CAR for Target and Acquiring Companies

0.2

0.1

0
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81

-0.1
CAR

CPQ
HWP

-0.2

-0.3

-0.4

-0.5
Event Day

Market adjusted return model

0.2

0.1

0
-40

-35

-30

-25

-20

-15

-10

-5

10

15

20

25

30

35

40

-0.1
CAR

CPQ
HWP

-0.2

-0.3

-0.4

-0.5
Event day

Figure 1
CAR for Target Company-Compaq
0.2

0.1

0
-40

-35

-30

-25

-20

-15

-10

-5

10

15

20

25

30

35

40

-0.1
CAR

Mean adjusted
Market adjusted

-0.2

-0.3

-0.4

-0.5
Event day

Table 1 Mean Adjusted Return Method

-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
5
6
7

Compaq
HP
Open
Close
Return
Residuals CAR
Open
Close
Return
14.19
14.09 -0.00705 -0.00466 -0.00466
25.92
26.37 0.017065
14.19
13.65 -0.03123 -0.02885 -0.03351
26.37
25.14 -0.04664
13.89
14.34 0.050549 0.052932 0.019422
24.94
25.48 0.013524
14.59
14.98 0.04463 0.047013 0.066435
25.97
26.69 0.047488
14.88
15.1 0.008011 0.010393 0.076828
26.7
27.64 0.035594
15.28
15.28 0.011921 0.014303 0.091131
27.46
26.08 -0.05644
15.18
15.69 0.026832 0.029215 0.120346
26.28
26.08
0
15.33
15.54 -0.00956 -0.00718 0.113168
26.08
25.92 -0.00613
15.68
15.66 0.007722 0.010104 0.123272
26.37
26.19 0.010417
15.58
14.59 -0.06833 -0.06594 0.057328
26.42
26.1 -0.00344
14.73
13.49 -0.07539 -0.07301 -0.01568
25.88
25.88 -0.00843
13.89
13.74 0.018532 0.020915 0.005231
25.68
25.44
-0.017
13.94
14.01 0.019651 0.022033 0.027264
26.18
25.37 -0.00275
13.49
14.39 0.027123 0.029506 0.05677
24.25
23.71 -0.06543
14.44
14.17 -0.01529 -0.01291 0.043864
23.71
24.06 0.014762
13.99
14.39 0.015526 0.017908 0.061772
23.86
23.91 -0.00623
14.31
14.82 0.029882 0.032264 0.094037
23.91
24.36 0.018821
14.78
15.27 0.030364 0.032747 0.126783
24.7
25.2 0.034483
15.77
15.71 0.028815 0.031197 0.157981
25.78
25.59 0.015476
15.48
15.73 0.001273 0.003656 0.161636
25.63
24.98 -0.02384
15.41
15.48 -0.01589 -0.01351 0.148125
25.09
24.92
-0.0024
15.43
14.86 -0.04005 -0.03767 0.110456
24.98
24.81 -0.00441
14.76
14.49
-0.0249 -0.02252 0.087939
24.81
24.45 -0.01451
14.59
14.58 0.006211 0.008594 0.096533
24.45
24.4 -0.00204
14.58
14.88 0.020576 0.022959 0.119492
24.65
24.79 0.015984
14.7
14.73 -0.01008
-0.0077 0.111794
24.65
24.57 -0.00887
14.81
14.39 -0.02308
-0.0207 0.091094
24.84
24.56 -0.00041
14.54
13.86 -0.03683 -0.03445 0.056645
24.55
23.81 -0.03054
13.7
13.88 0.001443 0.003825 0.060471
23.46
23.84 0.00126
13.69
14 0.008646 0.011028 0.071499
23.84
23.76 -0.00336
14.04
13.87 -0.00929
-0.0069 0.064595
24
24.44 0.02862
13.79
13.44
-0.031 -0.02862 0.035976
24.4
24.4 -0.00164
13.64
13.26 -0.01339 -0.01101 0.024965
24.01
24.2
-0.0082
13.35
12.9 -0.02715 -0.02477 0.000198
24.2
23.72 -0.01983
12.95
13.54 0.049612 0.051995 0.052193
23.91
24.82 0.046374
13.31
13.17 -0.02733 -0.02494 0.027249
25.04
24.72 -0.00403
13.23
13.22 0.003797 0.006179 0.033428
24.74
24.31 -0.01659
13.22
13.03 -0.01437 -0.01199 0.021439
24.1
23.66 -0.02674
12.92
12.59 -0.03377 -0.03139 -0.00995
23.31
23.11 -0.02325
12.5
12.25 -0.02701 -0.02462 -0.03457
22.87
22.93 -0.00779
12.85
10.99 -0.10286 -0.10047 -0.13505
20.89
18.77 -0.18142
10.96
10.33 -0.06005 -0.05767 -0.19272
18.64
17.99 -0.04156
10.2
10.27 -0.00581 -0.00343 -0.19614
17.78
17.48 -0.02835
10.02
10.51 0.023369 0.025751 -0.17039
17.24
17.86 0.021739
10.32
10.27 -0.02284 -0.02045 -0.19084
17.78
17.67 -0.01064
9.08
8.68 -0.15482 -0.15244 -0.34328
15.93
15.9 -0.10017
8.82
8.45
-0.0265 -0.02412
-0.3674
16.57
16.07 0.010692
8.55
8.07 -0.04497 -0.04259 -0.40999
16.07
15.28 -0.04916

8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

7.65
7.47
8.33
8.33
8.66
8.36
8.7
8.21
7.76
7.96
8.61
8.51
8.46
9.15
8.96
9.53
10.21
9.65
9.95
10.27
9.48
9.28
9.75
9.74
9.37
9.57
9.45
9.4
8.98
9.06
8.94
8.66
8.86

7.79
7.93
8.47
8.78
8.36
8.52
8.27
8.29
8.12
8.61
8.81
8.78
9.01
8.97
9.45
9.84
9.87
9.75
10.13
9.71
9.47
9.75
9.6
9.35
9.69
9.73
9.45
9.15
8.96
8.71
9.1
9.06
8.95

-0.0347
0.017972
0.068096
0.0366
-0.04784
0.019139
-0.02934
0.002418
-0.02051
0.060345
0.023229
-0.00341
0.026196
-0.00444
0.053512
0.04127
0.003049
-0.01216
0.038974
-0.04146
-0.02472
0.029567
-0.01538
-0.02604
0.036364
0.004128
-0.02878
-0.03175
-0.02077
-0.0279
0.044776
-0.0044
-0.01214

-0.03231
0.020354
0.070478
0.038982
-0.04545
0.021521
-0.02696
0.004801
-0.01812
0.062727
0.025611
-0.00102
0.028578
-0.00206
0.055894
0.043652
0.005431
-0.00978
0.041357
-0.03908
-0.02233
0.03195
-0.013
-0.02366
0.038746
0.00651
-0.02639
-0.02936
-0.01838
-0.02552
0.047159
-0.00201
-0.00976

-0.4423
-0.42194
-0.35147
-0.31248
-0.35794
-0.33642
-0.36338
-0.35858
-0.3767
-0.31397
-0.28836
-0.28938
-0.26081
-0.26286
-0.20697
-0.16332
-0.15789
-0.16766
-0.1263
-0.16538
-0.18772
-0.15577
-0.16877
-0.19243
-0.15368
-0.14717
-0.17357
-0.20293
-0.22131
-0.24683
-0.19967
-0.20169
-0.21145

14.78
13.15
15.65
15.78
16.12
15.98
16.07
15.78
15.18
14.88
15.89
15.48
16.17
16.82
16.59
17.31
17.76
18.06
18.31
18.56
17.56
17.6
17.86
18.16
17.76
17.66
17.71
17.61
17.12
16.97
16.7
16.67
16.72

14.39
14.84
15.98
15.89
15.88
16.07
15.93
15.48
15.13
15.88
15.88
16.32
16.82
16.59
16.87
17.96
18.21
17.98
18.36
17.87
17.46
18.15
18.16
17.78
17.88
18
17.71
17.27
16.84
16.7
17.17
16.79
16.76

-0.05825
0.031272
0.076819
-0.00563
-0.00063
0.011965
-0.00871
-0.02825
-0.02261
0.04957
0
0.027708
0.030637
-0.01367
0.016878
0.064612
0.01392
-0.01263
0.021135
-0.02669
-0.02294
0.039519
0.000551
-0.02093
0.005624
0.006711
-0.01611
-0.02484
-0.0249
-0.00831
0.028144
-0.02213
-0.00179

Table 2 Market Adjusted Return Method

Residuals
0.01919
-0.04452
0.015649
0.049613
0.037719
-0.05432
0.002125
-0.00401
0.012541
-0.00131
-0.0063
-0.01488
-0.00063
-0.06331
0.016886
-0.00411
0.020945
0.036607
0.017601
-0.02171
-0.00028
-0.00229
-0.01239
7.97E-05
0.018108
-0.00675
0.001718
-0.02841
0.003385
-0.00123
0.030744
0.000488
-0.00607
-0.01771
0.048499
-0.0019
-0.01446
-0.02461
-0.02112
-0.00566
-0.1793
-0.03943
-0.02622
0.023864
-0.00851
-0.09805
0.012816
-0.04704

CAR
0.01919
-0.02533
-0.00968
0.039932
0.077651
0.023335
0.02546
0.02145
0.033991
0.032679
0.026375
0.011498
0.010871
-0.05244
-0.03555
-0.03966
-0.01871
0.017893
0.035494
0.013781
0.013504
0.011215
-0.00117
-0.00109
0.017017
0.010267
0.011985
-0.01643
-0.01304
-0.01427
0.01647
0.016958
0.010886
-0.00682
0.041675
0.03977
0.025309
0.000696
-0.02043
-0.02609
-0.20539
-0.24482
-0.27104
-0.24718
-0.25569
-0.35374
-0.34092
-0.38796

-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
5
6
7

Compaq
Residuals
-0.01393
-0.01683
0.051684
0.020939
0.00177
0.022803
0.016861
-0.00402
0.001669
-0.06489
-0.05903
0.034804
0.003571
0.016674
-0.01769
0.016604
0.024311
0.026484
0.024851
0.006516
-0.00447
-0.04332
-0.00757
0.006296
0.014889
-0.01103
-0.01925
-0.02949
-0.00165
0.025309
-0.01741
-0.01892
-0.02035
-0.02439
0.029958
-0.0225
0.018807
-0.00322
-0.01676
-0.03104
-0.10229
-0.059
0.016582
0.042006
-0.02906
-0.1056
-0.02069
-0.02886

CAR
-0.01393
-0.03076
0.020928
0.041867
0.043636
0.06644
0.083301
0.079282
0.080951
0.016057
-0.04297
-0.00816
-0.00459
0.01208
-0.00561
0.010993
0.035304
0.061788
0.086639
0.093154
0.088683
0.045366
0.037795
0.044091
0.05898
0.04795
0.028695
-0.0008
-0.00244
0.022865
0.005456
-0.01347
-0.03382
-0.0582
-0.02824
-0.05074
-0.03194
-0.03516
-0.05192
-0.08296
-0.18525
-0.24425
-0.22767
-0.18566
-0.21472
-0.32032
-0.34102
-0.36988

