3. Proj Rdg. SAR Calculation

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    Maximum

    estimation event Likelihood

    time AK period window estimate of ARG

    (relative to the Firm S&P 500 Firm Market the variance Firm S&P 500

    event date) return return Residuals Residuals used in SAR return return

    -115 -0.01563 -0.00526 -0.01397 -0.02457 0.003855

    -114 -0.03038 -0.01149 -0.02241 0.039986 0.005095-113 0.001622 0.00326 -0.00535 0.008567 0.012907

    -112 0.008875 -0.01748 0.022912 0.03447 -0.0106

    -111 -0.00322 -8.4E-05 -0.0068 0.011834 0.005442

    -110 0.00161 0.005671 -0.00781 -0.01642 -0.00944

    -109 -0.00242 0.000949 -0.00705 -0.00092 -0.00839

    -108 -0.00161 -0.00384 -0.0014 0.024558 0.001163

    -107 -0.02702 -0.00737 -0.02323 0 -0.01141

    -106 0.020535 0.003085 0.013737 -0.0027 -0.01766

    -105 0.011318 -0.0168 0.02467 -0.00905 -0.00453

    -104 0.011986 0.008091 0.000117 0.007246 -0.0049

    -103 -0.01118 -0.01215 -0.00254 -0.05281 0.003428

    -102 -0.00564 0.006932 -0.01633 0.052814 0.008671-101 -0.04798 -0.00277 -0.04885 -0.00452 0.0113

    -100 -0.03536 0.019464 -0.05875 -0.05497 -0.00949

    -99 0.009611 -0.00484 0.010842 0.004778 -0.00552

    -98 -0.03091 -0.01512 -0.01926 0 -0.00151

    -97 -0.02268 -0.01121 -0.01499 0.04383 -0.00469

    -96 0.086935 -0.01715 0.100638 0.043737 0.012416

    -95 0.127732 0.004022 0.119986 0.038549 -0.00149

    -94 0.027019 -0.00056 0.023919 -0.02985 0.010028

    -93 0.022793 -0.00106 0.020195 0.008621 -0.00184

    -92 0.020907 -0.02264 0.040177 -0.00949 -0.0124

    -91 -0.06114 -0.01881 -0.04575 -0.05706 -0.02378

    -90 -0.02524 0.006207 -0.0352 0.004577 0.006855

    -89 -0.02281 -0.05047 0.024643 -0.01379 -0.0145

    -88 0.052446 -0.00582 0.054673 0.031893 -0.00113

    -87 -0.05245 -0.01624 -0.03966 0.05071 0.023415

    -86 -0.05129 -0.03155 -0.023 0.013548 0.006222

    -85 -0.07131 -0.01922 -0.05551 0.007541 -0.01094

    -84 0.002605 0.038243 -0.03981 0.020653 0.009922

    -83 -0.16769 0.008751 -0.18022 0.033765 -0.00556

    -82 -0.00514 -0.00518 -0.00357 0.011788 0.006035

    -81 -0.0114 0.011424 -0.02665 -0.00863 -0.00344

    -80 0.109523 0.021685 0.083882 -0.05092 -0.0165

    -79 -0.05771 -0.0023 -0.05905 -0.00332 -0.01641

    -78 -0.00995 0.012231 -0.02601 -0.01678 0.015952

    -77 0.00995 0.019731 -0.01371 0.031643 0.010395-76 0.014742 -0.00247 0.013578 -0.02658 0.0024

    -75 0.070618 0.001635 0.06529 0.008382 -0.00108

    -74 0.197359 -0.00838 0.202177 -0.00418 0.005555

    -73 0.006694 -0.00537 0.008463 0.03864 0.003873

    -72 0.052701 0.022679 0.026053 0.004024 0.003956

    -71 0.066646 0.015094 0.047683 0.004008 -0.00526

    -70 -0.01058 -0.00528 -0.0089 -0.02265 -0.01149

    -69 -0.00266 -0.00153 -0.00478 0.031416 0.00326

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    -68 -0.01005 0.006912 -0.02072 -0.02896 -0.01748

    -67 -0.05823 -0.01881 -0.04285 0.038435 -8.4E-05

    -66 -0.01076 -0.0079 -0.00643 0.018678 0.005671

    -65 0.005755 0.004547 -0.00252 -0.00541 0.000949

    -64 0.044888 0.01518 0.025838 0.030537 -0.00384

    -63 0.015652 -0.00471 0.016751 -0.01898 -0.00737

    -62 -0.01771 0.000387 -0.02178 -0.01934 0.003085-61 -0.02435 0.013628 -0.04183 0.015504 -0.0168

    -60 0.022974 0.0041 0.015148 0.052446 0.008091

    -59 -0.04793 -0.02411 -0.02718 -0.0214 -0.01215

    -58 -0.0595 -0.01731 -0.04563 -0.00374 0.006932

    -57 0.030191 -9.4E-06 0.026529 0.003736 -0.00277

    -56 0.033629 0.022689 0.006971 0.002235 0.019464

    -55 -0.01521 0.002855 -0.02178 0.000744 -0.00484

    -54 0.010889 0.014283 -0.00725 -0.00447 -0.01512

    -53 0.024957 0.014422 0.006675 0.022157 -0.01121

    -52 -0.00282 -0.00274 -0.00372 0.015223 -0.01715

    -51 0.020273 0.002453 0.014117 0.010734 0.004022

    -50 0.01238 0.001581 0.007106 0.018336 -0.00056-49 -0.00205 -0.00177 -0.00393 -0.01905 -0.00106

    -48 0.060463 0.018393 0.038158 -0.00428 -0.02264

    -47 0.061875 0.001859 0.05632 -0.02756 -0.01881

    -46 0.007246 0.000902 0.002661 -0.01706 0.006207

    -45 -0.0012 -0.00315 -0.00169 -0.09651 -0.05047

    -44 0.003608 0.01084 -0.01105 0.00902 -0.00582

    -43 -0.03419 -0.00732 -0.03044 -0.02479 -0.01624

    -42 -0.00936 -0.00494 -0.00803 -0.08284 -0.03155

    -41 -0.00125 0.011638 -0.01672 -0.06188 -0.01922

    -40 0.015572 0.006136 0.005684 0.070925 0.038243

    -39 0.00984 -0.00687 0.013125 0.079627 0.008751

    -38 -0.0273 -0.01842 -0.01231 -0.00167 -0.00518

    -37 -0.00189 0.010297 -0.01599 0.077732 0.011424

    -36 0.032241 -0.00066 0.029236 0.022867 0.021685

    -35 -0.02721 -0.00842 -0.02236 -0.03684 -0.0023

    -34 0.036323 0.013101 0.019379 0.036088 0.012231

    -33 0.027432 0.022073 0.001398 0.020896 0.019731

    -32 0.023257 -0.00278 0.022403 -0.00741 -0.00247

    -31 -0.01915 -0.00756 -0.01516 0.004454 0.001635

    -30 -0.02191 -0.016 -0.00938 -0.00074 -0.00838

    -29 -0.003 -0.00278 -0.00385 -0.00595 -0.00537

    -28 0.007777 0.000273 0.00383 0.016273 0.022679

    -27 -0.02596 -0.01568 -0.01375 0.01167 0.015094

    -26 -0.02101 0.003309 -0.02804 -0.02125 -0.00528

    -25 0.021014 0.009985 0.007227 -0.01493 -0.00153-24 0.016379 0.007518 0.005091 0.014926 0.006912

    -23 0.007791 0.005793 -0.00175 -0.03161 -0.01881

    -22 -0.01504 -0.00841 -0.01019 -0.00845 -0.0079

    -21 0.025136 0.004342 0.017066 0.001541 0.004547

    -20 0.009412 -0.00021 0.005953 0.014521 0.01518

    -19 -0.00176 0.004115 -0.0096 -0.00609 -0.00471

    -18 0.018019 0.006729 0.00753 0.011385 0.000387

    -17 0.019396 0.003356 0.012324 -0.00758 0.013628

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    -16 -0.01136 -0.01121 -0.00368 0.035851 0.0041

    -15 0.003423 0.005724 4.016E-05 0.00170033 -0.02376 -0.02411

    -14 -0.00457 0.009138 9.51E-05 0.00170587 0.014174 -0.01731

    -13 0.021506 0.006194 4.634E-05 0.00170095 -0.00371 -9.4E-06

    -12 0.01169 -0.00652 3.488E-05 0.0016998 0.003711 0.022689

    -11 -0.01505 -0.00359 8.887E-06 0.00169718 0.01105 0.002855

    -10 -0.00846 -0.00481 1.761E-05 0.00169806 0.002926 0.014283-9 0.012388 0.00122 3.362E-06 0.00169662 -0.01398 0.014422

    -8 -0.00956 -0.00951 7.92E-05 0.00170427 -0.01869 -0.00274

    -7 -0.00396 -0.0063 3.229E-05 0.00169954 0.006769 0.002453

    -6 0.015199 0.006811 5.512E-05 0.00170184 0.043995 0.001581

    -5 -0.0569 -0.01638 0.0002485 0.00172134 -0.00576 -0.00177

    -4 -0.00534 0.00998 0.0001122 0.0017076 0.019293 0.018393

    -3 -0.02224 -0.00997 8.757E-05 0.00170511 -0.02363 0.001859

    -2 -0.00793 -0.00736 4.553E-05 0.00170087 0.00722 0.000902

    -1 0.002448 0.007893 7.237E-05 0.00170358 0.024868 -0.00315

    0 0.033066 0.003513 1.703E-05 0.001698 0.051293 0.01084

    1 -0.01549 0.000998 2.596E-06 0.00169654 -0.00803 -0.00732

    2 -0.00723 -0.00019 1.761E-07 0.0016963 0.001343 -0.004943 -0.0439 -0.02903 0.0008075 0.00177769 0.012008 0.011638

    4 -0.02367 0.011679 0.0001511 0.00171152 0.014483 0.006136

    5 0.036853 0.014824 0.0002383 0.00172031 0.022618 -0.00687

    6 -0.00626 -0.0071 4.212E-05 0.00170053 -0.0077 -0.01842

    7 -0.0502 -0.02505 0.000597 0.00175648 -0.00387 0.010297

    8 -0.01329 -0.00405 1.179E-05 0.00169747 -0.02421 -0.00066

    9 0.004005 -0.00599 2.891E-05 0.0016992 -0.00865 -0.00842

    10 0.063872 -0.00309 6.119E-06 0.0016969 0.010631 0.013101

    11 0.04282 0.014749 0.000236 0.00172008 0.026738 0.022073

    12 0.015449 0.014238 0.0002206 0.00171852 -0.01165 -0.00278

    13 0 -0.004 1.147E-05 0.00169744 0.000651 -0.00756

    14 0.0302 0.009892 0.0001104 0.00170741 -0.01839 -0.016

    15 -0.02491 -0.00182 1.447E-06 0.00169643 0.023577 -0.00278

    Estimation Period Statistics:

    Alpha 0.00367

    Beta 1.0131

    Variance in the Firm Residuals 0.00168

    Variance in the Market Residuals 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 AGN AHC AMH AXE ABI ONE

    -15 -0.00605 0.006312 -0.00123 0.0425146 -0.0183425 -0.01818 0.01447 0.001747

    -14 -0.0175 0.034462 -0.00305 -0.019078 -0.0089082 0.008367 -0.00358 -0.00985

    -13 0.01156 -0.00835 -0.02678 0.0132051 0.02944433 -0.02679 0.036233 0.008194

    -12 0.014624 -0.03362 -0.03907 -0.000753 -0.0182634 -0.02019 0.002114 -0.01639

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    -11 -0.01508 0.002288 -0.00535 0.0107153 -0.0011916 0.02321 0.02391 0.014855

    -10 -0.00726 -0.02229 -0.00939 0.0032105 -0.0233762 -0.01023 -0.00114 0.001009

    -9 0.00748 -0.0394 0.006831 0.0176038 -0.0174179 0.035832 -0.01843 -0.01014

    -8 -0.00359 -0.0194 0.004601 0.0130072 0.04483233 0.006353 0.030257 -0.00742

    -7 -0.00126 -0.00141 0.012131 0.0120186 0.00346693 0.00232 -0.01151 0.004457

    -6 0.004627 0.037069 0.026076 0.0051575 -0.0102883 -0.01592 -0.04456 0.046726

    -5 -0.04397 -0.00786 -0.00911 0.0216055 0.0209044 -0.00641 -0.06904 -0.00818-4 -0.01912 -0.01185 -0.0007 -0.019904 0.00622789 0.00532 0.033366 -0.00074

    -3 -0.01581 -0.03096 0.002781 0.0015307 0.00871081 0.012524 -0.00452 0.024246

    -2 -0.00415 0.001272 -0.02434 0.0015021 -0.0176142 0.010688 -0.05142 -0.00155

    -1 -0.00922 0.024753 0.015746 -0.003706 -0.0112653 -0.01408 0.023426 0.001234

    0 0.025836 0.031032 0.043115 0.011994 0.00901603 -0.02017 -0.02923 -0.00182

    1 -0.02018 -0.00213 -0.00905 0.0039522 0.00832661 -0.01743 0.018745 0.008889

    2 -0.01071 0.003808 -0.01631 0.0174808 0.00515351 -0.00976 -0.0297 -0.00801

    3 -0.01816 -0.0094 -0.02545 -0.006182 0.01482441 -0.02645 0.000743 0.024905

    4 -0.03917 0.000998 -0.02054 0.0165737 0.01183324 -0.01374 -0.00489 -0.01307

    5 0.018164 0.027858 -0.01375 0.0192988 0.00913757 0.012405 -0.00953 0.011999

    6 -0.00273 0.014182 -6.3E-05 0.0110083 -0.0176111 0.029199 -0.00275 -7E-05

    7 -0.0285 -0.02335 -0.02716 0.0085285 0.02493403 -0.00192 -0.01033 -0.004558 -0.01286 -0.02791 0.034587 0.0155169 -0.0051194 -0.00521 -0.00918 -0.00047

