0.00712
-0.00226
0.018308
0.006642
0.013153
-0.00656
-0.05443
-0.00232
0.018391
-0.00686
-0.0232
0
0
-0.01697
0.026312
0.016148
-0.00689
-0.05729
0.031228
-0.06894
-0.01575
0
0.028338
0.012433
-0.00247
-0.02255
0.025022
0.015124
-0.01019
-0.0249
0.087641
0.013762
0.087897
0.001043
-0.00209
0.000696
0.004165
-0.01465
-0.0138
0.02915
0.005179
-0.06656
0.00404
WMI
Firm
return
0.032014
-0.00683
-0.02741
0.054087
-0.04487
0
-0.00221
0.04038
-0.02904
-0.02318
-0.02107
0.035118
-0.02792
-0.03848
0.007426
0.031055
-0.05829
-0.01005
0.002422
0.039531
-0.01681
-0.03857
-0.00082
0.00041
-0.01695
-0.00543
0.030136
0.012929
-0.03763
-0.00042
0.008719
0.024501
-0.0175
-0.00576
-0.02339
0.013017
-0.01091
-0.00932
-0.01934
0.015931
0.055258
0.024752
-0.0288
0.022076
0.026637
-0.01127
0.012046
WEN
Firm
return
-0.01676
0.033253
0.002042
-0.01521
0.007429
-0.00123
-0.0091
0.017707
0.003667
-0.01269
0.006159
0.004493
0.007713
-0.00405
-0.00693
-0.01566
0.01115
0.024743
0.012343
-0.02484
-0.02672
-0.03347
-0.00822
-0.01224
-0.00795
-0.03565
-0.04702
-0.02387
0.028678
-0.02523
-0.00888
0.007409
0.057377
0.027951
0.025871
-0.00486
-0.01786
0.03279
-0.02293
0.02858
0.021017
-0.0111
-0.01252
0.01424
0.000857
0.02911
-0.00042
0.001819
0.016817
-0.00837
-0.01117
-0.00946
0.040847
-0.02594
0.060074
-0.00886
0.017634
-0.04468
0.018113
0.005486
0
-0.03457
-0.0321
-0.00556
-0.0156
-0.02773
-0.01007
-0.03929
0.055478
-0.02439
0.008195
-0.04337
-0.03893
0.01338
-0.03778
-0.03211
0.107983
-0.03181
0
-0.03502
-0.01122
-0.04391
0.01884
0.029425
0.00902
0.034943
-0.01292
-0.02203
-0.01557
-0.03452
0.020928
0.044838
-0.03344
0.004378
-0.03897
-0.04807
0.033584
0.05782
0.013679
0.025031
-0.01885
0.022223
0.003715
-0.03139
0.029446
0.025331
-0.00745
0.010889
0.018227
-0.01103
0.000171
0.012549
0.014887
-0.01035
-0.01147
0.039919
-0.02226
-0.02157
0.033339
0.012119
0.002439
-0.01176
-0.01024
0.007937
-0.02383
0.019045
0.013315
0.022284
0.008111
0.019607
-0.02008
0.005847
0.005656
0.007647
0.015581
-0.01093
-0.00341
-0.00451
0.025411
-0.00274
0.000457
-0.01536
0.005095
-0.01271
-0.00799
-0.02531
-0.01822
-0.02899
0.064792
0.004742
0.017196
0.004389
-0.0088
0.020048
-0.07569
-0.01017
0.005099
-0.02095
-0.04787
0.000838
0.022361
-0.00205
0.029913
0.035215
-0.02059
0.020203
0.023942
0.00487
0.004474
-0.00373
0.003727
-0.00447
-0.02039
0.015891
-0.02663
0.014163
0.021805
0.003712
-0.00446
-0.0264
-0.0046
-0.00771
0.027848
0.013453
0.003705
0.005532
0.045299
-0.02961
-0.03951
0.016807
0.034938
-0.02499
0.013839
0.021114
-0.01822
-0.00797
0.022287
0.024233
0
-0.01187
0.004554
-0.00035
0.00035
0.047152
-0.0074
-0.02823
-0.02318
-0.00785
0.003146
0.032068
0.010966
0.003754
-0.01853
-0.0679
0.043172
0.015913
-0.0218
-0.00671
0.007106
-0.02914
-0.02876
-0.03824
-0.00391
0.047132
0.003313
0.04447
0.0067
-0.00868
0.013772
-0.00156
0.025122
-0.04369
-0.0072
-0.0281
0
0.001238
0.007398
0.004902
0.010942