HP
Residuals
0.010186
-0.03225
0.014658
0.023797
0.029353
-0.04556
-0.00997
-0.00059
0.004364
-4.4E-06
0.00794
-0.00073
-0.01883
-0.07588
0.012359
-0.00516
0.01325
0.030602
0.011512
-0.01859
0.00902
-0.00768
0.002818
-0.00196
0.010297
-0.00982
0.003421
-0.0232
-0.00183
0.013307
0.020495
0.010443
-0.01515
-0.01707
0.02672
0.000798
-0.00158
-0.01559
-0.00624
-0.01182
-0.18086
-0.0405
-0.00596
0.040376
-0.01686
-0.05095
0.016497
-0.03305

CAR
0.010186
-0.02206
-0.0074
0.016395
0.045748
0.000191
-0.00978
-0.01037
-0.00601
-0.00601
0.001925
0.001196
-0.01764
-0.09352
-0.08116
-0.08631
-0.07306
-0.04246
-0.03095
-0.04954
-0.04052
-0.0482
-0.04539
-0.04735
-0.03705
-0.04687
-0.04345
-0.06665
-0.06848
-0.05517
-0.03468
-0.02424
-0.03939
-0.05646
-0.02974
-0.02894
-0.03052
-0.04611
-0.05235
-0.06417
-0.24502
-0.28552
-0.29148
-0.2511
-0.26797
-0.31892
-0.30242
-0.33547

-0.05612
0.033396
0.078944
-0.00351
0.001495
0.014089
-0.00659
-0.02612
-0.02049
0.051695
0.002125
0.029832
0.032762
-0.01155
0.019002
0.066736
0.016044
-0.01051
0.023259
-0.02456
-0.02082
0.041644
0.002676
-0.0188
0.007749
0.008836
-0.01399
-0.02272
-0.02277
-0.00619
0.030268
-0.02001
0.000338

-0.44408
-0.41068
-0.33174
-0.33524
-0.33375
-0.31966
-0.32625
-0.35237
-0.37286
-0.32116
-0.31904
-0.2892
-0.25644
-0.26799
-0.24899
-0.18225
-0.16621
-0.17671
-0.15345
-0.17802
-0.19884
-0.15719
-0.15452
-0.17332
-0.16557
-0.15673
-0.17072
-0.19344
-0.21621
-0.2224
-0.19213
-0.21214
-0.2118

8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

-0.00364
0.037006
0.029113
0.02781
-0.04267
0.00765
-0.05126
0.004714
-0.03281
0.040418
0.0257
-0.00504
0.03454
0.000916
0.030573
0.026062
0.008316
-0.01063
0.032038
-0.02283
-0.01684
0.02501
-0.03068
-0.02134
0.035976
-0.00959
-0.03289
-0.00793
-0.0036
-0.02789
0.021828
-0.00726
-0.02653

-0.37351
-0.33651
-0.30739
-0.27958
-0.32225
-0.3146
-0.36587
-0.36115
-0.39397
-0.35355
-0.32785
-0.33289
-0.29835
-0.29743
-0.26686
-0.2408
-0.23248
-0.24311
-0.21107
-0.2339
-0.25074
-0.22573
-0.25642
-0.27776
-0.24178
-0.25138
-0.28426
-0.29219
-0.29579
-0.32368
-0.30185
-0.30911
-0.33563

-0.02719
0.050306
0.037836
-0.01442
0.004537
0.000476
-0.03063
-0.02595
-0.03492
0.029643
0.002471
0.026072
0.038982
-0.00832
-0.00606
0.049403
0.019187
-0.0111
0.014199
-0.00806
-0.01507
0.034962
-0.01475
-0.01623
0.005237
-0.00701
-0.02022
-0.00103
-0.00773
-0.0083
0.005196
-0.02499
-0.01617

-0.36266
-0.31235
-0.27452
-0.28894
-0.2844
-0.28393
-0.31456
-0.34051
-0.37543
-0.34578
-0.34331
-0.31724
-0.27826
-0.28658
-0.29264
-0.24323
-0.22405
-0.23515
-0.22095
-0.22901
-0.24408
-0.20911
-0.22386
-0.24009
-0.23485
-0.24186
-0.26208
-0.26311
-0.27084
-0.27914
-0.27395
-0.29894
-0.31511

Table 2 Market Adjusted Return Method

Compaq
HP
Residuals CAR
Residuals
-40 -0.01393 -0.01393 0.010186
-39 -0.01683 -0.03076 -0.03225
-38 0.051684 0.020928 0.014658
-37 0.020939 0.041867 0.023797
-36 0.00177 0.043636 0.029353
-35 0.022803 0.06644 -0.04556
-34 0.016861 0.083301 -0.00997
-33 -0.00402 0.079282 -0.00059
-32 0.001669 0.080951 0.004364
-31 -0.06489 0.016057 -4.4E-06
-30 -0.05903 -0.04297 0.00794
-29 0.034804 -0.00816 -0.00073
-28 0.003571 -0.00459 -0.01883
-27 0.016674 0.01208 -0.07588
-26 -0.01769 -0.00561 0.012359
-25 0.016604 0.010993 -0.00516
-24 0.024311 0.035304 0.01325
-23 0.026484 0.061788 0.030602
-22 0.024851 0.086639 0.011512
-21 0.006516 0.093154 -0.01859
-20 -0.00447 0.088683 0.00902
-19 -0.04332 0.045366 -0.00768
-18 -0.00757 0.037795 0.002818
-17 0.006296 0.044091 -0.00196
-16 0.014889 0.05898 0.010297
-15 -0.01103 0.04795 -0.00982
-14 -0.01925 0.028695 0.003421
-13 -0.02949
-0.0008
-0.0232
-12 -0.00165 -0.00244 -0.00183
-11 0.025309 0.022865 0.013307
-10 -0.01741 0.005456 0.020495
-9 -0.01892 -0.01347 0.010443
-8 -0.02035 -0.03382 -0.01515
-7 -0.02439
-0.0582 -0.01707
-6 0.029958 -0.02824 0.02672
-5
-0.0225 -0.05074 0.000798
-4 0.018807 -0.03194 -0.00158
-3 -0.00322 -0.03516 -0.01559
-2 -0.01676 -0.05192 -0.00624
-1 -0.03104 -0.08296 -0.01182
0 -0.10229 -0.18525 -0.18086
1
-0.059 -0.24425
-0.0405
2 0.016582 -0.22767 -0.00596
3 0.042006 -0.18566 0.040376
4 -0.02906 -0.21472 -0.01686
5
-0.1056 -0.32032 -0.05095
6 -0.02069 -0.34102 0.016497
7 -0.02886 -0.36988 -0.03305
8 -0.00364 -0.37351 -0.02719
9 0.037006 -0.33651 0.050306
10 0.029113 -0.30739 0.037836
11 0.02781 -0.27958 -0.01442
12 -0.04267 -0.32225 0.004537
13 0.00765
-0.3146 0.000476
14 -0.05126 -0.36587 -0.03063
15 0.004714 -0.36115 -0.02595
16 -0.03281 -0.39397 -0.03492
17 0.040418 -0.35355 0.029643
18
0.0257 -0.32785 0.002471
19 -0.00504 -0.33289 0.026072
20 0.03454 -0.29835 0.038982
21 0.000916 -0.29743 -0.00832
22 0.030573 -0.26686 -0.00606
23 0.026062
-0.2408 0.049403
24 0.008316 -0.23248 0.019187
25 -0.01063 -0.24311
-0.0111
26 0.032038 -0.21107 0.014199
27 -0.02283
-0.2339 -0.00806
28 -0.01684 -0.25074 -0.01507
29 0.02501 -0.22573 0.034962
30 -0.03068 -0.25642 -0.01475
31 -0.02134 -0.27776 -0.01623
32 0.035976 -0.24178 0.005237
33 -0.00959 -0.25138 -0.00701
34 -0.03289 -0.28426 -0.02022
35 -0.00793 -0.29219 -0.00103
36
-0.0036 -0.29579 -0.00773
37 -0.02789 -0.32368
-0.0083
38 0.021828 -0.30185 0.005196
39 -0.00726 -0.30911 -0.02499
40 -0.02653 -0.33563 -0.01617

CAR
0.010186
-0.02206
-0.0074
0.016395
0.045748
0.000191
-0.00978
-0.01037
-0.00601
-0.00601
0.001925
0.001196
-0.01764
-0.09352
-0.08116
-0.08631
-0.07306
-0.04246
-0.03095
-0.04954
-0.04052
-0.0482
-0.04539
-0.04735
-0.03705
-0.04687
-0.04345
-0.06665
-0.06848
-0.05517
-0.03468
-0.02424
-0.03939
-0.05646
-0.02974
-0.02894
-0.03052
-0.04611
-0.05235
-0.06417
-0.24502
-0.28552
-0.29148
-0.2511
-0.26797
-0.31892
-0.30242
-0.33547
-0.36266
-0.31235
-0.27452
-0.28894
-0.2844
-0.28393
-0.31456
-0.34051
-0.37543
-0.34578
-0.34331
-0.31724
-0.27826
-0.28658
-0.29264
-0.24323
-0.22405
-0.23515
-0.22095
-0.22901
-0.24408
-0.20911
-0.22386
-0.24009
-0.23485
-0.24186
-0.26208
-0.26311
-0.27084
-0.27914
-0.27395
-0.29894
-0.31511

Table 1 Mean Adjusted Return Method

-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
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