    9 0.006403 -0.00117 -0.0716 0.0117596 0.00864069 0.005869 -0.30091 0.004884

    10 0.063328 -0.01289 0.052458 0.0159063 -0.001915 0.005317 -0.03776 0.00635

    11 0.024206 -0.0097 -0.01347 0.0137133 0.03389419 0.0064 -0.02582 -0.00066

    12 -0.00265 -0.01229 0.014492 -0.004655 -0.005351 -0.02993 -0.01311 0.004096

    13 0.000382 0.00689 0.019892 -0.00376 -0.0124602 -0.02753 -0.01166 -0.00367

    14 0.016506 2.15E-06 0.004348 -0.012487 0.02606037 0.008102 -0.05041 6.03E-05

    15 -0.02674 0.022938 0.012785 0.0071012 -0.0035845 0.019101 0.065675 -0.00057

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    Maximum Maximum

    estimation event Likelihood estimation event Likelihood

    period window estimate of AGN period window estimate of

    Firm Market the variance Firm S&P 500 Firm Market he varianc

    Residuals Residuals used in SAR return return Residuals Residuals sed in SA

    -0.03477 -0.00374 0.003873 -0.00558

    0.027998 -0.00201 0.003956 -0.00388-0.01467 -0.01281 -0.00526 -0.01087

    0.045094 -0.01023 -0.01149 -0.00572

    -0.00065 0.001643 0.00326 5.42E-05

    -0.00747 -0.02522 -0.01748 -0.01823

    0.006516 0.003222 -8.4E-05 0.003017

    0.018234 0.011405 0.005671 0.008819

    0.011786 0.040783 0.000949 0.04015

    0.018081 -0.02242 -0.00384 -0.02108

    -0.00718 -0.02266 -0.00737 -0.01985

    0.009647 -0.01159 0.003085 -0.01311

    -0.0624 0.003367 -0.0168 0.010076

    0.035677 0.013768 0.008091 0.010181-0.02545 0.011535 -0.01215 0.016321

    -0.04595 0.042241 0.006932 0.039133

    0.008084 0.009769 -0.00277 0.010673

    -0.00247 0.001295 0.019464 -0.007

    0.045932 0.000647 -0.00484 0.002408

    0.021207 -0.01722 -0.01512 -0.01121

    0.036039 -0.01686 -0.01121 -0.01246

    -0.04894 -0.01905 -0.01715 -0.0122

    0.006618 -0.01706 0.004022 -0.01897

    0.00372 0.000694 -0.00056 0.000686

    -0.02746 -0.00905 -0.00106 -0.00886

    -0.00995 -0.01112 -0.02264 -0.00199

    0.002445 0.007893 -0.01881 0.015433

    0.028879 -0.00323 0.006207 -0.00604

    0.012339 -0.04715 -0.05047 -0.02652

    -6.1E-05 -0.04561 -0.00582 -0.04345

    0.018651 -0.01683 -0.01624 -0.01035

    0.001715 0.010941 -0.03155 0.02375

    0.03712 -0.03142 -0.01922 -0.02372

    -0.00155 -0.01617 0.038243 -0.03223

    -0.00833 0.020493 0.008751 0.016632

    -0.0318 0.014587 -0.00518 0.016489

    0.015656 0.037991 0.011424 0.033025

    -0.0444 0.002119 0.021685 -0.00709

    0.012023 0.017835 -0.0023 0.018545-0.03468 -0.01105 0.012231 -0.01635

    0.005287 -0.02279 0.019731 -0.03119

    -0.01683 0.032502 -0.00247 0.033285

    0.028413 0.007262 0.001635 0.006345

    -0.00632 -0.00592 -0.00838 -0.0027

    0.006929 0 -0.00537 0.00198

    -0.01076 0.004446 0.022679 -0.00517

    0.022072 0.003838 0.015094 -0.00265

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    -0.00844 -0.0132 -0.00528 -0.01125

    0.033908 0.025206 -0.00153 0.025598

    0.005861 -0.00219 0.006912 -0.00529

    -0.01143 -0.01218 -0.01881 -0.00464

    0.031411 -0.05509 -0.0079 -0.05206

    -0.01302 0.036161 0.004547 0.03404

    -0.02844 0.034899 0.01518 0.028380.035056 0.010984 -0.00471 0.012691

    0.036144 0.029599 0.000387 0.029198

    -0.00854 0.009168 0.013628 0.003291

    -0.01837 0.029698 0.0041 0.027762

    0.003072 -0.00903 -0.02411 0.000696

    -0.03045 -0.0381 -0.01731 -0.03118

    0.003064 0.00743 -9.4E-06 0.007193

    0.012662 -0.00813 0.022689 -0.01776

    0.033656 0.003514 0.002855 0.002092

    0.035274 0.002662 0.014283 -0.00349

    0.000292 -0.0021 0.014422 -0.00831

    0.014501 -0.00492 -0.00274 -0.00403-0.02217 -0.01334 0.002453 -0.01459

    0.023682 -0.01671 0.001581 -0.0176

    -0.00511 0.011694 -0.00177 0.012185

    -0.03064 -0.01446 0.018393 -0.02231

    -0.02847 0.000582 0.001859 -0.00043

    0.012756 0.017314 0.000902 0.0167

    -0.00605 0.041194 -0.00315 0.042255

    -0.04204 0.013904 0.01084 0.00918

    -0.03885 0.004053 -0.00732 0.006842

    0.011199 0.02411 -0.00494 0.025913

    0.062374 0.013205 0.011638 0.008151

    0.001146 0.013033 0.006136 0.010255

    0.056631 -0.00038 -0.00687 0.002214

    -0.01301 -0.01252 -0.01842 -0.00514

    -0.03818 -0.00913 0.010297 -0.01363

    0.013825 -0.012 -0.00066 -0.01197

    -0.01217 -0.00319 -0.00842 5.18E-05

    -0.0085 -0.00681 0.013101 -0.01247

    -0.00255 0.005478 0.022073 -0.00389

    0.006678 0.012842 -0.00278 0.013751

    -0.00286 -0.00885 -0.00756 -0.00597

    -0.02104 -0.0004 -0.016 0.005977

    -0.01472 0.004768 -0.00278 0.005679

    -0.0183 -0.0234 0.000273 -0.02375

    -0.01737 -0.00488 -0.01568 0.0013630.000322 -0.0075 0.003309 -0.00911

    -0.00917 -0.00591 0.009985 -0.01028

    -0.00171 0.000689 0.007518 -0.00266

    -0.00966 0.00371 0.005793 0.001073

    -0.01199 0.01281 -0.00841 0.016049

    -0.00396 0.014118 0.004342 0.012081

    0.006179 0.007581 -0.00021 0.007427

    -0.03185 0.005945 0.004115 0.004002

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    0.025297 -0.00581 0.006729 -0.00884

    0.000521 0.00062288 0.000397 0.003356 1.45395E-05 0.00032

    0.000257 0.00061311 -0.00744 -0.01121 0.000115584 0.000321

    1.62E-06 0.00060365 -0.02417 0.005724 3.81991E-05 0.00032

    0.000575 0.00062487 -0.03505 0.009138 9.20672E-05 0.000321

    1.71E-05 0.00060423 -0.00255 0.006194 4.4234E-05 0.00032

    0.000242 0.00061257 -0.01185 -0.00652 3.67618E-05 0.000320.000247 0.00061273 0.005585 -0.00359 9.84604E-06 0.000319

    2.12E-06 0.00060367 0.002852 -0.00481 1.89521E-05 0.00032

    1.4E-05 0.00060411 0.012876 0.00122 2.81173E-06 0.000319

    8.2E-06 0.0006039 0.022382 -0.00951 8.20108E-05 0.000321

    2.36E-07 0.0006036 -0.01148 -0.0063 3.40943E-05 0.00032

    0.000387 0.00061793 0.002361 0.006811 5.28207E-05 0.00032

    9.87E-06 0.00060396 -0.00375 -0.01638 0.000253497 0.000324

    4.77E-06 0.00060377 -0.01997 0.00998 0.000108939 0.000321

    3.48E-06 0.00060372 0.011863 -0.00997 9.05285E-05 0.000321

    0.000147 0.00060904 0.040311 -0.00736 4.76705E-05 0.00032

    3.65E-05 0.00060494 -0.00554 0.007893 6.97263E-05 0.000321

    1.34E-05 0.00060409 -0.01461 0.003513 1.57585E-05 0.000320.000167 0.00060978 -0.0248 0.000998 2.11568E-06 0.000319

    5.5E-05 0.00060563 -0.02038 -0.00019 6.90586E-08 0.000319

    3.12E-05 0.00060475 -0.02551 -0.02903 0.000816426 0.000335

    0.000294 0.00061447 0.005008 0.011679 0.000147287 0.000322

    0.000134 0.00060856 -0.02078 0.014824 0.000233493 0.000324

    3.91E-07 0.00060361 0.031889 -0.0071 4.41777E-05 0.00032

    5.09E-05 0.00060548 -0.08172 -0.02505 0.000604732 0.000331

    0.000207 0.00061125 0.051025 -0.00405 1.28869E-05 0.000319

    0.000545 0.00062379 -0.01571 -0.00599 3.06178E-05 0.00032

    2.24E-06 0.00060368 0.013455 -0.00309 6.919E-06 0.000319

    3.94E-05 0.00060505 0.026233 0.014749 0.000231235 0.000324

    0.000216 0.00061161 0.010477 0.014238 0.000215951 0.000323

    2.26E-06 0.00060368 0.011371 -0.004 1.25605E-05 0.000319

    0.00465 0.00024

    1.44021 0.4136

    0.0006 0.00032

    0.016139 0.016568

    1.020833 1.020833

    BAX BEC BTH POS CRA CPQ GLW CVD DOW

    -0.01526 0.010778 0.00454542 0.001724 -0.01548 0.030549 -0.01576 0.044842912 -0.00447

    -0.03008 -0.00765 -0.0115147 -0.01762 -0.00753 0.029861 -0.00221 0.020721257 0.010047

    -0.02919 0.012884 0.00407124 0.019783 -0.02794 0.040809 -0.01176 0.006896035 -0.02741

    0.039876 0.0435 -0.0590025 0.024917 0.018988 -0.02405 -0.00776 -0.014072564 -0.01193

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    0.014052 0.020761 0.06036162 0.000888 -0.01635 -0.03216 -0.05767 0.035459865 0.006564

    0.010297 -0.01133 0.03645312 0.013799 -0.01165 0.019191 -0.01239 -0.010336935 -0.003

    -0.03507 0.000328 0.0094665 -0.02605 0.004603 0.065899 -0.01759 -0.009174449 0.015999

    0.018582 -0.00095 0.00735245 0.004494 -0.00187 -0.01672 -0.00254 0.002930509 -0.03895

    0.072664 -0.00292 -0.004551 -0.02148 -0.00698 0.013226 -0.02746 0.011891323 -0.00235

    0.027047 0.014176 0.01901346 -0.00812 -0.02086 0.014029 0.015171 0.008674901 0.000664

    -0.01141 -0.02755 -0.0051775 -0.01146 -0.06949 0.03904 -0.04273 -0.036973659 -0.003080.004223 0.013319 -0.0321211 -0.00865 0.019197 -0.00187 0.010291 0.008672372 -0.03724

    0.003684 0.008488 0.02693887 0.000147 -0.02832 -0.03459 0.001803 -0.030148892 0.027111

    -0.00341 0.011219 0.00528601 -0.00797 0.021147 0.026678 0.02912 -0.025860391 -0.01254

    0.008488 0.011227 -0.0200801 -0.02057 0.00359 0.054639 -0.03726 0.002560668 -0.02457

    -0.03737 -0.00629 -0.0003322 0.031523 -0.00791 -0.00714 -0.03066 -0.028476996 0.002585

    -0.01771 -0.01341 0.00246924 -0.03295 0.0079 -0.00239 -0.01809 0.041039371 0.034245

    0.010137 -0.00821 -0.0094151 0.00724 -0.01541 0.001367 -0.11627 0.009922267 0.013228

    0.000227 0.007111 0.00433378 -0.00917 -0.01433 0.047325 0.08435 -0.038809718 0.019073

    0.031429 0.001829 0.00195027 -0.0088 0.00097 0.004417 -0.03011 0.031261822 -0.01147

    0.015949 -0.00175 -0.0280458 -0.00634 -0.01381 -0.00378 0.131623 0.024750988 0.027816

    -0.0096 -0.00963 -0.0022604 -0.02113 0.037508 0.059306 0.070175 -0.016482666 0.003375

    0.004671 -0.00526 0.00464897 -0.01001 -0.05406 -0.0057 -0.01463 -0.015360638 0.0111690.001951 -0.00126 -0.0060652 -0.01786 0.034893 0.008723 -0.11101 -0.003712258 -0.00843

    -0.03567 0.049023 0.00222505 0.032741 -0.04724 -0.01392 -0.02065 0.000242151 0.000425

    -0.01438 -0.01409 0.01437268 0.004151 -0.00553 -0.03113 0.011447 0.001442077 -0.0044

    0.026725 0.003625 -0.0155085 0.004517 -0.0387 -0.02845 0.011432 -0.067617908 0.028537

    0.020444 0.008689 -0.0031997 0.004583 0.029897 -0.02639 -0.02685 -0.0620207 -0.01287

    0.004743 0.012591 0.00109157 0.007905 -0.02303 0.009131 -0.0065 0.020809574 -0.02151

    -0.00061 -0.02595 0.02115634 0.003358 -0.03031 0.006601 0.002388 -0.010648517 -0.01592

    -0.01773 -0.00383 -0.0097442 -0.01841 0.019435 -0.01606 0.019651 -0.009339734 -0.01648

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    Maximum

    estimation event Likelihood

    AHC period window estimate of AMH

    Firm S&P 500 Firm Market he variance Firm S&P 500

    return return Residuals Residuals sed in SAR return return

    -0.00024 -0.00552 0.005568 0.009302 -0.01189

    0.00181 -0.00151 0.006217 0.00699 -0.00782-0.02712 -0.00469 -0.0216 0.004448 -0.01578