-0.01666
0.011005
0.005256
-0.01996
-0.00454
0.052718
0.030118
-0.01148
0.030317
-0.00299
0.021482
0.001099
0.00802
0.023328
-0.00712
-0.00358
-0.01087
-0.0021
0.007975
0.011224
0.004125
0.001645
0.031556
0.01502
-0.0063
-0.01873
0.003614
-0.00886
0.003633
-0.00323
-0.0004
0.010459
-0.0141
0.016503
-0.01367
0.004845
0.000805
0
0.022679
-0.02268
0.015572
-0.00079
0.005141
-0.00435
-0.02976
0.013379
-0.01952
0.002051
-0.01611
0.003326
0.003729
0.021277
0.000809
0.007657
-0.00928
-0.01346
-0.00535
0.003298
0.00738
0.038859
-0.02305
-0.00161
0.012408
-0.00279
0.024041
-0.01175
0.006676
-0.01657
-0.02498
0.033523
0.053489
0.016661
0.059652
-0.05142
0.008161
-0.00816
-0.07378
0.021641
-0.00658
-0.03502
0.006816
0.054951
-0.02988
-0.04895
-0.02747
-0.02863
0.023729
-0.04289
-0.03006
-0.03057
0.045509
0.031949
0.052922
-0.01036
-0.04489
0.047121
0.090439
0.084493
0
0.004043
-0.00856
0.020884
0.012778
0.019755
-0.02582
-0.00061
0.041138
0.019092
-0.04468
0.005677
0.006385
-0.00624
0.010372
0.014778
-0.01022
0.025498
-0.00617
-0.00303
-0.01542
0.025904
-0.01222
0.007922
0.005009
0.024675
0.01589
0
0.01699
0.040283
-0.04433
0.014775
-0.00414
0.008399
0.006619
0.009331
0.008222
-0.00137
-0.01376
0
0.014443
0.000683
-0.0041
0.054662
0.017364
-0.00961
-0.011
0.009393
0.007387
0.055397
-0.0644
0.034278
0.002493
0.004038
-0.01909
0.01816
-0.00186
0.010206
-0.00896
-0.01533
-0.01365
0.007641
0.021958
-0.02418
-0.01247
0.008972
-0.00359
-0.00831
0.00903
-0.01485
0.003279
0.018025
-0.00071
-0.00646
0.001438
0.019922
0.003867
0.002803
-0.00526
-0.01381
0.015921
0.021529
0.020738
-0.00811
-0.00886
0.00818
0.02514
-0.01065
-0.02541
-0.02361
0.04802
-0.00571
0.026916
0.010113
-0.01504
-0.00462
-0.00464
-0.01914
0.00159
-0.02088
0.007678
-0.00646
0.006865
0.006418
0.021362
0.033105
0.016523
0
0.005941
0.00111
0.018322
0.001089
0.000363
-0.0183
-0.02203
0.016102
-0.01046
0.005615
0.020688
0.000731
-0.0077
-0.00443
-0.01453
-0.00414
0.004511
-0.00038
0.017851
0.017538
0.011523
-0.00503
S&P 500
return
-0.00211
-0.01305
-0.00036
0.012121
0.014985
0.015609
0.005992
0.007402
-0.00223
0.00556
-0.00103
0.006334
-0.00298
-0.00397
0.003303
0.008156
S&P 500
return
0.019464
-0.00484
-0.01512
-0.01121
-0.01715
0.004022
-0.00056
-0.00106
-0.02264
-0.01881
0.006207
-0.05047
-0.00582
-0.01624
-0.03155
-0.01922
S&P 500
return
-0.02031
0.000213
0.007378
0.038183
-0.01839
-0.00587
0.019415
0.007498
-0.00656
-0.00819
-0.01411
-0.0217
0.008038
-0.01304
-0.0318
0.00797
S&P 500
return
0.00398
-0.0105
-0.02843
0.048884
-0.01061
-0.02659
-0.00192
0.003805
0.009541
0.010265
-0.00625
0.006124
0.002123
0.013819
-0.00404
0.000268
S&P 500
return
0.010265
-0.00625
0.006124
0.002123
0.013819
-0.00404
0.000268
0.012947
0.002863
-0.00499
-0.00189
0.006782
0.006983
-0.00564
0.005446
-0.01763
0.006477
-0.00788
-0.02194
0.001589
-0.01337
-0.00297
-0.00679
0.011127
0.001877
-0.01801
-0.00922
-0.0005
-0.00443