Compaq
HP
Open
Close
Return
Residuals CAR
Open
Close
Return
Residuals CAR
14.19
14.09 -0.00705 -0.00466 -0.00466
25.92
26.37 0.017065 0.01919 0.01919
14.19
13.65 -0.03123 -0.02885 -0.03351
26.37
25.14 -0.04664 -0.04452 -0.02533
13.89
14.34 0.050549 0.052932 0.019422
24.94
25.48 0.013524 0.015649 -0.00968
14.59
14.98 0.04463 0.047013 0.066435
25.97
26.69 0.047488 0.049613 0.039932
14.88
15.1 0.008011 0.010393 0.076828
26.7
27.64 0.035594 0.037719 0.077651
15.28
15.28 0.011921 0.014303 0.091131
27.46
26.08 -0.05644 -0.05432 0.023335
15.18
15.69 0.026832 0.029215 0.120346
26.28
26.08
0 0.002125 0.02546
15.33
15.54 -0.00956 -0.00718 0.113168
26.08
25.92 -0.00613 -0.00401 0.02145
15.68
15.66 0.007722 0.010104 0.123272
26.37
26.19 0.010417 0.012541 0.033991
15.58
14.59 -0.06833 -0.06594 0.057328
26.42
26.1 -0.00344 -0.00131 0.032679
14.73
13.49 -0.07539 -0.07301 -0.01568
25.88
25.88 -0.00843
-0.0063 0.026375
13.89
13.74 0.018532 0.020915 0.005231
25.68
25.44
-0.017 -0.01488 0.011498
13.94
14.01 0.019651 0.022033 0.027264
26.18
25.37 -0.00275 -0.00063 0.010871
13.49
14.39 0.027123 0.029506 0.05677
24.25
23.71 -0.06543 -0.06331 -0.05244
14.44
14.17 -0.01529 -0.01291 0.043864
23.71
24.06 0.014762 0.016886 -0.03555
13.99
14.39 0.015526 0.017908 0.061772
23.86
23.91 -0.00623 -0.00411 -0.03966
14.31
14.82 0.029882 0.032264 0.094037
23.91
24.36 0.018821 0.020945 -0.01871
14.78
15.27 0.030364 0.032747 0.126783
24.7
25.2 0.034483 0.036607 0.017893
15.77
15.71 0.028815 0.031197 0.157981
25.78
25.59 0.015476 0.017601 0.035494
15.48
15.73 0.001273 0.003656 0.161636
25.63
24.98 -0.02384 -0.02171 0.013781
15.41
15.48 -0.01589 -0.01351 0.148125
25.09
24.92
-0.0024 -0.00028 0.013504
15.43
14.86 -0.04005 -0.03767 0.110456
24.98
24.81 -0.00441 -0.00229 0.011215
14.76
14.49
-0.0249 -0.02252 0.087939
24.81
24.45 -0.01451 -0.01239 -0.00117
14.59
14.58 0.006211 0.008594 0.096533
24.45
24.4 -0.00204 7.97E-05 -0.00109
14.58
14.88 0.020576 0.022959 0.119492
24.65
24.79 0.015984 0.018108 0.017017
14.7
14.73 -0.01008
-0.0077 0.111794
24.65
24.57 -0.00887 -0.00675 0.010267
14.81
14.39 -0.02308
-0.0207 0.091094
24.84
24.56 -0.00041 0.001718 0.011985
14.54
13.86 -0.03683 -0.03445 0.056645
24.55
23.81 -0.03054 -0.02841 -0.01643
13.7
13.88 0.001443 0.003825 0.060471
23.46
23.84 0.00126 0.003385 -0.01304
13.69
14 0.008646 0.011028 0.071499
23.84
23.76 -0.00336 -0.00123 -0.01427
14.04
13.87 -0.00929
-0.0069 0.064595
24
24.44 0.02862 0.030744 0.01647
13.79
13.44
-0.031 -0.02862 0.035976
24.4
24.4 -0.00164 0.000488 0.016958
13.64
13.26 -0.01339 -0.01101 0.024965
24.01
24.2
-0.0082 -0.00607 0.010886
13.35
12.9 -0.02715 -0.02477 0.000198
24.2
23.72 -0.01983 -0.01771 -0.00682
12.95
13.54 0.049612 0.051995 0.052193
23.91
24.82 0.046374 0.048499 0.041675
13.31
13.17 -0.02733 -0.02494 0.027249
25.04
24.72 -0.00403
-0.0019 0.03977
13.23
13.22 0.003797 0.006179 0.033428
24.74
24.31 -0.01659 -0.01446 0.025309
13.22
13.03 -0.01437 -0.01199 0.021439
24.1
23.66 -0.02674 -0.02461 0.000696
12.92
12.59 -0.03377 -0.03139 -0.00995
23.31
23.11 -0.02325 -0.02112 -0.02043
12.5
12.25 -0.02701 -0.02462 -0.03457
22.87
22.93 -0.00779 -0.00566 -0.02609
12.85
10.99 -0.10286 -0.10047 -0.13505
20.89
18.77 -0.18142
-0.1793 -0.20539
10.96
10.33 -0.06005 -0.05767 -0.19272
18.64
17.99 -0.04156 -0.03943 -0.24482
10.2
10.27 -0.00581 -0.00343 -0.19614
17.78
17.48 -0.02835 -0.02622 -0.27104
10.02
10.51 0.023369 0.025751 -0.17039
17.24
17.86 0.021739 0.023864 -0.24718
10.32
10.27 -0.02284 -0.02045 -0.19084
17.78
17.67 -0.01064 -0.00851 -0.25569
9.08
8.68 -0.15482 -0.15244 -0.34328
15.93
15.9 -0.10017 -0.09805 -0.35374
8.82
8.45
-0.0265 -0.02412
-0.3674
16.57
16.07 0.010692 0.012816 -0.34092
8.55
8.07 -0.04497 -0.04259 -0.40999
16.07
15.28 -0.04916 -0.04704 -0.38796
7.65
7.79
-0.0347 -0.03231
-0.4423
14.78
14.39 -0.05825 -0.05612 -0.44408
7.47
7.93 0.017972 0.020354 -0.42194
13.15
14.84 0.031272 0.033396 -0.41068
8.33
8.47 0.068096 0.070478 -0.35147
15.65
15.98 0.076819 0.078944 -0.33174
8.33
8.78
0.0366 0.038982 -0.31248
15.78
15.89 -0.00563 -0.00351 -0.33524
8.66
8.36 -0.04784 -0.04545 -0.35794
16.12
15.88 -0.00063 0.001495 -0.33375
8.36
8.52 0.019139 0.021521 -0.33642
15.98
16.07 0.011965 0.014089 -0.31966
8.7
8.27 -0.02934 -0.02696 -0.36338
16.07
15.93 -0.00871 -0.00659 -0.32625
8.21
8.29 0.002418 0.004801 -0.35858
15.78
15.48 -0.02825 -0.02612 -0.35237
7.76
8.12 -0.02051 -0.01812
-0.3767
15.18
15.13 -0.02261 -0.02049 -0.37286
7.96
8.61 0.060345 0.062727 -0.31397
14.88
15.88 0.04957 0.051695 -0.32116
8.61
8.81 0.023229 0.025611 -0.28836
15.89
15.88
0 0.002125 -0.31904
8.51
8.78 -0.00341 -0.00102 -0.28938
15.48
16.32 0.027708 0.029832
-0.2892
8.46
9.01 0.026196 0.028578 -0.26081
16.17
16.82 0.030637 0.032762 -0.25644
9.15
8.97 -0.00444 -0.00206 -0.26286
16.82
16.59 -0.01367 -0.01155 -0.26799
8.96
9.45 0.053512 0.055894 -0.20697
16.59
16.87 0.016878 0.019002 -0.24899
9.53
9.84 0.04127 0.043652 -0.16332
17.31
17.96 0.064612 0.066736 -0.18225
10.21
9.87 0.003049 0.005431 -0.15789
17.76
18.21 0.01392 0.016044 -0.16621
9.65
9.75 -0.01216 -0.00978 -0.16766
18.06
17.98 -0.01263 -0.01051 -0.17671
9.95
10.13 0.038974 0.041357
-0.1263
18.31
18.36 0.021135 0.023259 -0.15345
10.27
9.71 -0.04146 -0.03908 -0.16538
18.56
17.87 -0.02669 -0.02456 -0.17802
9.48
9.47 -0.02472 -0.02233 -0.18772
17.56
17.46 -0.02294 -0.02082 -0.19884
9.28
9.75 0.029567 0.03195 -0.15577
17.6
18.15 0.039519 0.041644 -0.15719
9.75
9.6 -0.01538
-0.013 -0.16877
17.86
18.16 0.000551 0.002676 -0.15452
9.74
9.35 -0.02604 -0.02366 -0.19243
18.16
17.78 -0.02093
-0.0188 -0.17332
9.37
9.69 0.036364 0.038746 -0.15368
17.76
17.88 0.005624 0.007749 -0.16557
9.57
9.73 0.004128 0.00651 -0.14717
17.66
18 0.006711 0.008836 -0.15673
9.45
9.45 -0.02878 -0.02639 -0.17357
17.71
17.71 -0.01611 -0.01399 -0.17072
9.4
9.15 -0.03175 -0.02936 -0.20293
17.61
17.27 -0.02484 -0.02272 -0.19344
8.98
8.96 -0.02077 -0.01838 -0.22131
17.12
16.84
-0.0249 -0.02277 -0.21621
9.06
8.71
-0.0279 -0.02552 -0.24683
16.97
16.7 -0.00831 -0.00619
-0.2224
8.94
9.1 0.044776 0.047159 -0.19967
16.7
17.17 0.028144 0.030268 -0.19213
8.66
9.06
-0.0044 -0.00201 -0.20169
16.67
16.79 -0.02213 -0.02001 -0.21214
8.86
8.95 -0.01214 -0.00976 -0.21145
16.72
16.76 -0.00179 0.000338
-0.2118

-241
-240
-239
-238
-237
-236
-235
-234
-233
-232
-231
-230
-229
-228
-227
-226
-225
-224
-223
-222
-221
-220
-219
-218
-217
-216
-215
-214
-213
-212
-211
-210
-209
-208
-207
-206
-205
-204
-203
-202
-201
-200
-199
-198
-197
-196
-195
-194
-193
-192

Event Study for Taartget Company Compaq

Date
Open
Close
Return
(R-AVE_R)^2
18-Sep-00
29.36
29.23
19-Sep-00
29.6
30.59
0.04652754
0.002392188
20-Sep-00
30.34
30.78
0.00621118
7.38506E-05
21-Sep-00
30.34
27.51
-0.106237817
0.010785936
22-Sep-00
28.12
28.25
0.026899309
0.000857422
26-Sep-00
28.8
28.68
0.015221239
0.00030989
27-Sep-00
29.14
28.79
0.003835425
3.8662E-05
28-Sep-00
28.54
27.9
-0.030913512
0.000814021
29-Sep-00
28.64
27.46
-0.015770609
0.000179243
2-Oct-00
27.67
27.94
0.017479971
0.000394516
3-Oct-00
28.51
27.11
-0.029706514
0.000746604
4-Oct-00
27.21
28.48
0.050534858
0.002800242
5-Oct-00
27.41
24.89
-0.126053371
0.015294495
6-Oct-00
24.39
24.7
-0.007633588
2.75744E-05
9-Oct-00
25.04
25.16
0.018623482
0.000441249
10-Oct-00
25.09
23.95
-0.04809221
0.002089382
11-Oct-00
23.36
23.89
-0.002505219
1.50708E-08
12-Oct-00
24.94
22.25
-0.06864797
0.004391118
13-Oct-00
22.38
24.89
0.118651685
0.014649263
16-Oct-00
25.14
25.1
0.008437123
0.000117063
17-Oct-00
24.99
23.46
-0.065338645
0.003963482
18-Oct-00
22.52
24.89
0.060954817
0.00401161
19-Oct-00
26.65
27.36
0.099236641
0.010326441
20-Oct-00
27.16
28.28
0.033625731
0.00129659
23-Oct-00
27.65
27.36
-0.032531825
0.000908984
24-Oct-00
27.95
26.67
-0.025219298
0.000521521
25-Oct-00
27.65
27.8
0.042369704
0.002002756
26-Oct-00
27.9
29.53
0.062230216
0.004174797
27-Oct-00
29.53
29.58
0.001693193
1.66109E-05
30-Oct-00
29.33
29.97
0.013184584
0.000242333
31-Oct-00
29.43
30.03
0.002002002
1.92235E-05
1-Nov-00
29.23
29.67
-0.011988012
9.22667E-05
2-Nov-00
29.92
31.03
0.045837546
0.002325169
3-Nov-00
30.86
30.71
-0.010312601
6.28872E-05
6-Nov-00
30.37
29.43
-0.041680234
0.001544315
7-Nov-00
29.38
30.89
0.049609242
0.002703137
8-Nov-00
30.67
28.99
-0.061508579
0.003495898
9-Nov-00
27.16
26.77
-0.07657813
0.005504998
10-Nov-00
25.68
25.38
-0.051923795
0.002454344
13-Nov-00
24.69
24.93
-0.017730496
0.000235562
14-Nov-00
25.7
26.76
0.073405535
0.00574382
15-Nov-00
26.76
26.58
-0.006726457
1.88703E-05
16-Nov-00
26.47
25.18
-0.052671181
0.002528956
17-Nov-00
25.43
24.69
-0.019459889
0.000291639
20-Nov-00
24.44
24.05
-0.025921426
0.000554083
21-Nov-00
24.05
23.75
-0.012474012
0.00010184
22-Nov-00
23.51
23.11
-0.026947368
0.000603435
24-Nov-00
23.75
24.38
0.054954565
0.003287534
27-Nov-00
24.54
24.5
0.004922067
5.33561E-05
28-Nov-00
24
22.81
-0.068979592
0.004435179