    -0.02775 0.012416 -0.02821 -0.0165 0.006182

    0.019168 -0.00149 0.023566 0.001127 0.003855

    -0.00375 0.010028 -0.00338 0.000282 0.005095

    -0.00578 -0.00184 -0.00126 -0.00962 0.012907

    0.015516 -0.0124 0.023729 -0.0201 -0.0106

    0.007915 -0.02378 0.020106 -0.00845 0.005442

    -0.03179 0.006855 -0.03031 -0.01414 -0.00944

    -0.02576 -0.0145 -0.01681 -0.00059 -0.00839

    -0.0219 -0.00113 -0.01762 -0.00715 0.001163

    -0.01154 0.023415 -0.01584 -0.01203 -0.01141

    0.013135 0.006222 0.014839 -0.01494 -0.01766-0.0199 -0.01094 -0.0122 0.004598 -0.00453

    -0.01285 0.009922 -0.01244 0.020881 -0.0049

    -0.02748 -0.00556 -0.02166 0.00627 0.003428

    0.017384 0.006035 0.019154 0.020036 0.008671

    0.012019 -0.00344 0.0171 0.004366 0.0113

    -0.00966 -0.0165 -1.1E-05 0.001161 -0.00949

    -0.0277 -0.01641 -0.01808 -0.0032 -0.00552

    0.049638 0.015952 0.047941 0.001745 -0.00151

    0.017747 0.010395 0.017992 0.004348 -0.00469

    0.028508 0.0024 0.031548 -0.00551 0.012416

    -0.00402 -0.00108 0.000233 0.019015 -0.00149

    -0.0043 0.005555 -0.00236 -0.00774 0.010028

    -0.00708 0.003873 -0.00455 -0.00925 -0.00184

    0.006685 0.003956 0.009182 0.003766 -0.0124

    -0.00972 -0.00526 -0.004 -0.01163 -0.02378

    -0.00119 -0.01149 0.006706 0.004379 0.006855

    0.003428 0.00326 0.006168 0.00436 -0.0145

    -0.02075 -0.01748 -0.01076 -0.00874 -0.00113

    0.007498 -8.4E-05 0.011406 -0.02039 0.023415

    0.01404 0.005671 0.015937 0.002684 0.006222

    -0.00079 0.000949 0.002758 -0.00268 -0.01094

    0.005251 -0.00384 0.010471 -0.0003 0.009922

    0.023424 -0.00737 0.029878 -0.00269 -0.00556

    -0.00977 0.003085 -0.00697 -0.00872 0.006035

    -0.01195 -0.0168 -0.0022 0.004221 -0.00344-0.00629 0.008091 -0.00524 -0.00452 -0.0165

    0.001709 -0.01215 0.009836 0.004523 -0.01641

    -0.0021 0.006932 -0.00065 -0.0012 0.015952

    0.012034 -0.00277 0.01688 -0.05702 0.010395

    0.008932 0.019464 0.006007 -0.01737 0.0024

    -0.004 -0.00484 0.001568 0.013856 -0.00108

    -0.00129 -0.01512 0.007871 0.019332 0.005555

    0.003104 -0.01121 0.010903 0.010615 0.003873

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    -0.00557 -0.01715 0.004305 -0.00623 0.003956

    0 0.004022 0.002473 0.00312 -0.00526

    0.013672 -0.00056 0.017749 -0.02812 -0.01149

    -0.00797 -0.00106 -0.00372 -0.00934 0.00326

    -0.0022 -0.02264 0.009597 -0.01302 -0.01748

    0.000259 -0.01881 0.010714 0.019468 -8.4E-05

    -0.01394 0.006207 -0.01223 -0.00483 0.005671-0.02068 -0.05047 0.000841 0.001935 0.000949

    -0.04409 -0.00582 -0.03817 -0.00323 -0.00384

    -0.03736 -0.01624 -0.02781 0.001615 -0.00737

    -0.03897 -0.03155 -0.02406 -0.00843 0.003085

    -0.01507 -0.01922 -0.00447 0.031718 -0.0168

    -0.05323 0.038243 -0.06272 -0.00951 0.008091

    -0.04703 0.008751 -0.04621 0.003179 -0.01215

    -0.00034 -0.00518 0.005351 -0.01245 0.006932

    0.029908 0.011424 0.029794 0.007682 -0.00277

    0.035097 0.021685 0.031396 -0.00479 0.019464

    -0.02608 -0.0023 -0.0214 -0.00546 -0.00484

    0.024494 0.012231 0.024097 -0.00064 -0.01512-0.00623 0.019731 -0.00925 0.006106 -0.01121

    0.034323 -0.00247 0.039067 0 -0.01715

    0.010623 0.001635 0.01393 -0.01974 0.004022

    0.010208 -0.00838 0.017016 0.075204 -0.00056

    0.013401 -0.00537 0.019157 0.012052 -0.00106

    -0.00165 0.022679 -0.0057 -0.01661 -0.02264

    0.018406 0.015094 0.017009 -0.03502 -0.01881

    -0.00575 -0.00528 -2.8E-05 0.00754 0.006207

    -0.02365 -0.00153 -0.01924 -0.00754 -0.05047

    0.005589 0.006912 0.007052 -0.00316 -0.00582

    -0.00786 -0.01881 0.00259 -0.00794 -0.01624

    -0.04106 -0.0079 -0.03442 -0.00736 -0.03155

    0.003474 0.004547 0.005763 -0.01652 -0.01922

    0.00832 0.01518 0.006892 0.012979 0.038243

    -0.03241 -0.00471 -0.02688 0.069122 0.008751

    -0.00827 0.000387 -0.00453 -0.02036 -0.00518

    0.013744 0.013628 0.01286 0.029347 0.011424

    0.016248 0.0041 0.018693 0.036016 0.021685

    -0.01128 -0.02411 0.001024 -0.02948 -0.0023

    -0.0426 -0.01731 -0.03267 0.028615 0.012231

    -0.02979 -9.4E-06 -0.02591 -0.00664 0.019731

    0.015512 0.022689 0.01146 0.004626 -0.00247

    -0.02206 0.002855 -0.01918 -0.0201 0.001635

    -0.0052 0.014283 -0.00631 -0.04146 -0.00838

    -0.00873 0.014422 -0.00989 0.008248 -0.005370.012719 -0.00274 0.017555 0.025827 0.022679

    0.014609 0.002453 0.01763 -0.00416 0.015094

    0.044875 0.001581 0.048201 0.000893 -0.00528

    -0.01811 -0.00177 -0.01361 0.003267 -0.00153

    -0.00116 0.018393 -0.00371 -0.01674 0.006912

    -0.06245 0.001859 -0.05922 -0.02906 -0.01881

    -0.0514 0.000902 -0.04783 -0.00373 -0.0079

    0.024302 -0.00315 0.029281 -0.005 0.004547

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    0.000182 0.01084 0.000272 0.003438 0.01518

    0.036075 -0.00732 4.48759E-05 0.000445 -0.02017 -0.00471

    -0.02468 -0.00494 1.86093E-05 0.000444 -0.00928 0.000387

    0.013394 0.011638 0.000150391 0.000448 0.032873 0.013628

    -0.00249 0.006136 4.57148E-05 0.000445 -0.01757 0.0041

    0.004436 -0.00687 3.89487E-05 0.000445 -0.00858 -0.02411

    -0.00711 -0.01842 0.000316648 0.000452 -0.02882 -0.017310.017324 0.010297 0.000119292 0.000447 -0.0179 -9.4E-06

    0.008898 -0.00066 1.06036E-09 0.000444 0.050858 0.022689

    0.005198 -0.00842 6.07016E-05 0.000446 0.003807 0.002855

    0.005858 0.013101 0.00018841 0.000449 -0.00667 0.014283

    0.025442 0.022073 0.000515214 0.000457 0.02456 0.014422

    -0.02476 -0.00278 4.64565E-06 0.000444 0.004964 -0.00274

    -0.00499 -0.00756 4.80881E-05 0.000445 0.008936 0.002453

    -0.00797 -0.016 0.000236229 0.00045 -0.01764 0.001581

    -0.00856 -0.00278 4.66264E-06 0.000444 -0.01225 -0.00177

    0.00821 0.000273 8.06584E-07 0.000444 0.013811 0.018393

    -0.00541 -0.01568 0.000226635 0.00045 0.008381 0.001859

    0.014758 0.003309 1.54786E-05 0.000444 0.004934 0.000902-0.00657 0.009985 0.000112577 0.000447 0.013444 -0.00315

    0.015323 0.007518 6.63118E-05 0.000446 0.014462 0.01084

    0.017445 0.005793 4.11946E-05 0.000445 0.006559 -0.00732

    0.004189 -0.00841 6.06369E-05 0.000446 -0.01951 -0.00494

    0.006167 0.004342 2.46725E-05 0.000445 0.027792 0.011638

    0.011565 -0.00021 1.72876E-07 0.000444 -0.00384 0.006136

    0.009319 0.004115 2.24722E-05 0.000445 0.006194 -0.00687

    0.014379 0.006729 5.40853E-05 0.000445 -0.00767 -0.01842

    0.011008 0.003356 1.58528E-05 0.000444 0.036368 0.010297

    -0.01245 -0.01121 0.00011199 0.000447 -0.00602 -0.00066

    -0.00564 0.005724 4.03103E-05 0.000445 -0.01535 -0.00842

    -0.01317 0.009138 9.53291E-05 0.000446 0.029338 0.013101

    0.005387 0.006194 4.65037E-05 0.000445 0.002265 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

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    -0.023842196 0.001011 0.058192 -0.00602 0.008867279 -0.09573 -0.15521 -0.04712 -0.02979

    -0.015594513 -0.03644 -0.06562 0.050825 -0.031403351 0.067361 0.000866 -0.01413 0.030936

    -0.0135763 -0.04291 0.0477 -0.02883 0.011766603 -0.05359 0.011541 0.029095 0.000395

    -0.019493914 -0.02149 -0.02861 0.024131 0.000199579 0.041453 0.006076 -0.02307 -0.02052

    -0.033709763 -0.02159 -0.01227 -0.02693 -0.026599549 -0.00992 -3.8E-06 0.109034 -0.00653

    0.043367676 0.026609 -0.0191 0.013166 -0.02863334 -0.02181 -0.01073 -0.02144 -0.01508

    -0.044728096 0.018658 -0.02898 -0.00865 -0.007458229 -0.00586 0.016011 0.048322 -0.00453-0.022283307 -0.01464 0.013998 -0.00289 -0.013824265 -0.0132 6.26E-05 0.037986 -0.02096

    -0.030792734 0.062264 0.023876 0.019804 0.009647235 0.042782 -0.01123 0.08291 -0.04891

    0.017835247 0.03219 0.031202 0.007941 -0.036673879 -0.03864 -0.00234 -0.01104 0.001521

    0.005518432 -0.01989 -0.0365 0.01961 0.008923529 0.035036 -0.02346 0.025734 0.002881

    0.048877462 0.017119 -0.04294 0.015452 -0.008124126 -0.00138 -0.0087 -0.01484 0.051247

    0.150649508 0.042953 0.05485 -0.03771 -0.003134464 -0.01367 0.001866 -0.00245 0.00017

    0.02225743 -0.0081 0.008107 0.022325 -0.002878398 0.006204 0.001762 -0.03671 -0.02028

    -0.021681746 0.015149 0.005265 -0.01976 0.00108812 -0.00828 0.000609 0.03394 -0.00342

    0.014386404 -0.00276 -0.02926 -0.01436 -0.007219004 -0.04672 0.005889 -0.00553 -0.00881

    -0.005394811 0.028818 0.017198 -0.01453 0.008936472 -0.00885 -0.00128 0.092977 -0.0034

    0.017777842 0.016816 0.094323 -0.01264 -0.001700221 0.005732 0.010787 -0.00172 -0.01036

    -0.046137397 0.034515 0.0744 0.021509 0.013430649 0.037142 0.003753 0.027747 0.000476-0.008889266 -0.06352 -0.01708 -0.01107 -0.017607509 -0.04992 -0.00606 -0.02569 0.008309

    -0.01136553 -0.02574 -0.04013 0.019873 -0.008453637 -0.04885 -0.00132 0.005828 0.011777

    -0.009275115 0.013148 0.002822 0.020932 -0.003872666 -0.02358 -2.3E-05 -0.01319 0.003202

    -0.014505532 -0.00679 0.018764 0.00582 -0.020181602 -0.02326 0.006934 0.004692 -0.00306

    -0.017102983 0.023913 0.062063 0.008683 0.037735211 0.014819 -0.00123 0.014727 -0.00145

    -0.033938204 0.015355 0.138037 0.011258 -0.006859516 -0.00112 -0.01809 0.027257 -0.01408

    -0.014545293 0.005253 0.084816 0.017235 0.004878455 -0.044 -0.00588 0.06774 0.001441

    -0.033460641 0.030267 -0.0917 0.000645 0.003597433 0.019422 0.003376 -0.00585 -0.00281