-0.01283
0.006399
-0.01027
-0.00192
-0.01269
0.015871
-0.0029
0.022485
0.002325
0.010012
-0.00846
-0.00696
0.009789
0.01751
0.002408
0.013325
-0.01442
-0.01014
-0.01815
-0.00273
0.008041
-0.00903
0.028496
-0.00502
-0.00468
0.002608
0.002964
-0.00559
-0.00585
-0.0138
0.000387
0.012766
8.24E-05
-0.02115
0.002238
-0.02324
-0.00238
0.004647
-0.00087
0.038243
0.008751
-0.00518
0.011424
0.021685
-0.0023
0.012231
0.019731
-0.00247
0.001635
-0.00838
-0.00537
0.022679
0.015094
-0.00528
-0.00153
0.006912
-0.01881
-0.0079
0.004547
0.01518
-0.00471
0.000387
0.013628
0.0041
-0.02411
-0.01731
-9.4E-06
0.022689
0.002855
0.014283
0.014422
-0.00274
0.002453
0.001581
-0.00177
0.018393
0.001859
0.000902
-0.00315
0.01084
-0.00732
-0.00494
0.011638
0.006136
-0.00687
-0.01842
0.010297
-0.00066
-0.00842
0.013101
0.022073
0.024094
0.00705
0.010385
0.00398
-0.0105
-0.02843
0.048884
-0.01061
-0.02659
-0.00192
0.003805
0.009541
0.010265
-0.00625
0.006124
0.002123
0.013819
-0.00404
0.000268
0.012947
0.002863
-0.00499
-0.00189
0.006782
0.006983
-0.00564
0.005446
-0.01763
0.00358
-0.00151
-0.00844
-0.00625
-0.01343
0.011758
-0.00869
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
-0.0057
0.005841
0.009931
0.006432
0.002256
-0.02508
0.012947
0.002863
-0.00499
-0.00189
0.006782
0.006983
-0.00564
0.005446
-0.01763
0.00358
-0.00151
-0.00844
-0.00625
-0.01343
0.011758
-0.00869
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
-0.0057
0.005841
0.009931
0.006432
0.002256
-0.02508
-0.04414
0.01472
-0.02618
0.005854
-0.01982
0.017473
-0.02437
-0.01809
-0.00407
0.019713
0.011219
0.025253
-0.02473
-0.00464
0.010727
-0.01254
-0.035
-0.00291
0.042753
0.00358
-0.00151
-0.00844
-0.00625
-0.01343
0.011758
-0.00869
-0.00219
0.008091
-0.01909
-0.01751
-0.01868
-0.00195
-0.00557
0.017339
-0.00769
-0.01441
0.00104
-0.0057
0.005841
0.009931
0.006432
0.002256
-0.02508
-0.04414
0.01472
-0.02618
0.005854
-0.01982
0.017473
-0.02437
-0.01809
-0.00407
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-0.0145
0.006182 -0.00469 -0.00113
0.003855 0.012416 0.023415
0.005095 -0.00149 0.006222
0.012907 0.010028 -0.01094
-0.0106 -0.00184 0.009922
0.005442
-0.0124 -0.00556
-0.00944 -0.02378 0.006035

Proj Rdg. SAR Calculation

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Proj Rdg. SAR Calculation

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time

Estimation Period Statistics:

Other: (intermediate calculations to get the Z-statistics on TSAR)

(Total SAR) TSAR

Qjt: (intermediate calculations to get th

Graph of the TSARs

diate calculations to get the Z-statistics on Cumulative TSAR)

Zjt: (intermediate calculations to get the Z-statistics on Cumulative TSAR)

-0.17909 -0.38132 1.575106 0.877362 -0.48352 0.393944 -0.19932

Graph of the Cumulative TSARs

Time (Relative to the Event Date)

0.014824 -0.00687 -0.02903 0.005793 -0.00732

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