-191
-190
-189
-188
-187
-186
-185
-184
-183
-182
-181
-180
-179
-178
-177
-176
-175
-174
-173
-172
-171
-170
-169
-168
-167
-166
-165
-164
-163
-162
-161
-160
-159
-158
-157
-156
-155
-154
-153
-152
-151
-150
-149
-148
-147
-146
-145
-144
-143
-142
-141
-140

29-Nov-00
30-Nov-00
1-Dec-00
4-Dec-00
5-Dec-00
6-Dec-00
7-Dec-00
8-Dec-00
11-Dec-00
12-Dec-00
13-Dec-00
14-Dec-00
15-Dec-00
18-Dec-00
19-Dec-00
20-Dec-00
21-Dec-00
22-Dec-00
26-Dec-00
27-Dec-00
28-Dec-00
29-Dec-00
2-Jan-01
3-Jan-01
4-Jan-01
5-Jan-01
8-Jan-01
9-Jan-01
10-Jan-01
11-Jan-01
12-Jan-01
16-Jan-01
17-Jan-01
18-Jan-01
19-Jan-01
22-Jan-01
23-Jan-01
24-Jan-01
25-Jan-01
26-Jan-01
29-Jan-01
30-Jan-01
31-Jan-01
1-Feb-01
2-Feb-01
5-Feb-01
6-Feb-01
7-Feb-01
8-Feb-01
9-Feb-01
12-Feb-01
13-Feb-01

22.02
19.75
22.07
23.01
23.11
21.78
20
19.88
19.7
19.56
19.8
18.16
17.79
16.94
16.06
15.65
14.81
14.81
15.85
15.34
15.78
15.24
15.09
14.65
17.9
17.16
16.37
16.47
17.06
18.3
18.3
18.32
18.78
18.78
19.73
19.78
19.69
22.8
21.61
21.42
22.01
23.31
24.01
23.35
23.37
23.54
22.75
23.89
23.84
22.8
22.01
21.78

22.42
21.23
22.52
22.49
24.1
19.85
19.11
19.26
19.99
20.51
17.88
18.47
17.14
16.2
16.8
15.29
14.52
15.8
15.41
15.82
15.45
14.89
14.65
17.07
16.87
16.49
16.26
16.82
17.81
18.9
18.12
17.56
18.47
18.98
20.28
19.61
19.83
21.61
22.16
22.26
23.3
24.09
23.45
23.3
23.71
23.64
24.32
23.78
23.15
22.26
21.76
22.43

-0.017097764
-0.053077609
0.060763071
-0.001332149
0.071587372
-0.176348548
-0.037279597
0.007849294
0.037902388
0.026013007
-0.128230132
0.032997763
-0.072008663
-0.054842474
0.037037037
-0.089880952
-0.050359712
0.08815427
-0.024683544
0.0266061
-0.023388116
-0.036245955
-0.0161182
0.165187713
-0.011716462
-0.022525193
-0.013947847
0.034440344
0.058858502
0.061201572
-0.041269841
-0.030905077
0.051822323
0.027612344
0.068493151
-0.033037475
0.011218766
0.089762985
0.02545118
0.004512635
0.046720575
0.033905579
-0.02656704
-0.006396588
0.017596567
-0.002952341
0.028764805
-0.022203947
-0.026492851
-0.038444924
-0.022461815
0.030790441

0.00021654
0.002569999
0.003987358
1.10314E-06
0.005471535
0.030264201
0.00121781
0.000104689
0.001622869
0.000806302
0.015837638
0.00125176
0.004847809
0.002752053
0.001553896
0.007655987
0.002301817
0.008196899
0.000497339
0.000840336
0.000441238
0.001146737
0.000188671
0.028079762
8.71237E-05
0.00040573
0.000133758
0.001355919
0.003750455
0.004042929
0.001512229
0.00081354
0.002938158
0.000899688
0.005023352
0.00093973
0.000184993
0.008490782
0.000774711
4.75423E-05
0.002411108
0.001316822
0.000584894
1.61133E-05
0.000399161
3.24769E-07
0.000970152
0.000392892
0.000581311
0.001300502
0.000403181
0.001100441

-139
-138
-137
-136
-135
-134
-133
-132
-131
-130
-129
-128
-127
-126
-125
-124
-123
-122
-121
-120
-119
-118
-117
-116
-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

14-Feb-01
15-Feb-01
16-Feb-01
20-Feb-01
21-Feb-01
22-Feb-01
23-Feb-01
26-Feb-01
27-Feb-01
28-Feb-01
1-Mar-01
2-Mar-01
5-Mar-01
6-Mar-01
7-Mar-01
8-Mar-01
9-Mar-01
12-Mar-01
13-Mar-01
14-Mar-01
15-Mar-01
16-Mar-01
19-Mar-01
20-Mar-01
21-Mar-01
22-Mar-01
23-Mar-01
26-Mar-01
27-Mar-01
28-Mar-01
29-Mar-01
30-Mar-01
2-Apr-01
3-Apr-01
4-Apr-01
5-Apr-01
6-Apr-01
9-Apr-01
10-Apr-01
11-Apr-01
12-Apr-01
16-Apr-01
17-Apr-01
18-Apr-01
19-Apr-01
20-Apr-01
23-Apr-01
24-Apr-01
25-Apr-01
26-Apr-01
27-Apr-01
30-Apr-01

22.5
23
21.76
21.76
21.07
21.02
21.42
21.76
20.72
20.63
19.69
19.04
20.18
20.92
22.01
21.37
19.19
17.9
17.75
17.81
19.04
18.05
18.25
18.5
17.81
17.86
19.69
21.02
19.29
19.77
18.92
18.9
18.03
17.63
16.14
16.84
16.74
16.49
16.34
18.13
17.28
18.08
17.53
19.66
21.2
21.64
20.7
19.07
17.34
17.62
17.13
18.27

22.48
23.64
21.57
21.07
20.77
21.21
21.76
21.07
20.18
19.98
19.27
19.78
19.85
21.93
21.56
21.03
18.3
17.76
18.18
18.15
18.3
17.81
18.4
17.56
17.95
19.19
20.28
19.69
20.02
19.23
18.89
18.03
17.81
16.33
15.65
17
16.14
15.96
17.18
17.49
18.42
17.81
18.15
20.3
21.64
21.3
20.45
17.33
17.34
16.84
18.03
17.33

0.002229157
0.051601423
-0.087563452
-0.023180343
-0.014238253
0.021184401
0.025931165
-0.031709559
-0.042240152
-0.009910803
-0.035535536
0.026466009
0.003538928
0.104785894
-0.016871865
-0.02458256
-0.129814551
-0.029508197
0.023648649
-0.001650165
0.008264463
-0.026775956
0.033127456
-0.045652174
0.022209567
0.06908078
0.056800417
-0.029092702
0.016759777
-0.039460539
-0.017680707
-0.045526734
-0.012201886
-0.083099382
-0.041641151
0.086261981
-0.050588235
-0.011152416
0.076441103
0.018044237
0.053173242
-0.033116178
0.019090399
0.1184573
0.066009852
-0.015711645
-0.039906103
-0.152567237
0.000577034
-0.028835063
0.070665083
-0.038824182

2.1267E-05
0.002914259
0.007255802
0.000432552
0.00014056
0.000555397
0.000801661
0.000860079
0.001588636
5.6676E-05
0.001099127
0.000832234
3.50628E-05
0.011485055
0.000209943
0.000492845
0.016238939
0.000735806
0.000677618
5.3625E-07
0.000113357
0.000595043
0.001260954
0.001872269
0.000604768
0.005106994
0.003502612
0.000713437
0.000366425
0.001374784
0.000234036
0.001861429
9.64212E-05
0.006515222
0.001541245
0.007857836
0.002323797
7.69122E-05
0.006213153
0.00041725
0.003086436
0.000944562
0.000461083
0.014602247
0.004677508
0.000177667
0.001408024
0.022555469
8.75858E-06
0.00069974
0.005335943
0.001327999

-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
-47
-46
-45
-44
-43
-42
-41

1-May-01
2-May-01
3-May-01
4-May-01
7-May-01
8-May-01
9-May-01
10-May-01
11-May-01
14-May-01
15-May-01
16-May-01
17-May-01
18-May-01
21-May-01
22-May-01
23-May-01
24-May-01
25-May-01
29-May-01
30-May-01
31-May-01
1-Jun-01
4-Jun-01
5-Jun-01
6-Jun-01
7-Jun-01
8-Jun-01
11-Jun-01
12-Jun-01
13-Jun-01
14-Jun-01
15-Jun-01
18-Jun-01
19-Jun-01
20-Jun-01
21-Jun-01
22-Jun-01
25-Jun-01
26-Jun-01
27-Jun-01
28-Jun-01
29-Jun-01
2-Jul-01
3-Jul-01
5-Jul-01
6-Jul-01

17.33
17.63
17.58
16.69
17.48
17.33
16.37
16.69
15.9
15.77
15.77
15.3
16.12
16.14
16.34
17.57
17.87
17.43
17.38
16.79
15.7
15.65
15.85
15.5
15.83
16.09
15.85
16.06
15.65
15.18
15.28
14.16
14.13
14.11
13.92
13.22
13.27
13.52
13.62
13.47
13.62
13.94
14.19
15.13
14.93
14.73
15.03

17.43
17.78
17.23
17.33
16.94
16.67
16.15
15.95
15.82
15.7
15.63
16
16.18
16.34
17.09
17.54
17.21
17.38
16.79
16.3
15.55
15.84
15.75
15.78
15.96
15.83
16.07
15.9
15.3
15.42
14.62
14.34
14.36
13.62
13.47
13.17
13.36
13.37
13.77
13.63
13.77
14.11
15.2
14.99
15.02
15.1
14.39

Ave Return=
Sum of (R-Ave_R)^2=
Standard deviation=
t=

-0.00238
0.457158
0.04793
-2.09628

0.00577034
0.020080321
-0.030933633
0.005803831
-0.022504328
-0.015938607
-0.031193761
-0.012383901
-0.00815047
-0.007585335
-0.004458599
0.023672425
0.01125
0.009888752
0.045899633
0.026331188
-0.018814139
0.009877978
-0.033947066
-0.029184038
-0.04601227
0.018649518
-0.005681818
0.001904762
0.011406844
-0.008145363
0.015161087
-0.010578718
-0.037735849
0.007843137
-0.051880674
-0.019151847
0.0013947
-0.051532033
-0.011013216
-0.022271715
0.014426727
0.000748503
0.029917726
-0.01016703
0.01027146
0.024691358
0.077250177
-0.013815789
0.002001334
0.005326232
-0.047019868
Market Value=