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    Maximum Maximum

    estimation event Likelihood estimation event Likelihood

    period window estimate of AXE period window estimate of

    Firm Market he variance Firm S&P 500 Firm Market he varianc

    Residuals Residuals sed in SAR return return Residuals Residuals sed in SA

    0.013188 0.010859 0.008091 0.001686

    0.009712 -0.0153 -0.01215 -0.002090.00945 0.029379 0.006932 0.021488

    -0.0178 0.000665 -0.00277 0.003499

    0.000501 0.025285 0.019464 0.003537

    -0.0007 0.006786 -0.00484 0.011911

    -0.01284 -0.00193 -0.01512 0.014563

    -0.01659 0.022337 -0.01121 0.034508

    -0.00953 -0.00538 -0.01715 0.013359

    -0.01096 -0.01245 0.004022 -0.01712

    0.00229 0.013402 -0.00056 0.0138

    -0.00701 -0.02568 -0.00106 -0.02474

    -0.00828 -0.02369 -0.02264 0.00112

    -0.0094 -0.06465 -0.01881 -0.044070.006374 -0.0082 0.006207 -0.01529

    0.022763 -0.09459 -0.05047 -0.03901

    0.005765 0.015625 -0.00582 0.021837

    0.018029 -0.01957 -0.01624 -0.00183

    0.001605 -0.00515 -0.03155 0.029512

    0.004362 -0.01683 -0.01922 0.004197

    -0.00113 0.01085 0.038243 -0.03166

    0.002656 0.009151 0.008751 -0.00075

    0.006171 -0.03301 -0.00518 -0.02751

    -0.00859 -0.05382 0.011424 -0.06667

    0.01992 0.068042 0.021685 0.043838

    -0.01013 -0.03825 -0.0023 -0.03594

    -0.00824 0.015395 0.012231 0.001645

    0.007799 0.050715 0.019731 0.028671

    -0.00434 0.000785 -0.00247 0.003295

    0.002892 0.03089 0.001635 0.028857

    0.008996 0.01322 -0.00838 0.02226

    -0.00794 -0.04804 -0.00537 -0.04233

    -0.02663 0.015625 0.022679 -0.00968

    0.001379 0.036907 0.015094 0.019991

    0.000932 -0.00374 -0.00528 0.001871

    -0.00266 -0.00639 -0.00153 -0.00493

    -0.00062 -0.00568 0.006912 -0.01355

    -0.00997 0.015066 -0.01881 0.035638

    0.005685 -0.03229 -0.0079 -0.023780.000687 0.011516 0.004547 0.006263

    0.009704 -0.03101 0.01518 -0.04802

    -0.0053 0.023347 -0.00471 0.028328

    -0.05952 -0.02138 0.000387 -0.02203

    -0.01758 0.024836 0.013628 0.009541

    0.014643 0.008017 0.0041 0.003257

    0.018218 -0.02698 -0.02411 -0.00055

    0.009983 -0.02372 -0.01731 -0.0048

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    -0.00689 -0.00803 -9.4E-06 -0.00825

    0.005106 0.044943 0.022689 0.019628

    -0.02435 0.0584 0.002855 0.055016

    -0.00979 0.013365 0.014283 -0.00265

    -0.00753 0.007151 0.014422 -0.00902

    0.019971 -0.00572 -0.00274 -0.00291

    -0.00598 -0.02577 0.002453 -0.028710.002142 -0.0178 0.001581 -0.01978

    -0.00165 0.014121 -0.00177 0.015851

    0.004206 0.011739 0.018393 -0.00883

    -0.00883 0.020932 0.001859 0.01865

    0.037014 0.011364 0.000902 0.01014

    -0.01135 0.017154 -0.00315 0.020409

    0.007141 0.011732 0.01084 -0.00048

    -0.01396 -0.03349 -0.00732 -0.02561

    0.008954 -0.00855 -0.00494 -0.00331

    -0.0099 0.011384 0.011638 -0.00171

    -0.0036 0.011606 0.006136 0.004595

    0.00417 -0.00984 -0.00687 -0.002470.009799 -0.00567 -0.01842 0.014476

    0.005395 0.027668 0.010297 0.016056

    -0.02041 -0.00624 -0.00066 -0.00574

    0.075845 -0.00698 -0.00842 0.002105

    0.012834 0.045501 0.013101 0.030789

    -0.00964 0.027706 0.022073 0.003073

    -0.02914 0.003896 -0.00278 0.006745

    0.006239 -0.03227 -0.00756 -0.02414

    0.007407 -0.01756 -0.016 -9.5E-05

    -0.00101 -0.0151 -0.00278 -0.01225

    -0.00281 -0.00069 0.000273 -0.00122

    0.002163 -0.01569 -0.01568 0.001419

    -0.01053 0.01049 0.003309 0.006605

    0.002494 0.019632 0.009985 0.008365

    0.067091 -0.01305 0.007518 -0.02158

    -0.0184 -0.01427 0.005793 -0.0209

    0.026551 0 -0.00841 0.009076

    0.030278 0.01634 0.004342 0.011313

    -0.02834 -0.00173 -0.00021 -0.00172

    0.025587 0.001726 0.004115 -0.00305

    -0.01182 0.011997 0.006729 0.00433

    0.005813 -0.01822 0.003356 -0.02216

    -0.02009 0.006571 -0.01121 0.018738

    -0.03858 0.037549 0.005724 0.030994

    0.010266 0.016464 0.009138 0.0061330.019804 0.001958 0.006194 -0.00512

    -0.00801 -0.03415 -0.00652 -0.02717

    0.002885 -0.00983 -0.00359 -0.00608

    0.004184 0.018225 -0.00481 0.023318

    -0.01824 -0.00402 0.00122 -0.0056

    -0.02319 -0.00945 -0.00951 0.000846

    -0.00099 -0.01022 -0.0063 -0.00349

    -0.00582 -0.00481 0.006811 -0.01256

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    -0.00044 -0.00207 -0.01638 0.015818

    8.99185E-06 0.000323 -0.00692 0.00998 0.000106 0.000434

    4.39828E-06 0.000322 -0.00243 -0.00997 9.35E-05 0.000434

    0.000235248 0.000327 -0.03471 -0.00736 4.99E-05 0.000433

    3.37612E-05 0.000323 -0.01123 0.007893 6.71E-05 0.000433

    0.000501603 0.000332 0.02732 0.003513 1.45E-05 0.000432

    0.000243511 0.000327 -0.0089 0.000998 1.69E-06 0.0004322.89228E-06 0.000322 0.035844 -0.00019 1.13E-08 0.000432

    0.000595307 0.000334 -0.02552 -0.02903 0.000825 0.000453

    2.08442E-05 0.000323 0.015461 0.011679 0.000144 0.000435

    0.000255782 0.000327 0.000697 0.014824 0.000229 0.000438

    0.000260233 0.000327 -0.01404 -0.0071 4.63E-05 0.000433

    1.05795E-06 0.000322 -0.02215 -0.02505 0.000612 0.000447

    1.73283E-05 0.000323 0.008275 -0.00405 1.4E-05 0.000432

    1.08325E-05 0.000323 0.00429 -0.00599 3.24E-05 0.000432

    3.46043E-09 0.000322 -0.01727 -0.00309 7.77E-06 0.000432

    0.000404143 0.00033 -0.00364 0.014749 0.000227 0.000437

    1.27414E-05 0.000323 -0.00146 0.014238 0.000211 0.000437

    6.82385E-06 0.000323 -0.01396 -0.004 1.37E-05 0.0004322.06724E-06 0.000322 -0.01528 0.009892 0.000104 0.000434

    0.000157503 0.000325 -0.01552 -0.00182 2.3E-06 0.000432

    3.15201E-05 0.000323 0.000381 -0.01108 0.000116 0.000435

    1.04276E-05 0.000323 0.008356 -0.01905 0.000352 0.000441

    0.000178171 0.000326 0.013151 0.013423 0.000188 0.000436

    6.15589E-05 0.000324 -0.02227 -0.01563 0.000235 0.000438

    2.65866E-05 0.000323 0.015152 0.008191 7.21E-05 0.000433

    0.000279221 0.000328 0.025243 0.017815 0.000328 0.00044

    0.000144162 0.000325 0.006577 -4.5E-05 6.53E-08 0.000432

    1.10694E-06 0.000322 -0.02919 0.00046 5.78E-07 0.000432

    4.49765E-05 0.000323 -0.03046 -0.00285 6.51E-06 0.000432

    0.000219363 0.000327 0.033077 0.022382 0.000514 0.000445

    0.000565631 0.000333 0.040672 0.019304 0.000384 0.000442

    -0.00048 0.00023

    0.28668 1.10575

    0.00032 0.00043

    0.016277 0.016496

    1.020833 1.020833

    RAD RCL SMG SGR SMF PCS TDY TXN TRP

    -0.11939 0.181239749 0.005838 -0.03417 0.010674 0.036217 -0.02355 0.035963 0.004523

    -0.07467 0.058297387 -0.00812 -0.0013 0.003949 -0.08832 0.001034 0.020941 0.005133

    -0.00488 -0.05527907 0.003405 0.012562 0.016262 -0.01247 -0.00362 -0.03015 -0.00617

    -0.00284 0.031974196 -0.0011 -0.00103 -0.02113 0.042468 -0.04255 -0.02813 -0.00345

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    -0.09259 0.069174149 0.018811 0.059537 0.008773 0.099724 -0.00745 -0.01158 -0.008

    0.090964 -0.045443422 -0.0029 0.009846 -0.00274 0.032035 -0.06506 0.014788 0.009016

    -0.10983 0.003467673 0.047179 -0.0002 0.009875 0.004558 0.007624 0.048026 -0.00616

    0.002175 0.023595324 0.027132 0.054739 -0.005 -0.00245 0.029314 -0.03152 -0.02679

    0.038066 0.008027207 -0.00725 -0.01018 0.015512 0.042142 0.032278 0.097124 -0.0116

    -0.02226 -0.065630519 -0.00906 -0.02933 0.006619 -0.10781 -0.0111 -0.02372 -0.02142

    -0.04332 0.02356667 0.019399 0.042337 -0.00533 0.058486 0.004399 0.072672 -0.004380.015706 0.04293531 -0.01901 0.038765 -0.0157 -0.0295 0.010696 -0.01455 0.035327

    0.000234 0.124328068 0.014663 -0.00801 0.007485 0.069512 0.01816 0.0002 0.017286

    -0.03044 -0.004287497 -0.00261 -0.04556 0.004556 -0.02156 0.022859 0.043894 -0.00365

    -0.00302 -0.01031021 -0.0089 0.017992 0.015729 -0.01178 -0.05434 -0.0253 -0.00307

    -0.38956 0.093643795 0.004597 -0.01225 -0.01468 -0.24425 -0.0198 0.045356 0.001243

    0.17037 -0.032918533 0.007685 0.012494 -0.0007 -0.05526 0.002991 0.054059 -0.01471

    0.058724 -0.02342132 0.007064 0.008124 -0.004 0.042698 -0.00179 0.003096 -0.0236

    0.089784 0.003671741 0.006043 0.019349 -0.00488 -0.02044 0.004161 -0.00508 -0.01716

    -0.06987 0.023918423 0.015965 -0.075 -0.00114 -0.02659 0.006213 -0.05879 0.011916

    0.016758 0.039042154 0.023993 -0.03331 0.002863 -0.05729 0.002462 0.011544 -0.0018

    -0.02314 -0.023152232 -0.00093 -0.00952 0.000533 0.070234 0.006442 0.006271 0.006657

    0.137369 0.013282428 0.018825 0.000162 0.008728 0.001249 0.01564 -0.04474 -0.02031-0.03974 0.018214477 -0.00815 -0.00791 -0.00543 0.02388 0.030275 -0.075 0.000395

    0.031478 -0.007161405 0.009149 0.002697 0.014232 0.036613 -0.04511 -0.09503 0.009086

    0.003771 0.009698824 -0.0213 -0.02157 0.008997 -0.07493 0.032068 0.025303 0.001747

    0.016124 0.000787702 0.001399 -0.00771 0.009903 0.000146 -0.02398 0.051381 -0.01272

    0.033147 0.01031906 0.003267 -0.02845 -0.0026 -0.02679 0.022149 -0.01343 -0.00811

    0.00133 0.043861509 -0.00836 0.004644 -0.00668 0.018054 -0.01632 -0.00952 0.008353

    -0.01681 0.018547191 -0.01 0.024364 -0.00355 0.048734 0.020593 0.029709 0.001459

    0.045357 0.00172667 -0.02755 0.014094 0.001678 0.01951 0.025567 -0.04597 0.000407

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    Maximum

    estimation event Likelihood

    ABI period window estimate of ONE

    Firm S&P 500 Firm Market he variance Firm S&P 500

    return return Residuals Residuals sed in SAR return return

    -0.00199 -0.0165 0.016429 0.013405 -0.01343

    0.000399 -0.01641 0.018684 -0.00534 0.0117580.011492 0.015952 -0.01433 0 -0.00869

    0.115943 0.010395 0.097693 -0.0105 -0.00219

    0.039895 0.0024 0.032545 -0.01857 0.008091

    -0.0406 -0.00108 -0.04321 -0.00276 -0.01909

    -0.01486 0.005555 -0.02651 -0.0519 -0.01751

    -0.00715 0.003873 -0.01651 -0.02297 -0.01868

    -0.02397 0.003956 -0.03345 -0.00089 -0.00195

    -0.01221 -0.00526 -0.00912 0.015385 -0.00557

    -0.0222 -0.01149 -0.01062 0.032638 0.017339

    -0.02076 0.00326 -0.02929 -0.00142 -0.00769

    -0.03197 -0.01748 -0.01222 -0.01867 -0.01441

    -0.02642 -8.4E-05 -0.03038 0.012104 0.001040.023607 0.005671 0.011798 0.007989 -0.0057

    0.039824 0.000949 0.034451 -0.01518 0.005841

    -0.02703 -0.00384 -0.02588 0.010047 0.009931

    -0.01199 -0.00737 -0.00602 0.025104 0.006432

    0.00641 0.003085 -0.00187 0.004724 0.002256

    -0.0012 -0.0168 0.017629 -0.02158 -0.02508

    -0.03292 0.008091 -0.04803 -0.05413 -0.04414

    0.013544 -0.01215 0.026033 0.026558 0.01472

    0.089251 0.006932 0.075722 -0.02357 -0.02618

    -0.02186 -0.00277 -0.02217 0.020072 0.005854

    0.041066 0.019464 0.010454 -0.00645 -0.01982

    -0.01846 -0.00484 -0.01594 0.02584 0.017473

    -0.02757 -0.01512 -0.01104 -0.00488 -0.02437

    -0.017 -0.01121 -0.00579 -0.0052 -0.01809

    -0.02246 -0.01715 -0.00315 -0.04713 -0.00407

    -0.0068 0.004022 -0.01636 0.031957 0.019713

    0.007194 -0.00056 0.003885 0.01459 0.011219

    -0.00719 -0.00106 -0.00983 0.028557 0.025253

    -0.03552 -0.02264 -0.00873 -0.00536 -0.02473

    -0.00584 -0.01881 0.015732 0.000283 -0.00464

    -0.01389 0.006207 -0.02643 0.00733 0.010727

    -0.1125 -0.05047 -0.04778 0.000562 -0.01254

    0.050866 -0.00582 0.054724 -0.03398 -0.035

    0.016544 -0.01624 0.034609 -0.02977 -0.00291

    -0.01654 -0.03155 0.022391 0.027156 0.0427530.015657 -0.01922 0.037776 -0.03768 -0.02019