6.64681E-05
0.000504576
0.00081517
6.70153E-05
0.00040489
0.000183769
0.000830091
0.000100029
3.327E-05
2.707E-05
4.31037E-06
0.000678857
0.000185844
0.000150583
0.00233116
0.000824473
0.00027
0.000150318
0.000996325
0.000718325
0.001903561
0.000442344
1.08858E-05
1.83802E-05
0.000190145
3.32111E-05
0.000307776
6.71787E-05
0.001249862
0.000104563
0.002450074
0.000281212
1.42669E-05
0.002415681
7.449E-05
0.000395583
0.000282549
9.8029E-06
0.001043302
6.05996E-05
0.000160122
0.000732991
0.006341356
0.000130721
1.92176E-05
5.94239E-05
0.001992499 1.28E+08
$127,574,545

t(0.05,200)=

1.653

Mean ajusted return model

One-Day Residuals(Announcement Day) Statistical Significane

Ro
S
T-stat

-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

Targets
Compaq
-0.10047
0.04793
-2.09628

Acquirers
HP
-0.179297053
0.043672007
-4.105537293

Date
Open
Close
Return
Residuals
9-Jul-01
14.19
14.09
-0.007047216
-0.00466476
10-Jul-01
14.19
13.65
-0.031227821
-0.028845365
11-Jul-01
13.89
14.34
0.050549451
0.052931906
12-Jul-01
14.59
14.98
0.044630404
0.04701286
13-Jul-01
14.88
15.1
0.008010681
0.010393137
16-Jul-01
15.28
15.28
0.01192053
0.014302986
17-Jul-01
15.18
15.69
0.026832461
0.029214917
18-Jul-01
15.33
15.54
-0.009560229
-0.007177774
19-Jul-01
15.68
15.66
0.007722008
0.010104464
20-Jul-01
15.58
14.59
-0.068326948
-0.065944492
23-Jul-01
14.73
13.49
-0.075394106
-0.07301165
24-Jul-01
13.89
13.74
0.018532246
0.020914702
25-Jul-01
13.94
14.01
0.019650655
0.022033111
26-Jul-01
13.49
14.39
0.027123483
0.029505939
27-Jul-01
14.44
14.17
-0.015288395
-0.012905939
30-Jul-01
13.99
14.39
0.015525759
0.017908215
31-Jul-01
14.31
14.82
0.029881862
0.032264318
1-Aug-01
14.78
15.27
0.030364372
0.032746828
2-Aug-01
15.77
15.71
0.028814669
0.031197125
3-Aug-01
15.48
15.73
0.001273074
0.00365553
6-Aug-01
15.41
15.48
-0.015893198
-0.013510742
7-Aug-01
15.43
14.86
-0.04005168
-0.037669224
8-Aug-01
14.76
14.49
-0.024899058
-0.022516602
9-Aug-01
14.59
14.58
0.00621118
0.008593636
10-Aug-01
14.58
14.88
0.020576132
0.022958588
13-Aug-01
14.7
14.73
-0.010080645
-0.007698189
14-Aug-01
14.81
14.39
-0.023082145
-0.020699689
15-Aug-01
14.54
13.86
-0.036831133
-0.034448677
16-Aug-01
13.7
13.88
0.001443001
0.003825457
17-Aug-01
13.69
14
0.008645533
0.011027989
20-Aug-01
14.04
13.87
-0.009285714
-0.006903258
21-Aug-01
13.79
13.44
-0.031002163
-0.028619707
22-Aug-01
13.64
13.26
-0.013392857
-0.011010401
23-Aug-01
13.35
12.9
-0.027149321
-0.024766865
24-Aug-01
12.95
13.54
0.049612403
0.051994859
27-Aug-01
13.31
13.17
-0.02732644
-0.024943984
28-Aug-01
13.23
13.22
0.003796507
0.006178963
29-Aug-01
13.22
13.03
-0.014372163
-0.011989708
30-Aug-01
12.92
12.59
-0.033768227
-0.031385771
31-Aug-01
12.5
12.25
-0.02700556
-0.024623104

CAR
(R-Ave_R)^2
-0.00466 4.22022E-06
-0.03351 0.000688271
0.019422 0.003084953
0.066435 0.002462472
0.076828 0.000169093
0.091131 0.000286064
0.120346 0.001012854
0.113168 2.08605E-05
0.123272 0.000161669
0.057328 0.004011202
-0.01568
0.00495633
0.005231 0.000553432
0.027264 0.000607305
0.05677 0.001031462
0.043864 0.000105997
0.061772 0.000421015
0.094037 0.001216249
0.126783 0.001250137
0.157981 0.001142952
0.161636 3.92624E-05
0.148125 0.000118817
0.110456 0.001229118
0.087939 0.000396255
0.096533 0.000125531
0.119492 0.000653775
0.111794 2.58852E-05
0.091094 0.000327221
0.056645 0.001013673
0.060471 4.14208E-05
0.071499 0.000186007
0.064595 1.84283E-05
0.035976 0.000676482
0.024965 7.05593E-05
0.000198 0.000490907
0.052193 0.002981739
0.027249 0.000498787
0.033428 7.72537E-05
0.021439 8.79706E-05
-0.00995 0.000828019
-0.03457 0.000484557

0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

4-Sep-01
5-Sep-01
6-Sep-01
7-Sep-01
10-Sep-01
17-Sep-01
18-Sep-01
19-Sep-01
20-Sep-01
21-Sep-01
24-Sep-01
25-Sep-01
26-Sep-01
27-Sep-01
28-Sep-01
1-Oct-01
2-Oct-01
3-Oct-01
4-Oct-01
5-Oct-01
8-Oct-01
9-Oct-01
10-Oct-01
11-Oct-01
12-Oct-01
15-Oct-01
16-Oct-01
17-Oct-01
18-Oct-01
19-Oct-01
22-Oct-01
23-Oct-01
24-Oct-01
25-Oct-01
26-Oct-01
29-Oct-01
30-Oct-01
31-Oct-01
1-Nov-01
2-Nov-01
5-Nov-01

12.85
10.96
10.2
10.02
10.32
9.08
8.82
8.55
7.65
7.47
8.33
8.33
8.66
8.36
8.7
8.21
7.76
7.96
8.61
8.51
8.46
9.15
8.96
9.53
10.21
9.65
9.95
10.27
9.48
9.28
9.75
9.74
9.37
9.57
9.45
9.4
8.98
9.06
8.94
8.66
8.86

Ave Residual=
Sum of (R-Ave_R)^2=
Standard deviation=
t(0.05,80)=
t=

Mean ajusted return model

10.99
10.33
10.27
10.51
10.27
8.68
8.45
8.07
7.79
7.93
8.47
8.78
8.36
8.52
8.27
8.29
8.12
8.61
8.81
8.78
9.01
8.97
9.45
9.84
9.87
9.75
10.13
9.71
9.47
9.75
9.6
9.35
9.69
9.73
9.45
9.15
8.96
8.71
9.1
9.06
8.95

-0.102857143
-0.060054595
-0.005808325
0.023369036
-0.022835395
-0.154819864
-0.026497696
-0.044970414
-0.034696406
0.017971759
0.068095839
0.036599764
-0.047835991
0.019138756
-0.029342723
0.00241838
-0.020506634
0.060344828
0.023228804
-0.003405221
0.0261959
-0.004439512
0.053511706
0.041269841
0.00304878
-0.012158055
0.038974359
-0.041461007
-0.024716787
0.029567054
-0.015384615
-0.026041667
0.036363636
0.004127967
-0.028776978
-0.031746032
-0.020765027
-0.027901786
0.044776119
-0.004395604
-0.01214128

-0.100474687
-0.057672139
-0.003425869
0.025751492
-0.020452939
-0.152437408
-0.02411524
-0.042587958
-0.032313951
0.020354215
0.070478294
0.03898222
-0.045453535
0.021521212
-0.026960267
0.004800836
-0.018124179
0.062727283
0.02561126
-0.001022765
0.028578356
-0.002057056
0.055894162
0.043652297
0.005431236
-0.009775599
0.041356815
-0.039078551
-0.022334331
0.03194951
-0.01300216
-0.023659211
0.038746092
0.006510423
-0.026394523
-0.029363576
-0.018382571
-0.02551933
0.047158575
-0.002013149
-0.009758824

-0.002610443
0.107077901
0.036585158
1.664
-0.642172727

0.047929913
-0.49017386

-0.13505
-0.19272
-0.19614
-0.17039
-0.19084
-0.34328
-0.3674
-0.40999
-0.4423
-0.42194
-0.35147
-0.31248
-0.35794
-0.33642
-0.36338
-0.35858
-0.3767
-0.31397
-0.28836
-0.28938
-0.26081
-0.26286
-0.20697
-0.16332
-0.15789
-0.16766
-0.1263
-0.16538
-0.18772
-0.15577
-0.16877
-0.19243
-0.15368
-0.14717
-0.17357
-0.20293
-0.22131
-0.24683
-0.19967
-0.20169
-0.21145

0.00957741
0.00303179
6.6492E-07
0.000804399
0.000318355
0.022448119
0.000462456
0.001598202
0.000882298
0.000527376
0.005341964
0.00172995
0.001835531
0.000582337
0.000592914
5.49271E-05
0.000240676
0.004269019
0.000796465
2.52072E-06
0.000972741
3.06238E-07
0.003422789
0.002140241
6.46686E-05
5.13395E-05
0.00193312
0.001329923
0.000389032
0.00119439
0.000107988
0.000443051
0.001710363
8.31902E-05
0.000565682
0.00071573
0.00024876
0.000524817
0.002476955
3.56761E-07
5.10994E-05

One-Day Residuals(Announcement Day) Statistical Significane

CAR
S
t-stat

Targets
Compaq
-0.21145
0.036585
-0.64217

Acquirers
HP
0.000009
0.034864125
-0.675011468

H0: u<=0
H1: u>0

H0: u<=0
H1: u>0

t(.05,80)=1.664

t(.05,80)=1.664

if t>1.664 reject Ho and infer Ha

if t<1.664 fail to reject Ho

if t>1.664 reject Ho and infer H

if t<1.664 fail to reject Ho

Since t=-0.64217<1.664, we fail to reject Ho.

Thus, The abnormal return for Compaq is equal or less than zero.