    0.01279 0.038243 -0.04342 0.024788 0.008085

    0.002189 0.008751 -0.01382 0.012605 0.026706

    -0.02211 -0.00518 -0.01912 0.005809 -0.00213

    0.13135 0.011424 0.111698 -0.00377 0.014991

    -0.04777 0.021685 -0.08141 0.01271 -0.00323

    -0.01742 -0.0023 -0.01837 0.027182 0.01023

    0.033734 0.012231 0.012982 0.043455 0.038153

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    0.008058 0.019731 -0.02292 0.003471 0.012465

    0.016713 -0.00247 0.016008 -0.0008 -0.00858

    0.019926 0.001635 0.013619 -0.00777 -0.01509

    -0.03704 -0.00838 -0.0297 0.001612 -0.01224

    0.026932 -0.00537 0.030174 0.003483 0.015815

    0.037205 0.022679 0.002209 0.00187 0.004685

    0.079579 0.015094 0.054924 0.008506 0.0148980.041211 -0.00528 0.044331 -0.01655 -0.00287

    0.009299 -0.00153 0.007308 0.005635 0.013498

    -0.00963 0.006912 -0.02313 0.010912 0.000781

    -0.03775 -0.01881 -0.01619 0.003962 -0.01498

    -0.05339 -0.0079 -0.0467 0.001054 0.014337

    -0.01436 0.004547 -0.02464 -0.00502 -0.00245

    0.041415 0.01518 0.016642 -0.02465 -0.00183

    -0.02486 -0.00471 -0.02252 -0.01036 -0.0045

    0.018077 0.000387 0.013471 0.003284 -0.00029

    0.035203 0.013628 0.012546 -0.01625 -0.00761

    0.043654 0.0041 0.033986 0.004157 0.002606

    -0.01872 -0.02411 0.010067 0.011001 0.000416-0.02979 -0.01731 -0.01027 0.023785 0.028055

    0.011061 -9.4E-06 0.006995 -0.00697 0.00272

    0.020416 0.022689 -0.01459 -0.00081 0.002689

    0.018686 0.002855 0.010714 0.008577 0.016025

    0.057177 0.014283 0.033627 0.013256 -0.00263

    -0.00752 0.014422 -0.03126 0 -0.01565

    -0.00916 -0.00274 -0.00951 0.004205 0.003191

    0.013245 0.002453 0.005823 -0.00368 -0.01189

    -0.00881 0.001581 -0.01504 0.000789 -0.00782

    -0.00825 -0.00177 -0.00992 -0.00475 -0.01578

    0.039674 0.018393 0.010521 0.029169 0.006182

    0.005193 0.001859 -0.00142 -0.01136 0.003855

    0.006681 0.000902 0.001372 0.00492 0.005095

    -0.01341 -0.00315 -0.01319 -0.00752 0.012907

    0.038513 0.01084 0.019656 -0.01706 -0.0106

    -0.0083 -0.00732 -0.00239 -0.00318 0.005442

    0.008299 -0.00494 0.010953 -0.0072 -0.00944

    0.012029 0.011638 -0.00792 -0.01564 -0.00839

    0.009578 0.006136 -0.00287 0.002714 0.001163

    0.014909 -0.00687 0.02019 0.006752 -0.01141

    -0.05438 -0.01842 -0.03335 -0.02839 -0.01766

    0.009569 0.010297 -0.00855 0 -0.00453

    -0.01681 -0.00066 -0.01999 -0.00305 -0.0049

    -0.06632 -0.00842 -0.05892 0.005816 0.003428

    0.027434 0.013101 0.005496 -0.00138 0.0086710.031591 0.022073 -0.00258 0.012368 0.0113

    0.068057 -0.00278 0.06777 -0.01375 -0.00949

    -0.01059 -0.00756 -0.00437 -0.02071 -0.00552

    -0.03396 -0.016 -0.01623 -0.02114 -0.00151

    -0.01168 -0.00278 -0.01196 0 -0.00469

    -0.02811 0.000273 -0.03256 0.01462 0.012416

    0.040388 -0.01568 0.057685 0.007937 -0.00149

    0.002675 0.003309 -0.00591 0.026193 0.010028

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    0.025785 0.009985 0.008095 -0.01078 -0.00184

    0.028797 0.007518 6.67541E-05 0.000974 -0.00838 -0.0124

    0.008396 0.005793 4.15433E-05 0.000973 -0.02959 -0.02378

    0.028844 -0.00841 6.02155E-05 0.000974 0.014335 0.006855

    0.012112 0.004342 2.49425E-05 0.000972 -0.02829 -0.0145

    0.027703 -0.00021 1.96152E-07 0.00097 0.014246 -0.00113

    0.00855 0.004115 2.27299E-05 0.000971 0.021138 0.023415-0.00517 0.006729 5.44847E-05 0.000973 -0.00453 0.006222

    0.038911 0.003356 1.60694E-05 0.000971 -0.01632 -0.01094

    -0.02271 -0.01121 0.000111417 0.000976 0.013188 0.009922

    -0.03268 0.005724 4.06552E-05 0.000972 0.042382 -0.00556

    -0.0525 0.009138 9.58592E-05 0.000976 -0.00273 0.006035

    0.045888 0.006194 4.68742E-05 0.000973 -0.00329 -0.00344

    -0.00933 -0.00652 3.44281E-05 0.000972 0.010654 -0.0165

    -0.05224 -0.00359 8.65675E-06 0.000971 -0.01506 -0.01641

    0.020948 -0.00481 1.72873E-05 0.000971 0.015058 0.015952

    -0.02349 0.00122 3.50598E-06 0.00097 0.00731 0.010395

    0.009855 -0.00951 7.85063E-05 0.000975 0.011266 0.0024

    -0.0342 -0.0063 3.18483E-05 0.000972 -0.00857 -0.001080.014107 0.006811 5.57021E-05 0.000973 0.029948 0.005555

    -0.02314 -0.01638 0.000247307 0.000984 -0.00944 0.003873

    0.008159 0.00998 0.00011306 0.000977 0.015691 0.003956

    -0.01226 -0.00997 8.68445E-05 0.000975 -0.00416 -0.00526

    -0.01629 -0.00736 4.50077E-05 0.000973 -0.01391 -0.01149

    0.005657 0.007893 7.30312E-05 0.000974 0.002639 0.00326

    -0.29205 0.003513 1.73498E-05 0.000971 -0.00953 -0.01748

    -0.03233 0.000998 2.72297E-06 0.00097 0.006629 -8.4E-05

    -0.02201 -0.00019 2.10125E-07 0.00097 0.004483 0.005671

    -0.0486 -0.02903 0.000805286 0.001015 0.005248 0.000949

    0.008339 0.011679 0.000152073 0.000979 -0.00656 -0.00384

    -0.02613 0.014824 0.000239509 0.000984 -0.00581 -0.00737

    0.06007 -0.0071 4.16157E-05 0.000973 0.002382 0.003085

    0.00408

    1.36324

    0.00096

    0.017247

    1.020833

    Standardized

    Abnormal

    Returns

    RIG UTX UNM WMI WEN AK ARG AGN

    0.033493 0.013915 0.004677 -0.00317 -0.021073729 -0.14666 0.252908 -0.0689

    0.052757 0.011224 -0.00317 0.007595 0.007088961 -0.4236 1.391791 -0.17006

    0.017095 0.020767 -0.00104 -0.01103 -0.006688258 0.280283 -0.33969 -1.49713

    0.058596 0.037272 -0.02423 0.005689 0.006612715 0.354694 -1.34474 -2.18081

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    -0.05148 -0.02516 -0.00208 0.023211 0.005933003 -0.36615 0.093095 -0.29926

    0.007377 0.009819 0.022758 -0.00319 0.021183445 -0.1762 -0.90075 -0.52517

    -0.00886 0.034979 -0.01034 -0.00812 0.033079672 0.181601 -1.59151 0.382225

    -0.07513 0.00984 -0.00405 -0.00066 0.016176965 -0.08703 -0.78946 0.257363

    0.02151 0.014982 0.054303 0.015096 -0.000337148 -0.03046 -0.05744 0.678866

    -0.00726 0.019875 0.018764 0.007247 0.005401084 0.112163 1.508449 1.455848

    -0.03605 0.001004 -0.01099 0.000582 0.000441886 -1.05989 -0.31979 -0.50950.005346 -0.02079 -0.00755 -0.00229 0.017589888 -0.46268 -0.47654 -0.03892

    0.05467 -0.01528 0.006109 -0.01121 0.000863829 -0.38293 -1.25973 0.154456

    -0.03006 -0.00101 0.005547 0.015193 4.08405E-05 -0.10057 0.051764 -1.35791

    -0.04858 0.004794 0.035333 0.02519 -0.018715153 -0.22339 1.007404 0.87891

    -0.02855 -0.00167 -0.06776 0.02658 -0.022370365 0.626972 1.257464 2.409593

    -0.02989 0.021416 0.030939 -0.00685 0.015342624 -0.48987 -0.0867 -0.50542

    0.022844 0.026194 -0.00964 -0.00747 -0.010876016 -0.25999 0.154924 -0.91231

    -0.04337 -0.0024 0.004208 0.006662 0.004913523 -0.43078 -0.38075 -1.42424

    -0.03034 0.02203 -0.01034 0.021791 0.020276074 -0.9468 0.040534 -1.14934

    -0.0313 -0.00912 0.01449 -0.01491 0.000576929 0.437925 1.132826 -0.75129

    0.044337 -0.03275 0.004409 -0.02242 -0.007578562 -0.06627 0.572138 -0.00353

    0.031722 0.025366 0.0138 -0.02201 -0.005051944 -0.67999 -0.94651 -1.509390.052493 0.015494 -0.00012 0.048226 -0.014630802 -0.31216 -1.13598 1.933175

    -0.01093 0.006732 -0.02097 -0.0044 -0.004565033 0.155322 -0.04771 -3.93654

    -0.04568 -0.0306 -0.01776 0.022261 0.003483297 1.537341 -0.52119 2.934823

    0.047106 -0.00068 0.002716 0.010309 -0.00098359 0.583639 -0.38841 -0.75312

    0.089892 -0.02933 0.011883 -0.01886 0.017661397 -0.06387 -0.5004 0.810893

    0.084753 -0.01564 -0.01875 -0.0043 0.016839176 0.00927 0.280098 1.105704

    -0.00071 0.006157 -0.01763 -0.00064 0.011202357 0.399469 8.68E-05 0.241767

    0.003406 -0.00356 0.013632 -0.01116 -0.005628997 -0.64918 0.933597 0.715285

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    Maximum Maximum

    estimation event Likelihood estimation event Likelihood

    period window estimate of BAX period window estimate of

    Firm Market he variance Firm S&P 500 Firm Market he variance

    Residuals Residuals sed in SAR return return Residuals Residuals sed in SA

    0.024396 -0.00568 -0.00061 -0.00367

    -0.01562 -0.00412 -0.01674 0.0087680.00699 -0.03426 -0.02116 -0.0184

    -0.009 -0.01224 -0.00166 -0.00952

    -0.02575 -0.01408 -0.02846 0.00671

    0.013012 -0.02392 0.005373 -0.02594

    -0.03746 0.007235 0.005717 0.004982

    -0.00754 0.02274 0.022041 0.009479

    0.000406 0.040124 -0.00452 0.044775

    0.019741 0.019474 0.013956 0.011665

    0.017642 0.00944 -0.00618 0.015208

    0.004723 -0.01929 -0.0091 -0.01155

    -0.00685 0.005731 0.011479 -0.00041

    0.010876 0.005067 0.034659 -0.01670.01245 0.000947 0.015148 -0.00767

    -0.02046 -0.01655 -0.00648 -0.01057

    0.001308 -0.01389 -0.00472 -0.00911

    0.019321 0.012928 0.005321 0.010942

    0.002469 -0.00483 0.005674 -0.00705

    -0.00075 0.027059 0.005555 0.024915

    -0.01719 -0.01264 0.004936 -0.01437

    0.013774 -0.01248 -0.00855 -0.00511

    -0.00181 -0.00808 0.005974 -0.01051

    0.014777 0.02152 0.005808 0.019205

    0.009942 0.017326 0.010513 0.011839

    0.01073 0.000936 -0.0012 0.003345

    0.015353 0.028301 0.018249 0.017597

    0.00973 0 -0.00661 0.00606

    -0.04404 -0.00945 0.010037 -0.01461

    0.014955 0.025991 -0.00207 0.028985

    0.004763 -0.00299 -0.00075 -0.00088

    0.006875 -0.03999 -0.01154 -0.03061

    0.015179 0.024609 0.008817 0.020265

    0.003853 0.001821 -0.00032 0.003641

    -0.00208 0.004539 -0.00622 0.010337

    0.010805 -0.00545 -0.01353 0.005274

    -0.00477 0.008163 0.006323 0.005501

    -0.02767 -0.00634 0.008066 -0.01018

    -0.00931 -0.00364 0.017071 -0.01355-0.02098 -0.02276 -0.00698 -0.01646

    0.017609 -0.02489 -0.01 -0.01654

    -0.0103 -0.0265 -0.00376 -0.02237

    0.007261 -0.00394 0.003009 -0.00437

    -0.01679 -0.00594 0.006322 -0.0086

    0.015091 0.000661 -0.00129 0.003129

    0.01819 0.011177 -0.00855 0.018544

    0.010877 -0.01184 0.007215 -0.0151

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    -0.00958 0.013447 0.001862 0.013793