Since t=-0.675<1.664, we fail

Thus, The abnormal return for

Absolute Event Gains(losses) ($Million)

Market value at -41

On day +1
CAR
Dollar Gain(loss)
On day +40
CAR
Dollar Gain(loss)

Targets
Compaq
$127

Acquirers
HP
$159

-0.19272
($24.48)

-0.24482
($38.93)

-0.21145
($26.85)

-0.21180
($33.68)

-241
-240
-239
-238
-237
-236
-235
-234
-233
-232
-231
-230
-229
-228
-227
-226
-225
-224
-223
-222
-221
-220
-219
-218
-217
-216
-215
-214
-213
-212
-211
-210
-209
-208
-207
-206
-205
-204
-203
-202
-201
-200
-199
-198
-197
-196
-195
-194
-193
-192

Event Study for acquiring company HWP

Date
Open
Close
Return
(R-AVE_R)^2
18-Sep-00
50.72
50.45
19-Sep-00
51.4
52.16 0.033895
0.00131605
20-Sep-00
51.92
50.14 -0.03873
0.001320925
21-Sep-00
50.72
46.53
-0.072
0.00484638
22-Sep-00
47.88
51.03 0.096712
0.009819671
25-Sep-00
51.92
48.43 -0.05095
0.002358847
26-Sep-00
48.91
48.06 -0.00764
2.76406E-05
27-Sep-00
48.98
50.69 0.054723
0.003261063
28-Sep-00
51.06
50.85 0.003156
3.06794E-05
29-Sep-00
50.45
47.51 -0.06568
0.004007007
2-Oct-00
48.24
45.95 -0.03284
0.000927369
3-Oct-00
47.42
45.8 -0.00326
7.77857E-07
4-Oct-00
46.84
46.84 0.022707
0.000629502
5-Oct-00
45.55
43.22 -0.07728
0.005610297
6-Oct-00
44.33
42.7 -0.01203
9.31034E-05
9-Oct-00
44.08
44.54 0.043091
0.002067866
10-Oct-00
44.51
43.81 -0.01639
0.000196205
11-Oct-00
43.68
41.91 -0.04337
0.001679904
12-Oct-00
43.35
40.99 -0.02195
0.000382959
13-Oct-00
41.88
44.39 0.082947
0.007281126
16-Oct-00
44.88
45.4 0.022753
0.000631785
17-Oct-00
46.35
44.33 -0.02357
0.000448839
18-Oct-00
43.47
41.91 -0.05459
0.002725687
19-Oct-00
43.53
44.54 0.062754
0.004242695
20-Oct-00
43.74
47.02 0.05568
0.003371282
23-Oct-00
46.59
48.18 0.02467
0.000731854
24-Oct-00
48.24
45.31 -0.05957
0.003270219
25-Oct-00
45
42.52 -0.06158
0.003503853
26-Oct-00
43.29
42.12 -0.00941
4.9349E-05
27-Oct-00
43.1
42.7 0.01377
0.000260908
30-Oct-00
42.67
44.88 0.051054
0.00285544
31-Oct-00
44.94
45.55 0.014929
0.000299676
1-Nov-00
45.06
43.53 -0.04435
0.001761012
2-Nov-00
44.33
44.14 0.014013
0.000268822
3-Nov-00
44.57
45.31 0.026507
0.000834576
6-Nov-00
45.86
45 -0.00684
1.98854E-05
7-Nov-00
45
46.47 0.032667
0.001228441
8-Nov-00
46.53
44.76
-0.0368
0.001184425
9-Nov-00
43.59
42.06 -0.06032
0.003356958
10-Nov-00
40.16
38.33 -0.08868
0.007447755
13-Nov-00
34.04
33.43 -0.12784
0.015738894
14-Nov-00
33.98
36.24 0.084056
0.007471648
15-Nov-00
36.31
34.59 -0.04553
0.001861693
16-Nov-00
34.29
34.35 -0.00694
2.07568E-05
17-Nov-00
34.41
34.9 0.016012
0.000338343
20-Nov-00
34.9
33.86
-0.0298
0.00075169
21-Nov-00
34.53
33.24 -0.01831
0.000253709
22-Nov-00
33
33 -0.00722
2.34039E-05
24-Nov-00
35.27
34.84 0.055758
0.003380263
27-Nov-00
35.76
34.96 0.003444
3.39513E-05

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-239
-238
-237
-236
-235
-234
-233
-232
-231
-230
-229
-228
-227
-226
-225
-224
-223
-222
-221
-220
-219
-218
-217
-216
-215
-214
-213
-212
-211
-210
-209
-208
-207
-206
-205
-204
-203
-202
-201
-200
-199
-198
-197
-196
-195
-194
-193
-192

-191
-190
-189
-188
-187
-186
-185
-184
-183
-182
-181
-180
-179
-178
-177
-176
-175
-174
-173
-172
-171
-170
-169
-168
-167
-166
-165
-164
-163
-162
-161
-160
-159
-158
-157
-156
-155
-154
-153
-152
-151
-150
-149
-148
-147
-146
-145
-144
-143
-142
-141
-140

28-Nov-00
29-Nov-00
30-Nov-00
1-Dec-00
4-Dec-00
5-Dec-00
6-Dec-00
7-Dec-00
8-Dec-00
11-Dec-00
12-Dec-00
13-Dec-00
14-Dec-00
15-Dec-00
18-Dec-00
19-Dec-00
20-Dec-00
21-Dec-00
22-Dec-00
26-Dec-00
27-Dec-00
28-Dec-00
29-Dec-00
2-Jan-01
3-Jan-01
4-Jan-01
5-Jan-01
8-Jan-01
9-Jan-01
10-Jan-01
11-Jan-01
12-Jan-01
16-Jan-01
17-Jan-01
18-Jan-01
19-Jan-01
22-Jan-01
23-Jan-01
24-Jan-01
25-Jan-01
26-Jan-01
29-Jan-01
30-Jan-01
31-Jan-01
1-Feb-01
2-Feb-01
5-Feb-01
6-Feb-01
7-Feb-01
8-Feb-01
9-Feb-01
12-Feb-01

34.71
33.73
32.94
32.45
32.57
32.57
31.59
31.35
31.59
32.88
32.33
34.41
32.02
30.49
31.06
31.49
29.52
29.65
29.71
31.61
31.18
32.1
31.92
31.18
29.65
34
34.25
30.94
31.37
30.32
31.18
30.57
29.95
30.81
31.92
35.78
34.68
33.21
34.37
34.37
32.96
33.01
36.44
36.44
35.4
36.14
34.67
34.67
35.65
35.45
33.44
32.9

33.98
33.86
30.98
31.53
32.33
34.29
31.35
30.61
32.76
32.45
34.53
32.51
32.82
30.98
30.57
30.75
29.89
28.85
31.61
31.18
31.86
31.86
31
29.71
33.45
34
30.08
30.81
31
31.18
31.79
30.14
29.83
31.06
34.07
35.11
33.88
33.7
34.37
33.82
33.82
36.86
37.12
36.19
36.2
35.11
34.67
36.14
35.35
34.22
32.9
32.02

-0.02803
-0.00353
-0.08506
0.017753
0.025373
0.060625
-0.08574
-0.0236
0.070238
-0.00946
0.064099
-0.0585
0.009536
-0.05606
-0.01323
0.005888
-0.02797
-0.03479
0.095667
-0.0136
0.021809
0
-0.02699
-0.04161
0.125884
0.016442
-0.11529
0.024269
0.006167
0.005806
0.019564
-0.0519
-0.01029
0.041234
0.096909
0.030525
-0.03503
-0.00531
0.019881
-0.016
0
0.089888
0.007054
-0.02505
0.000276
-0.03011
-0.01253
0.0424
-0.02186
-0.03197
-0.03857
-0.02675

0.000657901
1.32028E-06
0.006834934
0.000405452
0.000770347
0.003969915
0.006948361
0.000450374
0.005273801
5.01307E-05
0.004419733
0.003149163
0.000142038
0.002881641
0.000117763
6.84025E-05
0.000654593
0.001050524
0.009613744
0.000125907
0.000585219
5.6761E-06
0.000605684
0.001539028
0.016452166
0.000354377
0.012749043
0.00071028
7.30903E-05
6.70582E-05
0.000481639
0.002452296
6.24555E-05
0.001902365
0.009858835
0.001082926
0.001066042
8.58732E-06
0.000495675
0.000185501
5.6761E-06
0.008513771
8.90414E-05
0.000513993
7.06909E-06
0.000768844
0.000103014
0.002005448
0.000379353
0.000875189
0.001309823
0.000593666

-191
-190
-189
-188
-187
-186
-185
-184
-183
-182
-181
-180
-179
-178
-177
-176
-175
-174
-173
-172
-171
-170
-169
-168
-167
-166
-165
-164
-163
-162
-161
-160
-159
-158
-157
-156
-155
-154
-153
-152
-151
-150
-149
-148
-147
-146
-145
-144
-143
-142
-141
-140

-139
-138
-137
-136
-135
-134
-133
-132
-131
-130
-129
-128
-127
-126
-125
-124
-123
-122
-121
-120
-119
-118
-117
-116
-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

13-Feb-01
14-Feb-01
15-Feb-01
16-Feb-01
20-Feb-01
21-Feb-01
22-Feb-01
23-Feb-01
26-Feb-01
27-Feb-01
28-Feb-01
1-Mar-01
2-Mar-01
5-Mar-01
6-Mar-01
7-Mar-01
8-Mar-01
9-Mar-01
12-Mar-01
13-Mar-01
14-Mar-01
15-Mar-01
16-Mar-01
19-Mar-01
20-Mar-01
21-Mar-01
22-Mar-01
23-Mar-01
26-Mar-01
27-Mar-01
28-Mar-01
29-Mar-01
30-Mar-01
2-Apr-01
3-Apr-01
4-Apr-01
5-Apr-01
6-Apr-01
9-Apr-01
10-Apr-01
11-Apr-01
12-Apr-01
16-Apr-01
17-Apr-01
18-Apr-01
19-Apr-01
20-Apr-01
23-Apr-01
24-Apr-01
25-Apr-01
26-Apr-01
27-Apr-01

33.15
32.8
34.18
32.41
31.93
29.61
29.47
29.43
30.15
29.36
28.48
27.54
28.04
29.07
30.79
32.2
31.52
31.1
29.46
30.44
30.2
30.94
29.66
28.12
30.43
27.87
28.81
31.02
31.47
31.17
30.53
29.35
30.63
30.58
28.12
27.06
28.66
29.53
28.56
28.56
29.79
29.55
29.57
29.3
29.84
30.73
32.01
30.53
30.04
28.98
28.76
27.87

32.6
33.77
35.7
32.54
29.95
29.47
29.24
29.46
29.46
28.09
28.33
28.48
28.99
29.84
31.57
31.77
31.1
29.71
29.34
31.03
30.4
30.15
27.6
30.04
28.87
28.79
30.42
30.7
31.17
31.79
29.86
30.18
30.8
28.48
27
27.03
30.3
28.32
28.07
29.38
29.79
30.16
29.54
28.81
31.42
32.01
31.22
30.49
28.98
28.76
27.53
27.96

0.018114
0.03589
0.057151
-0.08852
-0.07959
-0.01603
-0.0078
0.007524
0
-0.0465
0.008544
0.005295
0.017907
0.02932
0.057976
0.006335
-0.02109
-0.04469
-0.01245
0.057601
-0.0203
-0.00822
-0.08458
0.088406
-0.03895
-0.00277
0.056617
0.009204
0.015309
0.019891
-0.06071
0.010717
0.020543
-0.07532
-0.05197
0.001111
0.120977
-0.06535
-0.00883
0.046669
0.013955
0.01242
-0.02056
-0.02471
0.090594
0.018778
-0.02468
-0.02338
-0.04952
-0.00759
-0.04277
0.015619

0.000420092
0.001464748
0.00354427
0.007418885
0.005961676
0.000186166
2.93991E-05
9.81367E-05
5.6761E-06
0.001946687
0.000119387
5.89393E-05
0.000411674
0.001005075
0.003643128
7.59963E-05
0.000349938
0.001790312
0.00010143
0.00359796
0.000321143
3.41199E-05
0.006755962
0.008242507
0.001337044
1.51E-07
0.003480922
0.000134257
0.000313003
0.000496103
0.003402209
0.000171587
0.000525595
0.005320567
0.002458557
1.2205E-05
0.015217479
0.003964475
4.1541E-05
0.002406049
0.000266915
0.000219121
0.000330315
0.00049862
0.008644537
0.000447758
0.000497171
0.000441
0.002222366
2.71335E-05
0.001630971
0.000324064