    0.000135 0.000181 -0.00362 0.019643 0.000373 0.000378

    0.00053 0.000184 -0.04029 -0.01278 0.000172 0.000373

    5.81E-05 0.00018 -0.0483 -0.02597 0.000692 0.000386

    0.000189 0.000181 0.043763 0.00814 6.09E-05 0.00037

    1.37E-07 0.00018 0.029496 0.02528 0.000622 0.000384

    0.000585 0.000185 0.005504 -0.00473 2.57E-05 0.0003694.88E-05 0.00018 -0.04223 -0.00824 7.36E-05 0.00037

    0.000104 0.000181 0.00495 -0.01784 0.000331 0.000377

    0.000114 0.000181 0.087233 0.023983 0.000559 0.000382

    2.3E-05 0.00018 0.05683 0.046546 0.002135 0.000421

    4.62E-05 0.00018 -0.01025 0.004105 1.42E-05 0.000369

    7.15E-06 0.00018 -0.001 -0.00537 3.25E-05 0.000369

    0.000248 0.000182 0.019105 0.025245 0.00062 0.000384

    0.000245 0.000182 -0.00196 0.004522 1.75E-05 0.000369

    0.000279 0.000182 0.018783 0.017643 0.000299 0.000376

    0.000125 0.000181 -0.03893 7.2E-05 7E-08 0.000369

    1E-05 0.00018 -0.0209 -0.00236 7.27E-06 0.000369

    9.87E-08 0.00018 0.001361 -0.01064 0.000121 0.0003713.99E-05 0.00018 -0.00102 0.000524 3.5E-08 0.000369

    2.15E-05 0.00018 0.020557 -0.01375 0.000198 0.000373

    2.23E-05 0.00018 0.019161 0.007139 4.63E-05 0.00037

    2.02E-05 0.00018 -0.00788 0.004919 2.1E-05 0.000369

    0.000115 0.000181 -0.00198 -0.00749 6.13E-05 0.00037

    1.62E-05 0.00018 -0.00298 -0.00494 2.78E-05 0.000369

    0.000279 0.000182 -0.03097 0.009349 8.12E-05 0.000371

    4.62E-07 0.00018 -0.00927 0.009948 9.24E-05 0.000371

    4.14E-05 0.00018 0.019816 -0.00787 6.74E-05 0.00037

    2.94E-06 0.00018 0.017106 -0.00258 8.48E-06 0.000369

    9.43E-06 0.00018 -0.01204 -0.02252 0.000523 0.000381

    4.36E-05 0.00018 -0.01458 -0.01834 0.000349 0.000377

    1.48E-05 0.00018 -0.05981 -0.06005 0.003646 0.000458

    0.00035 -0.0016

    0.84472 0.67426

    0.00018 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

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    Maximum

    estimation event Likelihood

    BEC period window estimate of BTH

    Firm S&P 500 Firm Market he variance Firm S&P 500

    return return Residuals Residuals sed in SAR return return

    0.001778 -0.00219 0.001785 -0.00502 0.006035

    -0.00509 0.008091 -0.00881 -0.01266 -0.003440.011666 -0.01909 0.0178 0.025169 -0.0165

    0.012528 -0.01751 0.01809 -0.01503 -0.01641

    -0.02012 -0.01868 -0.01413 -0.02815 0.015952

    -0.03885 -0.00195 -0.03893 -0.00912 0.010395

    -0.00317 -0.00557 -0.00194 -0.01097 0.0024

    0.047098 0.017339 0.040026 0.010972 -0.00108

    0.005546 -0.00769 0.007547 -0.00657 0.005555

    0.009009 -0.01441 0.013448 -0.00044 0.003873

    -0.01253 0.00104 -0.0137 0.015267 0.003956

    -0.00328 -0.0057 -0.00201 -0.00913 -0.00526

    0.009823 0.005841 0.006919 -0.0035 -0.01149

    -0.01821 0.009931 -0.0226 0.004811 0.003260.00204 0.006432 -0.00108 -0.00525 -0.01748

    -0.00025 0.002256 -0.00186 0.001315 -8.4E-05

    0.004829 -0.02508 0.013134 0.005242 0.005671

    -0.01482 -0.04414 0.000402 -0.02381 0.000949

    -0.0153 0.01472 -0.02142 -0.00537 -0.00384

    -0.00945 -0.02618 -0.00075 0.008488 -0.00737

    0.007621 0.005854 0.004712 -0.00446 0.003085

    -0.02922 -0.01982 -0.02282 0.000893 -0.0168

    -0.01384 0.017473 -0.02096 0 0.008091

    0.040439 -0.02437 0.048489 0 -0.01215

    -0.03092 -0.01809 -0.02515 -0.00268 0.006932

    -0.07619 -0.00407 -0.0755 -0.01125 -0.00277

    0.044845 0.019713 0.036912 0 0.019464

    0.000559 0.011219 -0.0043 -0.00408 -0.00484

    0.024543 0.025253 0.014601 -0.02718 -0.01512

    0.020758 -0.02473 0.028939 -0.01696 -0.01121

    0.028149 -0.00464 0.029045 0.006157 -0.01715

    0.006206 0.010727 0.001531 0.020099 0.004022

    -0.02374 -0.01254 -0.01998 -0.00324 -0.00056

    -0.02513 -0.035 -0.01323 -0.02111 -0.00106

    -0.00815 -0.00291 -0.00789 0.000948 -0.02264

    0.0232 0.042753 0.006914 -0.01096 -0.01881

    -0.00107 -0.02019 0.005465 0.007634 0.006207

    -0.00401 0.008085 -0.00773 -0.04421 -0.05047

    -0.00537 0.026706 -0.01584 -0.00249 -0.00582-0.02179 -0.00213 -0.02181 0.027991 -0.01624

    0.017743 0.014991 0.011522 -0.07907 -0.03155

    -0.00054 -0.00323 -0.00016 -0.04502 -0.01922

    -0.03358 0.01023 -0.03808 0.052855 0.038243

    0.038176 0.038153 0.023557 -0.01996 0.008751

    0.013118 0.012465 0.007812 -0.00906 -0.00518

    0.00557 -0.00858 0.007894 0.038335 0.011424

    -0.0101 -0.01509 -0.00542 0.015845 0.021685

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    -0.0121 -0.01224 -0.00845 -0.01998 -0.0023

    0.000811 0.015815 -0.00571 -0.00779 0.012231

    -0.00162 0.004685 -0.00411 0.027765 0.019731

    0.019298 0.014898 0.013111 -0.00152 -0.00247

    -0.06583 -0.00287 -0.06558 0.014621 0.001635

    0.022706 0.013498 0.017026 -0.01971 -0.00838

    0.017311 0.000781 0.016241 -0.00153 -0.00537-0.00027 -0.01498 0.004374 0.056164 0.022679

    0.002993 0.014337 -0.00299 0.027647 0.015094

    0.004608 -0.00245 0.00471 -0.03687 -0.00528

    -0.01033 -0.00183 -0.01045 0.024574 -0.00153

    -0.0052 -0.0045 -0.00436 -0.00908 0.006912

    -0.00468 -0.00029 -0.00536 -0.01451 -0.01881

    -0.01585 -0.00761 -0.01388 -0.01226 -0.0079

    0 0.002606 -0.00173 -0.00395 0.004547

    -0.00056 0.000416 -0.0015 0.009857 0.01518

    0.018344 0.028055 0.007386 -0.00738 -0.00471

    0.013405 0.00272 0.011632 -0.01845 0.000387

    -0.01396 0.002689 -0.01572 0.022395 0.013628-0.0011 0.016025 -0.0077 -0.02441 0.0041

    0.006325 -0.00263 0.006493 -0.00658 -0.02411

    -0.01658 -0.01565 -0.0117 -0.03303 -0.01731

    0.014114 0.003191 0.012171 0.017681 -9.4E-06

    -0.00275 -0.01189 0.000772 0.018893 0.022689

    0.000551 -0.00782 0.002602 0.005045 0.002855

    0.013948 -0.01578 0.018883 0.001509 0.014283

    0.019366 0.006182 0.016338 0.001005 0.014422

    0.034044 0.003855 0.03186 -0.01111 -0.00274

    0.02517 0.005095 0.022536 0.011106 0.002453

    0.002758 0.012907 -0.00271 -0.00503 0.001581

    -0.00401 -0.0106 -0.00096 -0.00963 -0.00177

    -0.0252 0.005442 -0.02796 0.009633 0.018393

    0.012044 -0.00944 0.014681 0.0386 0.001859

    -0.03262 -0.00839 -0.03036 -0.01221 0.000902

    -0.01886 0.001163 -0.02007 -0.00098 -0.00315

    0.06489 -0.01141 0.068242 0.015618 0.01084

    -0.00504 -0.01766 0.000576 -0.00388 -0.00732

    0.012301 -0.00453 0.013156 -0.02212 -0.00494

    0.028531 -0.0049 0.02952 0.039947 0.011638

    -0.00755 0.003428 -0.00957 -0.0154 0.006136

    0.003415 0.008671 -0.00052 0.014922 -0.00687

    0.002432 0.0113 -0.00245 -0.01784 -0.01842

    -0.00438 -0.00949 -0.00173 0.03536 0.010297

    -0.01005 -0.00552 -0.00884 -0.06698 -0.000660 -0.00151 -0.00024 0.009493 -0.00842

    0.001724 -0.00469 0.002637 0.039966 0.013101

    0.010279 0.012416 0.004992 0.018931 0.022073

    -0.012 -0.00149 -0.01225 -0.01464 -0.00278

    0.012246 0.010028 0.007824 0.008998 -0.00756

    0.004614 -0.00184 0.004494 -0.01425 -0.016

    0.00242 -0.0124 0.006129 0.007623 -0.00278

    0.002173 -0.02378 0.010008 0.008977 0.000273

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    -0.00872 0.006855 -0.01199 0.007498 -0.01568