-139
-138
-137
-136
-135
-134
-133
-132
-131
-130
-129
-128
-127
-126
-125
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-123
-122
-121
-120
-119
-118
-117
-116
-115
-114
-113
-112
-111
-110
-109
-108
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-106
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-104
-103
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-96
-95
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-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
-47
-46
-45
-44
-43
-42
-41

30-Apr-01
1-May-01
2-May-01
3-May-01
4-May-01
7-May-01
8-May-01
9-May-01
10-May-01
11-May-01
14-May-01
15-May-01
16-May-01
17-May-01
18-May-01
21-May-01
22-May-01
23-May-01
24-May-01
25-May-01
29-May-01
30-May-01
31-May-01
1-Jun-01
4-Jun-01
5-Jun-01
6-Jun-01
7-Jun-01
8-Jun-01
11-Jun-01
12-Jun-01
13-Jun-01
14-Jun-01
15-Jun-01
18-Jun-01
19-Jun-01
20-Jun-01
21-Jun-01
22-Jun-01
25-Jun-01
26-Jun-01
27-Jun-01
28-Jun-01
29-Jun-01
2-Jul-01
3-Jul-01
5-Jul-01

Ave Return=
Sum of (R-Ave_R)^2=
Standard deviation=
t=

28.21
27.48
28.76
27.72
26.79
27.68
27.58
26.54
27.23
26.1
25.61
24.74
24.87
28.27
29.55
29.25
30.53
30.52
29.25
29.69
29.61
29.1
28.4
29.05
28.63
29.15
29.61
27.87
28.17
27.61
26.69
27.38
26.67
26.63
26.66
26.52
25.42
26.11
26.33
25.93
25.88
25.94
26.47
26.67
28.54
28.5
28
-0.00212
0.379542
0.043672
-4.10554

28 0.001431
28.02 0.000714
28.22 0.007138
27.15 -0.03792
27.32 0.006262
27.25 -0.00256
26.92 -0.01211
26.59 -0.01226
26.18 -0.01542
25.79
-0.0149
25.51 -0.01086
25.02 -0.01921
26.34 0.052758
30.43 0.155277
29.4 -0.03385
30.29 0.030272
30.33 0.001321
29.13 -0.03956
29.64 0.017508
29.6 -0.00135
29.75 0.005068
28.39 -0.04571
28.88 0.01726
28.81 -0.00242
29.15 0.011801
29.6 0.015437
28.28 -0.04459
28.81 0.018741
28.11
-0.0243
27.38 -0.02597
27.87 0.017896
27.48 -0.01399
26.39 -0.03967
26.59 0.007579
26.38
-0.0079
25.68 -0.02654
26.6 0.035826
26.33 -0.01015
26.05 -0.01063
26.53 0.018426
26.19 -0.01282
26.13 -0.00229
26.92 0.030233
28.25 0.049406
28.35 0.00354
28.05 -0.01058
27.29 -0.02709
Market Value=

1.45395E-05
9.58981E-06
9.06345E-05
0.001262659
7.47181E-05
3.23171E-08
9.46269E-05
9.75371E-05
0.00016996
0.000156611
7.18166E-05
0.000283104
0.003040447
0.02485655
0.000990092
0.001066321
1.37124E-05
0.001382526
0.000395619
1.06694E-06
5.55028E-05
0.001877647
0.00038581
1.71122E-09
0.000201183
0.000317547
0.001781865
0.000446207
0.000480252
0.000556344
0.000411227
0.000134817
0.001390004
9.92232E-05
3.0418E-05
0.000583358
0.001459851
6.03406E-05
6.80922E-05
0.000432996
0.000108852
8.37319E-09
0.001063797
0.002682008
3.50734E-05
6.72327E-05
0.000610684
$158,931,502

-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
-47
-46
-45
-44
-43
-42
-41
Ave Return=

t(0.05,200)=

1.653

Date
-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

9-Jul-01
10-Jul-01
11-Jul-01
12-Jul-01
13-Jul-01
16-Jul-01
17-Jul-01
18-Jul-01
19-Jul-01
20-Jul-01
23-Jul-01
24-Jul-01
25-Jul-01
26-Jul-01
27-Jul-01
30-Jul-01
31-Jul-01
1-Aug-01
2-Aug-01
3-Aug-01
6-Aug-01
7-Aug-01
8-Aug-01
9-Aug-01
10-Aug-01
13-Aug-01
14-Aug-01
15-Aug-01
16-Aug-01
17-Aug-01
20-Aug-01
21-Aug-01
22-Aug-01
23-Aug-01
24-Aug-01
27-Aug-01
28-Aug-01
29-Aug-01
30-Aug-01
31-Aug-01

Open
Close
Return
Residuals
25.92
26.37 0.017065
0.019189512
26.37
25.14 -0.04664
-0.044519248
24.94
25.48 0.013524
0.015648929
25.97
26.69 0.047488
0.049612891
26.7
27.64 0.035594
0.037718521
27.46
26.08 -0.05644
-0.054315277
26.28
26.08
0
0.002124665
26.08
25.92 -0.00613
-0.004010304
26.37
26.19 0.010417
0.012541332
26.42
26.1 -0.00344
-0.001311761
25.88
25.88 -0.00843
-0.006304454
25.68
25.44
-0.017
-0.01487688
26.18
25.37 -0.00275
-0.000626907
24.25
23.71 -0.06543
-0.063306947
23.71
24.06 0.014762
0.016886369
23.86
23.91 -0.00623
-0.004109749
23.91
24.36 0.018821
0.020945242
24.7
25.2 0.034483
0.036607424
25.78
25.59 0.015476
0.017600856
25.63
24.98 -0.02384
-0.021712771
25.09
24.92
-0.0024
-0.000277256
24.98
24.81 -0.00441
-0.00228946
24.81
24.45 -0.01451
-0.012385613
24.45
24.4 -0.00204
7.96754E-05
24.65
24.79 0.015984
0.018108272
24.65
24.57 -0.00887
-0.006749881
24.84
24.56 -0.00041
0.001717665
24.55
23.81 -0.03054
-0.028412794
23.46
23.84 0.00126
0.00338464
23.84
23.76 -0.00336
-0.00123104
24
24.44 0.02862
0.030744194
24.4
24.4 -0.00164
0.000488004
24.01
24.2
-0.0082
-0.006072056
24.2
23.72 -0.01983
-0.017710046
23.91
24.82 0.046374
0.048499033
25.04
24.72 -0.00403
-0.001904344
24.74
24.31 -0.01659
-0.014461095
24.1
23.66 -0.02674
-0.024613303
23.31
23.11 -0.02325
-0.02112132
22.87
22.93 -0.00779
-0.005664171

CAR
0.01919
-0.02533
-0.00968
0.039932
0.077651
0.023335
0.02546
0.02145
0.033991
0.032679
0.026375
0.011498
0.010871
-0.05244
-0.03555
-0.03966
-0.01871
0.017893
0.035494
0.013781
0.013504
0.011215
-0.00117
-0.00109
0.017017
0.010267
0.011985
-0.01643
-0.01304
-0.01427
0.01647
0.016958
0.010886
-0.00682
0.041675
0.03977
0.025309
0.000696
-0.02043
-0.02609

(R-Ave_R)^2
0.000475
0.001756
0.000334
0.002728
0.001627
0.002673
2.25E-05
1.95E-06
0.00023
1.7E-06
1.36E-05
0.00015
3.95E-06
0.003684
0.00038
2.23E-06
0.000555
0.001538
0.000409
0.000365
5.46E-06
1.06E-07
9.55E-05
7.26E-06
0.000429
1.71E-05
1.88E-05
0.000666
3.6E-05
1.91E-06
0.001113
9.63E-06
1.2E-05
0.000228
0.002613
5.05E-07
0.00014
0.000484
0.000342
9.3E-06

0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

4-Sep-01
5-Sep-01
6-Sep-01
7-Sep-01
10-Sep-01
17-Sep-01
18-Sep-01
19-Sep-01
20-Sep-01
21-Sep-01
24-Sep-01
25-Sep-01
26-Sep-01
27-Sep-01
28-Sep-01
1-Oct-01
2-Oct-01
3-Oct-01
4-Oct-01
5-Oct-01
8-Oct-01
9-Oct-01
10-Oct-01
11-Oct-01
12-Oct-01
15-Oct-01
16-Oct-01
17-Oct-01
18-Oct-01
19-Oct-01
22-Oct-01
23-Oct-01
24-Oct-01
25-Oct-01
26-Oct-01
29-Oct-01
30-Oct-01
31-Oct-01
1-Nov-01
2-Nov-01
5-Nov-01

20.89
18.64
17.78
17.24
17.78
15.93
16.57
16.07
14.78
13.15
15.65
15.78
16.12
15.98
16.07
15.78
15.18
14.88
15.89
15.48
16.17
16.82
16.59
17.31
17.76
18.06
18.31
18.56
17.56
17.6
17.86
18.16
17.76
17.66
17.71
17.61
17.12
16.97
16.7
16.67
16.72

Ave Residual=
Sum of (R-Ave_R)^2=
Standard deviation=
t(0.05,80)=
t=

18.77
17.99
17.48
17.86
17.67
15.9
16.07
15.28
14.39
14.84
15.98
15.89
15.88
16.07
15.93
15.48
15.13
15.88
15.88
16.32
16.82
16.59
16.87
17.96
18.21
17.98
18.36
17.87
17.46
18.15
18.16
17.78
17.88
18
17.71
17.27
16.84
16.7
17.17
16.79
16.76

-0.18142
-0.04156
-0.02835
0.021739
-0.01064
-0.10017
0.010692
-0.04916
-0.05825
0.031272
0.076819
-0.00563
-0.00063
0.011965
-0.00871
-0.02825
-0.02261
0.04957
0
0.027708
0.030637
-0.01367
0.016878
0.064612
0.01392
-0.01263
0.021135
-0.02669
-0.02294
0.039519
0.000551
-0.02093
0.005624
0.006711
-0.01611
-0.02484
-0.0249
-0.00831
0.028144
-0.02213
-0.00179

-0.179297053
-0.039431009
-0.026224418
0.023863796
-0.008513633
-0.098045114
0.012816489
-0.04703526
-0.056121408
0.033396382
0.078944072
-0.003507375
0.001495339
0.014089401
-0.00658722
-0.026123922
-0.020485154
0.051695055
0.002124665
0.029832474
0.03276192
-0.011549532
0.019002302
0.066736402
0.016044487
-0.010505758
0.023259259
-0.024563788
-0.020818816
0.041643565
0.002675629
-0.018800445
0.007748962
0.008836075
-0.013986446
-0.022720055
-0.022774003
-0.006188874
0.030268378
-0.02000696
0.000337887

-0.00261
0.097241
0.034864
1.664
-0.67501

0.043672007
-0.53887

-0.20539
-0.24482
-0.27104
-0.24718
-0.25569
-0.35374
-0.34092
-0.38796
-0.44408
-0.41068
-0.33174
-0.33524
-0.33375
-0.31966
-0.32625
-0.35237
-0.37286
-0.32116
-0.31904
-0.2892
-0.25644
-0.26799
-0.24899
-0.18225
-0.16621
-0.17671
-0.15345
-0.17802
-0.19884
-0.15719
-0.15452
-0.17332
-0.16557
-0.15673
-0.17072
-0.19344
-0.21621
-0.2224
-0.19213
-0.21214
-0.2118

0.031217
0.001355
0.000557
0.000701
3.48E-05
0.009107
0.000238
0.001973
0.002863
0.001297
0.006652
7.97E-07
1.69E-05
0.000279
1.58E-05
0.000553
0.000319
0.00295
2.25E-05
0.001053
0.001252
7.98E-05
0.000467
0.00481
0.000348
6.23E-05
0.000669
0.000482
0.000331
0.001959
2.8E-05
0.000262
0.000107
0.000131
0.000129
0.000404
0.000406
1.28E-05
0.001081
0.000302
8.72E-06

05,80)=1.664

>1.664 reject Ho and infer Ha

<1.664 fail to reject Ho

nce t=-0.675<1.664, we fail to reject Ho.

us, The abnormal return for HP is equal or less than zero.