    0.006306 -0.0145 0.000184 0.000413 0.006978 0.003309

    -0.00728 -0.00113 3.26E-08 0.000409 -0.00325 0.009985

    0.022159 0.023415 0.000594 0.00042 0.010181 0.007518

    0.046542 0.006222 5.15E-05 0.00041 -0.0544 0.005793

    0.01758 -0.01094 9.98E-05 0.000411 0.052556 -0.00841

    -0.00695 0.009922 0.000118 0.000411 0.039788 0.004342-0.0009 -0.00556 2.12E-05 0.000409 0.008826 -0.00021

    0.002025 0.006035 4.88E-05 0.00041 0.01049 0.004115

    -0.00338 -0.00344 6.17E-06 0.000409 0.000869 0.006729

    0.008979 -0.0165 0.000242 0.000414 0.021488 0.003356

    -0.03271 -0.01641 0.000239 0.000414 -0.01542 -0.01121

    0.019889 0.015952 0.000286 0.000415 -0.02758 0.005724

    0.013043 0.010395 0.000129 0.000412 0.034464 0.009138

    0.012875 0.0024 1.12E-05 0.000409 0.010239 0.006194

    0.011622 -0.00108 1.55E-08 0.000409 -0.02623 -0.00652

    -0.00349 0.005555 4.24E-05 0.00041 -0.00393 -0.00359

    -0.01122 0.003873 2.33E-05 0.00041 -0.00219 -0.00481

    -0.00599 0.003956 2.41E-05 0.00041 -0.00881 0.001220.005991 -0.00526 1.85E-05 0.000409 -0.00443 -0.00951

    -0.00155 -0.01149 0.000111 0.000411 -0.00401 -0.0063

    0.000222 0.00326 1.78E-05 0.000409 -0.02255 0.006811

    -0.01518 -0.01748 0.000273 0.000414 -0.01702 -0.01638

    -0.00451 -8.4E-05 7.56E-07 0.000409 0.012909 0.00998

    0.00158 0.005671 4.39E-05 0.00041 -0.01523 -0.00997

    0.050153 0.000949 3.62E-06 0.000409 -0.00466 -0.00736

    -0.0147 -0.00384 8.3E-06 0.000409 0.02081 0.007893

    0.00174 -0.00737 4.11E-05 0.00041 -0.0129 0.003513

    0.010594 0.003085 1.63E-05 0.000409 -0.00279 0.000998

    0.007285 -0.0168 0.000251 0.000414 0.000465 -0.00019

    -0.02224 0.008091 8.18E-05 0.000411 -0.00466 -0.02903

    -0.00745 -0.01215 0.000125 0.000411 0 0.011679

    0.00079

    0.36256

    0.00041

    0.021078

    1.020833

    CRA CPQ GLW CVD DOW GUC HON IN KMG

    -0.63306 0.771157 -0.32609 1.351536 -0.16039 -0.00166 0.595628 -0.14882 -0.53588

    -0.30794 0.754854 -0.04565 0.62537 0.355345 0.0184 -0.54578 0.557077 -2.77631

    -1.14239 1.031896 -0.24314 0.208277 -0.98471 -0.54587 0.882757 -0.9394 -2.864

    0.777223 -0.60849 -0.1603 -0.42484 -0.4261 -0.21017 -0.84823 0.774328 1.154065

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    Maximum Maximum

    estimation event Likelihood estimation event Likelihood

    period window estimate of POS period window estimate of

    Firm Market he variance Firm S&P 500 Firm Market he varianc

    Residuals Residuals sed in SAR return return Residuals Residuals sed in SA

    -0.00983 0.021654 -0.00582 0.02508

    -0.0092 -0.04379 -0.01624 -0.031770.040042 -0.03169 -0.03155 -0.00707

    -0.00024 -0.05689 -0.01922 -0.04243

    -0.04162 0.047042 0.038243 0.014159

    -0.01775 -0.00248 0.008751 -0.01106

    -0.01261 -0.00391 -0.00518 -0.00101

    0.012372 0.03117 0.011424 0.020386

    -0.01096 -0.03509 0.021685 -0.05433

    -0.00337 -0.02166 -0.0023 -0.02114

    0.012269 -0.00366 0.012231 -0.01511

    -0.00408 0.021023 0.019731 0.003393

    0.00699 0.013184 -0.00247 0.013851

    0.002421 -0.01966 0.001635 -0.022380.010476 -0.0219 -0.00838 -0.01637

    0.001846 0.015016 -0.00537 0.018069

    0.000746 0.011924 0.022679 -0.00813

    -0.02418 -0.01192 0.015094 -0.02573

    -0.00156 0.000363 -0.00528 0.003343

    0.01538 -0.03551 -0.00153 -0.03562

    -0.0067 0.04563 0.006912 0.038563

    0.016028 -0.03738 -0.01881 -0.02325

    -0.00661 -0.01429 -0.0079 -0.00915

    0.011072 0.024693 0.004547 0.019575

    -0.00828 -0.01564 0.01518 -0.02952

    -0.00838 0.035402 -0.00471 0.037911

    -0.01654 0.014389 0.000387 0.012698

    0.000601 0.018752 0.013628 0.006151

    -0.01352 0.004197 0.0041 -0.00055

    -0.00671 -0.01548 -0.02411 0.003016

    0.021594 -0.0215 -0.01731 -0.0086

    0.017043 0.001448 -9.4E-06 8.41E-05

    -0.00229 0.007566 0.022689 -0.0125

    -0.01973 -0.0018 0.002855 -0.00552

    0.021185 0.01073 0.014283 -0.00241

    0.005935 0.01132 0.014422 -0.00194

    0.00267 0.003862 -0.00274 0.004747

    0.000325 0.017023 0.002453 0.013631

    0.003055 0.002752 0.001581 7.77E-050.042637 -0.01453 -0.00177 -0.01445

    -0.05106 0.022062 0.018393 0.005535

    -0.02778 0.029231 0.001859 0.026328

    0.019908 -0.01501 0.000902 -0.01713

    -0.02715 0.009701 -0.00315 0.010923

    -0.00408 -0.00167 0.01084 -0.01197

    0.028814 0.002664 -0.00732 0.007328

    -0.00264 0.004314 -0.00494 0.007013

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    -0.01751 0.005943 0.011638 -0.00502

    -0.01802 0.020203 0.006136 0.013775

    0.010988 0.006751 -0.00687 0.011038

    0.001096 0.010201 -0.01842 0.024008

    0.01365 -0.00956 0.010297 -0.01942

    -0.01194 0.012411 -0.00066 0.011581

    0.003615 -0.00858 -0.00842 -0.003010.036812 0.026752 0.013101 0.014586

    0.01492 0.028171 0.022073 0.008611

    -0.0318 0.04227 -0.00278 0.04319

    0.026368 -0.01693 -0.00756 -0.01207

    -0.01466 -0.01902 -0.016 -0.00721

    0.002372 -0.0139 -0.00278 -0.01297

    -0.0049 0.007275 0.000273 0.005679

    -0.00747 -0.03005 -0.01568 -0.0185

    -0.00295 0.02429 0.003309 0.020192

    -0.00281 0.001821 0.009985 -0.00778

    -0.01833 0.030165 0.007518 0.022599

    0.010948 -0.00946 0.005793 -0.0156-0.02753 -0.01436 -0.00841 -0.0088

    0.014936 0.021756 0.004342 0.016807

    -0.01745 -0.01246 -0.00021 -0.01366

    0.018147 0.008323 0.004115 0.003561

    -0.00047 0.005903 0.006729 -0.00101

    0.003008 0.02327 0.003356 0.019134

    -0.01051 -0.0023 -0.01121 0.005561

    -0.01114 0.001152 0.005724 -0.00494

    -0.00826 0.004595 0.009138 -0.00431

    0.009421 0.014507 0.006194 0.008032

    -0.00596 0.007876 -0.00652 0.011877

    -0.00763 -0.01895 -0.00359 -0.01736

    -0.00598 0.020911 -0.00481 0.023503

    0.037433 0.020482 0.00122 0.018106

    -0.01254 -0.01657 -0.00951 -0.01011

    0.002223 0.000557 -0.0063 0.004373

    0.006607 0.013275 0.006811 0.006291

    0.002973 -0.00745 -0.01638 0.004679

    -0.01735 0.011558 0.00998 0.001962

    0.030239 0.039957 -0.00997 0.046802

    -0.0203 -0.00105 -0.00736 0.003642

    0.021377 0.026232 0.007893 0.018356

    -0.00129 -0.02729 0.003513 -0.03155

    0.026823 -0.02562 0.000998 -0.02781

    -0.06595 0.007271 -0.00019 0.0060590.017302 -0.01596 -0.02903 0.006592

    0.02898 0.007605 0.011679 -0.00339

    0.000108 0.018231 0.014824 0.004645

    -0.01175 0.000797 -0.0071 0.005279

    0.016059 -0.00853 -0.02505 0.010737

    0.000183 -0.01892 -0.00405 -0.01696

    0.010512 -0.02402 -0.00599 -0.02046

    0.009196 -0.01634 -0.00309 -0.01517

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    0.021651 0.026631 0.014749 0.013106

    1.65516E-05 0.000347 0.014827 0.014238 0.000188 0.000335

    0.00011544 0.000349 -0.01954 -0.004 2.06E-05 0.000331

    6.85135E-05 0.000348 0.029305 0.009892 8.75E-05 0.000332

    4.29337E-05 0.000348 0.024791 -0.00182 5.55E-06 0.00033

    5.85668E-05 0.000348 -0.00687 -0.01108 0.000135 0.000333

    2.60224E-05 0.000347 -0.00053 -0.01905 0.000384 0.0003393.02347E-07 0.000347 -0.01362 0.013423 0.000166 0.000334

    2.37614E-05 0.000347 -0.00702 -0.01563 0.000261 0.000336

    5.60753E-05 0.000348 -0.01336 0.008191 5.86E-05 0.000332

    1.69385E-05 0.000347 0.007927 0.017815 0.000299 0.000337

    0.00010917 0.000349 -0.01012 -4.5E-05 3.4E-07 0.00033

    4.20308E-05 0.000348 -0.0069 0.00046 6.19E-09 0.00033

    9.79653E-05 0.000349 -0.00083 -0.00285 1.15E-05 0.00033

    4.83503E-05 0.000348 0.011848 0.022382 0.000477 0.000341

    3.31843E-05 0.000347 -0.00329 0.019304 0.000352 0.000338

    8.03873E-06 0.000347 0.027377 -0.0067 5.23E-05 0.000331

    1.64092E-05 0.000347 -0.01971 0.014405 0.000192 0.000335

    3.91801E-06 0.000347 0.004897 -0.00451 2.55E-05 0.0003317.66222E-05 0.000348 -0.00299 0.005832 2.8E-05 0.000331

    3.06523E-05 0.000347 -0.00464 0.003387 8.11E-06 0.00033

    5.73103E-05 0.000348 -0.00686 -0.0023 8.04E-06 0.00033

    0.000243954 0.000352 -0.02792 -0.00991 0.000109 0.000333

    0.000115347 0.000349 -0.00939 -0.00091 2.1E-06 0.00033

    8.48622E-05 0.000348 -0.00717 0.011314 0.000116 0.000333

    4.35839E-05 0.000348 0.033681 -0.00052 1.13E-06 0.00033

    7.4871E-05 0.000348 0.008867 0.004059 1.24E-05 0.00033

    1.82523E-05 0.000347 -0.0072 -0.01588 0.00027 0.000336

    3.08745E-06 0.000347 0.007198 0.001509 9.43E-07 0.00033

    3.19637E-07 0.000347 0.005776 -0.00425 2.29E-05 0.000331

    0.000799227 0.000363 -0.00743 -0.01476 0.000234 0.000336

    0.000154723 0.00035 -0.01223 0.005832 2.8E-05 0.000331

    -0.00046 0.00137

    0.87347 0.824

    0.00034 0.00033

    0.017169 0.014172

    1.020833 1.020833

    LZB MWD NCR ODP BOH RAD RCL SMG SGR

    -1.24589 -1.073215312 0.495485 -0.87436 -2.3475 -2.09238 3.37368 0.377622 -0.76647

    2.033358 0.509720272 -0.87535 -0.51765 2.547987 -1.33359 1.093084 -0.52523 -0.02907

    -0.43987 -2.325176586 0.015207 0.893952 0.626685 -0.08652 -1.01888 0.220351 0.281129

    0.547496 -0.26247952 -0.55644 -0.36564 -0.44093 -0.05064 0.599215 -0.07066 -0.02253

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    0.418101 -3.846579135 -7.75522 -1.25421 -1.13127 -1.64968 1.287528 1.216957 1.335547

    -1.4196 2.687373957 0.043163 -0.38719 1.217116 1.617002 -0.84572 -0.18734 0.211755

    0.550882 -2.098728078 0.577518 0.783186 0.015604 -1.87271 0.065021 3.05265 -0.00438

    0.009389 1.595156887 0.299811 -0.63269 -0.79855 0.038503 0.442235 1.748573 1.225164

    -1.23207 -0.400909361 -0.00019 2.983272 -0.25887 0.679295 0.150478 -0.4684 -0.22443

    -1.35011 -0.867638445 -0.53561 -0.58864 -0.59383 -0.39753 -1.23067 -0.58608 -0.65797

    -0.34944 -0.2364832 0.798917 1.323398 -0.17933 -0.77337 0.436762 1.249522 0.943713-0.65182 -0.505970002 0.00313 1.017565 -0.82787 0.28035 0.80482 -1.22799 0.86958

    0.45338 1.726039653 -0.56149 2.108703 -1.8724 0.004178 2.330914 0.947954 -0.17915

    -1.67105 -1.561205067 -0.11715 -0.30223 0.060001 -0.54358 -0.08039 -0.16761 -0.98754

    0.418823 1.415615543 -1.16743 0.691568 0.114039 -0.05385 -0.19245 -0.57382 0.401757

    -0.38271 -0.054332432 -0.43309 -0.40766 2.023135 -6.95241 1.754227 0.297441 -0.27446

    -0.14725 -0.552443196 0.092725 -0.06738 0.006727 3.040813 -0.61706 0.496571 0.279251

    -0.13542 0.249292204 0.087893 -1.0051 -0.79801 1.044809 -0.43692 0.454475 0.181825

    0.050951 -0.33167935 0.030489 0.928727 -0.13541 1.604753 0.068729 0.385179 0.43103

    -0.34005 -1.846949339 0.294679 -0.15166 -0.34701 -1.23195 0.448131 1.033026 -1.68077

    0.418735 -0.356958855 -0.06418 2.550534 -0.13456 0.299032 0.725981 1.550839 -0.74258

    -0.08017 0.23136625 0.539456 -0.0472 -0.40848 -0.41194 -0.43233 -0.05974 -0.21356

    0.629938 1.500739976 0.18768 0.75694 0.018854 2.454987 0.249059 1.218099 0.003605-0.83007 -2.016032076 -0.30334 -0.70563 0.328056 -0.71038 0.341072 -0.52738 -0.17737

    -0.39716 -1.974074276 -0.06609 0.160109 0.463861 0.559698 -0.13344 0.588551 0.060271

    -0.18153 -0.941208937 -0.00116 -0.36007 0.126868 0.067188 0.178916 -1.37748 -0.48102

    -0.95159 -0.937940644 0.344766 0.128868 -0.12111 0.288195 0.01477 0.090217 -0.17292

    1.779274 0.581838354 -0.06166 0.404394 -0.05739 0.591583 0.193291 0.210986 -0.63813

    -0.3234 -0.044952882 -0.90444 0.748859 -0.55794 0.023609 0.817414 -0.54049 0.104162

    0.230011 -1.734460225 -0.294 1.85763 0.057065 -0.29995 0.347772 -0.64636 0.546504

    0.169512 0.783965188 0.168919 -0.16032 -0.11111 0.808497 0.032374 -1.78101 0.315949

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    0.028365 0.019731 -0.00505 -0.04235 -0.01881

    -0.03745 -0.00247 -0.03305 -0.02503 -0.0079

    0.020526 0.001635 0.017929 0.029138 0.004547

    -0.02343 -0.00838 -0.00898 -0.0155 0.01518

    0.023027 -0.00537 0.032359 -0.02639 -0.00471

    0.021316 0.022679 -0.01712 0.035718 0.000387

    0.053082 0.015094 0.027564 0.004119 0.0136280.011257 -0.00528 0.020437 -0.0292 0.0041

    -0.0105 -0.00153 -0.00771 -0.03226 -0.02411

    0.017938 0.006912 0.006353 -0.02098 -0.01731

    -0.0678 -0.01881 -0.03559 -0.0283 -9.4E-06

    -0.00916 -0.0079 0.004489 0.043803 0.022689

    0.023717 0.004547 0.016159 -0.00441 0.002855

    0.030772 0.01518 0.005106 -0.01222 0.014283

    -0.01912 -0.00471 -0.01092 -0.0563 0.014422

    0.020635 0.000387 0.020162 -0.06218 -0.00274

    -0.00076 0.013628 -0.02378 0 0.002453

    -0.00417 0.0041 -0.01097 -0.03325 0.001581

    -0.05107 -0.02411 -0.00983 -0.00914 -0.00177-0.0589 -0.01731 -0.02923 0.13942 0.018393

    -0.00297 -9.4E-06 -0.00277 0.127377 0.001859

    0.014784 0.022689 -0.02367 0.067987 0.000902

    -0.01011 0.002855 -0.01479 -0.03828 -0.00315

    0.045942 0.014283 0.021804 0.004866 0.01084

    0.012462 0.014422 -0.01191 -0.07247 -0.00732

    0.007959 -0.00274 0.012809 0.004167 -0.00494

    -0.01317 0.002453 -0.01716 0.013423 0.011638

    -0.00121 0.001581 -0.00371 0.014257 0.006136

    -0.01295 -0.00177 -0.00975 -0.0434 -0.00687

    0.058154 0.018393 0.027016 -0.04868 -0.01842

    0.001152 0.001859 -0.00183 0.057097 0.010297

    0.086371 0.000902 0.085021 0.055994 -0.00066

    -0.03475 -0.00315 -0.0292 0 -0.00842

    0.02591 0.01084 0.007636 0.06144 0.013101

    -0.03801 -0.00732 -0.02535 0.076168 0.022073

    -0.01225 -0.00494 -0.00365 -0.04681 -0.00278

    0.059811 0.011638 0.040178 0.017922 -0.00756

    0.012588 0.006136 0.002325 -0.1543 -0.016

    0.025387 -0.00687 0.037267 -0.022 -0.00278

    -0.05716 -0.01842 -0.0256 0.031285 0.000273

    0.023747 0.010297 0.006398 -0.04193 -0.01568

    0.006981 -0.00066 0.008288 0.00959 0.003309

    -0.02465 -0.00842 -0.01013 0.00106 0.009985

    0.035374 0.013101 0.01325 -0.04109 0.0075180.04508 0.022073 0.007676 -0.00887 0.005793

    -0.02768 -0.00278 -0.02276 0.009972 -0.00841

    -0.02119 -0.00756 -0.00813 0.086552 0.004342

    -0.03194 -0.016 -0.00451 -0.02768 -0.00021

    0.001782 -0.00278 0.00671 0.01137 0.004115

    -0.02926 0.000273 -0.02954 0.01833 0.006729

    0.000733 -0.01568 0.027622 -0.00404 0.003356

    0.00183 0.003309 -0.00362 -0.01326 -0.01121

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    0.020985 0.009985 0.004167 0.070361 0.005724

    -0.00287 0.007518 6.67541E-05 0.000598 0.044909 0.009138

    0.002152 0.005793 4.15433E-05 0.000597 0.038587 0.006194

    -0.04245 -0.00841 6.02155E-05 0.000598 0.025208 -0.00652

    0.026196 0.004342 2.49425E-05 0.000597 -0.03405 -0.00359

    -0.01689 -0.00021 1.96152E-07 0.000596 -0.04449 -0.00481

    -0.00483 0.004115 2.27299E-05 0.000597 0.0184 0.001220.015876 0.006729 5.44847E-05 0.000598 0.044571 -0.00951

    0.003656 0.003356 1.60694E-05 0.000597 -0.03189 -0.0063

    -0.02625 -0.01121 0.000111417 0.0006 0.023133 0.006811

    -0.0113 0.005724 4.06552E-05 0.000597 -0.02044 -0.01638

    -0.05411 0.009138 9.58592E-05 0.000599 0.055012 0.00998

    0.029559 0.006194 4.68742E-05 0.000598 -0.02408 -0.00997

    -0.03961 -0.00652 3.44281E-05 0.000597 -0.0518 -0.00736

    0.014839 -0.00359 8.65675E-06 0.000596 0.038656 0.007893

    -0.00479 -0.00481 1.72873E-05 0.000597 0.058236 0.003513

    -0.00602 0.00122 3.50598E-06 0.000596 -0.00835 0.000998

    -0.00849 -0.00951 7.85063E-05 0.000599 -0.00589 -0.00019

    -0.02632 -0.0063 3.18483E-05 0.000597 -0.05731 -0.02903-0.00292 0.006811 5.57021E-05 0.000598 0.066547 0.011679

    -0.02711 -0.01638 0.000247307 0.000604 0.029656 0.014824

    0.003001 0.00998 0.00011306 0.0006 -0.0205 -0.0071

    0.02034 -0.00997 8.68445E-05 0.000599 0.008251 -0.02505

    -0.06678 -0.00736 4.50077E-05 0.000598 -0.01657 -0.00405

    0.048149 0.007893 7.30312E-05 0.000599 -0.00587 -0.00599

    -0.04145 0.003513 1.73498E-05 0.000597 -0.02295 -0.00309

    -0.00402 0.000998 2.72297E-06 0.000596 -0.00604 0.014749

    -0.03922 -0.00019 2.10125E-07 0.000596 -0.00433 0.014238

    -0.01973 -0.02903 0.000805286 0.000624 -0.03717 -0.004

    -0.00333 0.011679 0.000152073 0.000601 0.024935 0.009892

    -0.00525 0.014824 0.000239509 0.000604 0 -0.00182

    0.007151 -0.0071 4.16157E-05 0.000597 -0.04038 -0.01108

    -0.00019

    1.70301

    0.00059

    0.017247

    1.020833

    SMF PCS TDY TXN TRP RIG UTX UNM WMI

    0.613937 0.877749 -0.69634 1.099032 0.492857934 1.077359 0.481728 0.198423 -0.12636

    0.22718 -2.25072 0.03055 0.650337 0.558059798 1.703569 0.388702 -0.13383 0.30413

    0.935622 -0.31329 -0.10649 -0.92117 -0.665858282 0.545432 0.719243 -0.04411 -0.44035

    -1.20291 1.080813 -1.25542 -0.87386 -0.375980603 1.888814 1.260155 -1.02455 0.227581

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    0.504644 2.407637 -0.21986 -0.35894 -0.870565819 -1.65663 -0.86766 -0.08832 0.925016

    -0.15781 0.814797 -1.92319 0.457385 0.974036455 0.238187 0.337758 0.962603 -0.12784

    0.568129 0.116149 0.225235 1.491837 -0.671223673 -0.28627 1.209802 -0.43694 -0.32526

    -0.28659 -0.06252 0.867382 -0.94669 -2.918888253 -2.41332 0.334712 -0.17201 -0.02649

    0.891556 1.046772 0.955452 3.015643 -1.255568616 0.692735 0.518692 2.305116 0.602519

    0.380681 -2.74753 -0.32845 -0.73595 -2.331522382 -0.23449 0.687691 0.796342 0.289616

    -0.30514 1.481107 0.127113 2.254425 -0.470096687 -1.16226 0.034766 -0.46633 0.023299-0.90218 -0.74464 0.315246 -0.44799 3.820668749 0.171392 -0.71517 -0.3204 -0.09149

    0.430247 1.731185 0.533905 0.006189 1.883449404 1.763094 -0.52596 0.259282 -0.44819

    0.259967 -0.54865 0.675744 1.356045 -0.390589718 -0.96855 -0.03503 0.235477 0.608533

    0.901643 -0.29987 -1.57978 -0.78407 -0.334382984 -1.55247 0.165531 1.477621 1.006319

    -0.8447 -6.22442 -0.58585 1.40887 0.134452466 -0.92004 -0.05768 -2.87555 1.057917

    -0.04049 -1.40688 0.088469 1.659237 -1.590502632 -0.96141 0.739163 1.313067 -0.27424

    -0.22861 1.088099 -0.05289 0.095558 -2.571051985 0.737233 0.897815 -0.40705 -0.29913

    -0.27675 -0.51514 0.122339 -0.15389 -1.868657185 -1.40012 -0.0827 0.178599 0.266758

    -0.06575 -0.67653 0.182742 -1.82277 1.298043045 -0.97836 0.75768 -0.4371 0.871423

    0.164553 -1.42104 0.072866 0.351451 -0.195814536 -1.01084 -0.31511 0.614915 -0.59578

    0.030455 1.78087 0.190113 0.194577 0.716618905 1.427514 -1.12339 0.186736 -0.89637

    0.502117 0.031019 0.462959 -1.38592 -2.212162884 1.022562 0.878528 0.585279 -0.88088-0.31231 0.607694 0.893134 -2.30206 0.043067003 1.694399 0.536611 -0.00525 1.931557

    0.814012 0.926572 -1.32146 -2.89918 0.990047714 -0.35287 0.233105 -0.88942 -0.17596

    0.517375 -1.90871 0.94393 0.734865 0.189477862 -1.47469 -1.04395 -0.75342 0.888738

    0.567763 0.003674 -0.7048 1.595512 -1.384331317 1.514963 -0.02338 0.115211 0.412918

    -0.14904 -0.68226 0.654214 -0.41677 -0.883559384 2.902671 -1.01443 0.50269 -0.75398

    -0.38369 0.453003 -0.47836 -0.28979 0.905289345 2.713772 -0.53836 -0.79473 -0.17238

    -0.20379 1.228723 0.609584 0.922436 0.158719411 -0.02295 0.213125 -0.74774 -0.02552

    0.096485 0.496377 0.756837 -1.41436 0.044275734 0.110002 -0.12322 0.577895 -0.44189

    TSARs

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    Maximum Maximum

    estimation event Likelihood estimation event Likelihood

    period window estimate of GLW period window estimate of

    Firm Market he variance Firm S&P 500 Firm Market he varianc

    Residuals Residuals sed in SAR return return Residuals Residuals sed in SA

    0.009086 0.017754 0.000949 0.019784

    -0.04399 -0.07429 -0.00384 -0.063440.011359 -0.02515 -0.00737 -0.00779

    0.009479 0.008675 0.003085 0.006767

    0.012642 -0.006 -0.0168 0.028762

    -0.00882 -0.03192 0.008091 -0.04306

    -0.01289 -0.00623 -0.01215 0.019956

    -0.02031 -0.00977 0.006932 -0.01877

    -0.00134 0.022878 -0.00277 0.031759

    0.043887 0.07205 0.019464 0.039944

    -0.02169 0.009521 -0.00484 0.022222

    -0.00511 -0.02819 -0.01512 0.003475

    -0.02362 -0.0527 -0.01121 -0.02825

    -0.0191 -0.19196 -0.01715 -0.156560.014303 -0.00333 0.004022 -0.00696

    -0.01532 -0.0761 -0.00056 -0.07127

    0.035854 -0.04408 -0.00106 -0.03835

    0.010103 0.02412 -0.02264 0.06965

    0.00159 0.00366 -0.01881 0.042125

    -0.03195 -0.05153 0.006207 -0.0592

    -0.10433 -0.01942 -0.05047 0.07741

    -0.05678 -0.0198 -0.00582 -0.00529

    0.040631 0.011929 -0.01624 0.045657

    0.062224 -0.08235 -0.03155 -0.0204

    -0.03185 -0.02169 -0.01922 0.017519

    -0.06851 0.096107 0.038243 0.029378

    -0.01259 -0.04169 0.008751 -0.05405

    -0.01181 -0.04242 -0.00518 -0.02909

    0.028188 -0.1002 0.011424 -0.11748

    0.05771 0.05476 0.021685 0.018558

    -0.00417 -0.01946 -0.0023 -0.01144

    0.022326 0.025115 0.012231 0.006345

    -0.03598 0.01455 0.019731 -0.01805

    0.000224 -0.156 -0.00247 -0.14766

    -0.06815 -0.0026 0.001635 -0.00184

    0.009939 -0.04392 -0.00838 -0.02469

    -0.041 -0.04736 -0.00537 -0.03368

    0.023964 0.072884 0.022679 0.03485

    0.030823 0.168074 0.015094 0.144025-0.00341 0.010039 -0.00528 0.023555

    0.045018 -0.00111 -0.00153 0.005492

    0.008951 -0.05129 0.006912 -0.06026

    0.011858 -0.04669 -0.01881 -0.00823

    0.014685 -0.01731 -0.0079 0.001047

    0.016274 -0.01508 0.004547 -0.01968

    -0.00618 0.018809 0.01518 -0.0054

    0.028133 0.026962 -0.00471 0.039424

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    -0.00323 -0.01217 0.000387 -0.0091

    -0.00678 0.06515 0.013628 0.043804

    0.023563 -0.01037 0.0041 -0.01416

    -0.04143 -0.00348 -0.02411 0.044743

    -0.01425 -0.0599 -0.01731 -0.02419

    0.038103 -0.00495 -9.4E-06 -0.00115

    -0.01883 -0.0264 0.022689 -0.06445-0.03392 0 0.002855 -0.00149

    0.016992 0.058149 0.014283 0.035594

    0.015274 0.027269 0.014422 0.004459

    -0.02515 0.023122 -0.00274 0.031951

    0.003513 -0.12265 0.002453 -0.12339

    -0.00674 -0.02089 0.001581 -0.02002

    -0.03642 0.015707 -0.00177 0.022748

    -0.08077 0.03697 0.018393 0.006838

    -0.05381 0.080524 0.001859 0.080875

    -0.00157 0.03851 0.000902 0.040626

    -0.03315 0.110348 -0.00315 0.119931

    -0.00263 0.016774 0.01084 0.0005680.10735 -0.06781 -0.00732 -0.05052

    0.126944 0.03093 -0.00494 0.043816

    0.069386 0.037853 0.011638 0.020176

    -0.02913 0 0.006136 -0.00753

    -0.01275 -0.00196 -0.00687 0.014482

    -0.05533 -0.08372 -0.01842 -0.04598

    0.016743 0.001064 0.010297 -0.01414

    -0.00572 0.003186 -0.00066 0.008179

    0.005641 -0.05224 -0.00842 -0.03295

    -0.02713 0.058585 0.013101 0.03821

    -0.01031 0.062297 0.022073 0.02538

    0.04052 0.013766 -0.00278 0.022673

    0.060379 -0.05315 -0.00756 -0.03543

    0.01923 0.014315 -0.016 0.047585

    0.039497 0.044672 -0.00278 0.053586

    0.037057 -0.01763 0.000273 -0.01435

    -0.03836 -0.12286 -0.01568 -0.09017

    0.035513 -0.02374 0.003309 -0.02606

    -0.12057 -0.02667 0.009985 -0.0413

    -0.01355 0.004689 0.007518 -0.00539

    0.033889 -0.00587 0.005793 -0.01277

    -0.00881 -0.0059 -0.00841 0.01339

    0.006384 0.010595 0.004342 0.006369

    -0.01492 -0.01534 -0.00021 -0.01117

    -0.05235 -0.01317 0.004115 -0.01697-0.01683 0.020275 0.006729 0.011648

    0.029195 0.060694 0.003356 0.058286

    0.081369 -0.00893 -0.01121 0.015515

    -0.02415 0.028731 0.005724 0.021958

    0.006621 0.055099 0.009138 0.04203

    0.00858 0.098118 0.00619