Event Date Residual

Std. Dev Ratio
Confidence
-40 -0.0046648 0.04793 -0.09732 0.461234
0 -0.1004747 0.04793 -2.09628 0.018029

S&P500
Date
Open
Close
19-Sep-00 1444.51
1459.9
20-Sep-00
1459.9 1451.34
21-Sep-00 1451.34 1449.05
22-Sep-00 1449.05 1448.72
25-Sep-00 1448.72 1439.03
26-Sep-00 1439.03 1427.21
27-Sep-00 1427.21 1426.57
28-Sep-00 1426.57 1458.29
29-Sep-00 1458.29 1436.51
2-Oct-00 1436.52 1436.23
3-Oct-00 1436.23 1426.46
4-Oct-00 1426.46 1434.32
5-Oct-00 1434.32 1436.28
6-Oct-00 1436.28 1408.99
9-Oct-00 1408.99 1402.03
10-Oct-00 1402.03 1387.02
11-Oct-00 1387.02 1364.59
12-Oct-00 1364.59 1329.78
13-Oct-00 1329.78 1374.17
16-Oct-00 1374.17 1374.62
17-Oct-00 1374.62 1349.97
18-Oct-00 1349.97 1342.13
19-Oct-00 1342.13 1388.76
20-Oct-00 1388.76 1396.93
23-Oct-00 1396.93 1395.78
24-Oct-00 1395.78 1398.13
25-Oct-00 1398.13
1364.9
26-Oct-00
1364.9 1364.44
27-Oct-00 1364.44 1379.58
30-Oct-00 1379.58 1398.66
31-Oct-00 1398.66
1429.4
1-Nov-00
1429.4 1421.22
2-Nov-00 1421.22 1428.32
3-Nov-00 1428.32 1426.69
6-Nov-00 1428.76 1432.19
7-Nov-00 1432.19 1431.87
8-Nov-00 1431.87 1409.28
9-Nov-00 1409.28 1400.14
10-Nov-00 1400.14 1365.98
13-Nov-00 1365.98 1351.26
14-Nov-00 1351.26 1382.95
15-Nov-00 1382.95 1389.81
16-Nov-00 1389.81 1372.32
17-Nov-00 1372.32 1367.72
20-Nov-00 1367.72 1342.62
21-Nov-00 1342.62 1347.35
22-Nov-00 1347.35 1322.36
24-Nov-00 1322.36 1341.77
27-Nov-00 1341.77 1348.97
28-Nov-00 1348.97 1336.09

Return
0.010654
-0.00586
-0.00158
-0.00023
-0.00669
-0.00821
-0.00045
0.022235
-0.01494
-0.00019
-0.0068
0.00551
0.001367
-0.019
-0.00494
-0.01071
-0.01617
-0.02551
0.033381
0.000327
-0.01793
-0.00581
0.034743
0.005883
-0.00082
0.001684
-0.02377
-0.00034
0.011096
0.01383
0.021978
-0.00572
0.004996
-0.00114
0.003855
-0.00022
-0.01578
-0.00649
-0.0244
-0.01078
0.023452
0.00496
-0.01258
-0.00335
-0.01835
0.003523
-0.01855
0.014678
0.005366
-0.00955

29-Nov-00
30-Nov-00
1-Dec-00
4-Dec-00
5-Dec-00
6-Dec-00
7-Dec-00
8-Dec-00
11-Dec-00
12-Dec-00
13-Dec-00
14-Dec-00
15-Dec-00
18-Dec-00
19-Dec-00
20-Dec-00
21-Dec-00
22-Dec-00
26-Dec-00
27-Dec-00
28-Dec-00
29-Dec-00
2-Jan-01
3-Jan-01
4-Jan-01
5-Jan-01
8-Jan-01
9-Jan-01
10-Jan-01
11-Jan-01
12-Jan-01
16-Jan-01
17-Jan-01
18-Jan-01
19-Jan-01
22-Jan-01
23-Jan-01
24-Jan-01
25-Jan-01
26-Jan-01
29-Jan-01
30-Jan-01
31-Jan-01
1-Feb-01
2-Feb-01
5-Feb-01
6-Feb-01
7-Feb-01
8-Feb-01
9-Feb-01
12-Feb-01
13-Feb-01

1336.09
1341.91
1314.95
1315.18
1324.97
1376.54
1351.46
1343.55
1369.89
1380.2
1371.18
1359.99
1340.93
1312.15
1322.96
1305.6
1264.74
1274.86
1305.97
1315.19
1328.92
1334.22
1320.28
1283.27
1347.56
1333.34
1298.35
1295.86
1300.8
1313.27
1326.82
1318.32
1326.65
1329.89
1347.97
1342.54
1342.9
1360.4
1364.3
1357.51
1354.92
1364.17
1373.73
1366.01
1373.47
1349.47
1354.31
1352.26
1341.1
1332.53
1314.76
1330.31

1341.93
1314.95
1315.23
1324.97
1376.54
1351.46
1343.55
1369.89
1380.2
1371.18
1359.99
1340.93
1312.15
1322.74
1305.6
1264.74
1274.86
1305.95
1315.19
1328.92
1334.22
1320.28
1283.27
1347.56
1333.34
1298.35
1295.86
1300.8
1313.27
1326.82
1318.55
1326.65
1329.47
1347.97
1342.54
1342.9
1360.4
1364.3
1357.51
1354.95
1364.17
1373.73
1366.01
1373.47
1349.47
1354.31
1352.26
1340.89
1332.53
1314.76
1330.31
1318.8

0.004371
-0.02011
0.000213
0.007406
0.038922
-0.01822
-0.00585
0.019605
0.007526
-0.00654
-0.00816
-0.01401
-0.02146
0.008071
-0.01296
-0.0313
0.008002
0.024387
0.007075
0.01044
0.003988
-0.01045
-0.02803
0.050099
-0.01055
-0.02624
-0.00192
0.003812
0.009586
0.010318
-0.00623
0.006143
0.002126
0.013915
-0.00403
0.000268
0.013031
0.002867
-0.00498
-0.00189
0.006805
0.007008
-0.00562
0.005461
-0.01747
0.003587
-0.00151
-0.00841
-0.00623
-0.01334
0.011827
-0.00865

14-Feb-01
15-Feb-01
16-Feb-01
20-Feb-01
21-Feb-01
22-Feb-01
23-Feb-01
26-Feb-01
27-Feb-01
28-Feb-01
1-Mar-01
2-Mar-01
5-Mar-01
6-Mar-01
7-Mar-01
8-Mar-01
9-Mar-01
12-Mar-01
13-Mar-01
14-Mar-01
15-Mar-01
16-Mar-01
19-Mar-01
20-Mar-01
21-Mar-01
22-Mar-01
23-Mar-01
26-Mar-01
27-Mar-01
28-Mar-01
29-Mar-01
30-Mar-01
2-Apr-01
3-Apr-01
4-Apr-01
5-Apr-01
6-Apr-01
9-Apr-01
10-Apr-01
11-Apr-01
12-Apr-01
16-Apr-01
17-Apr-01
18-Apr-01
19-Apr-01
20-Apr-01
23-Apr-01
24-Apr-01
25-Apr-01
26-Apr-01
27-Apr-01
30-Apr-01

1318.8
1315.92
1326.61
1301.53
1278.94
1255.27
1252.82
1245.86
1267.65
1257.94
1239.94
1241.23
1234.18
1241.41
1253.8
1261.89
1264.74
1233.42
1180.16
1197.66
1166.71
1173.56
1150.53
1170.81
1142.62
1122.14
1117.58
1139.83
1152.69
1182.17
1153.29
1147.95
1160.33
1145.87
1106.46
1103.25
1151.44
1128.43
1137.59
1168.38
1165.89
1183.5
1179.68
1191.81
1238.16
1253.7
1242.98
1224.36
1209.47
1228.75
1234.52
1253.05

1315.92
1326.61
1301.53
1278.94
1255.27
1252.82
1245.86
1267.65
1257.94
1239.94
1241.23
1234.18
1241.41
1253.8
1261.89
1264.74
1233.42
1180.16
1197.66
1166.71
1173.56
1150.53
1170.81
1142.62
1122.14
1117.58
1139.83
1152.69
1182.17
1153.29
1147.95
1160.33
1145.87
1106.46
1103.25
1151.44
1128.43
1137.59
1168.38
1165.89
1183.5
1179.68
1191.81
1238.16
1253.69
1242.98
1224.36
1209.47
1228.75
1234.52
1253.05
1249.46

-0.00218
0.008124
-0.01891
-0.01736
-0.01851
-0.00195
-0.00556
0.01749
-0.00766
-0.01431
0.00104
-0.00568
0.005858
0.009981
0.006452
0.002259
-0.02476
-0.04318
0.014828
-0.02584
0.005871
-0.01962
0.017627
-0.02408
-0.01792
-0.00406
0.019909
0.011282
0.025575
-0.02443
-0.00463
0.010784
-0.01246
-0.03439
-0.0029
0.04368
-0.01998
0.008117
0.027066
-0.00213
0.015104
-0.00323
0.010282
0.03889
0.012543
-0.00854
-0.01498
-0.01216
0.015941
0.004696
0.01501
-0.00287

1-May-01
2-May-01
3-May-01
4-May-01
7-May-01
8-May-01
9-May-01
10-May-01
11-May-01
14-May-01
15-May-01
16-May-01
17-May-01
18-May-01
21-May-01
22-May-01
23-May-01
24-May-01
25-May-01
29-May-01
30-May-01
31-May-01
1-Jun-01
4-Jun-01
5-Jun-01
6-Jun-01
7-Jun-01
8-Jun-01
11-Jun-01
12-Jun-01
13-Jun-01
14-Jun-01
15-Jun-01
18-Jun-01
19-Jun-01
20-Jun-01
21-Jun-01
22-Jun-01
25-Jun-01
26-Jun-01
27-Jun-01
28-Jun-01
29-Jun-01
2-Jul-01
3-Jul-01
5-Jul-01
6-Jul-01
Ave Return=

1249.46
1266.44
1267.43
1248.58
1266.61
1266.71
1261.2
1255.54
1255.18
1245.67
1248.92
1249.44
1284.99
1288.49
1291.96
1312.83
1309.38
1289.05
1293.17
1277.89
1267.93
1248.08
1255.82
1260.67
1267.11
1283.57
1270.03
1276.96
1264.96
1254.39
1255.85
1241.6
1219.87
1214.36
1208.43
1212.58
1223.14
1237.04
1225.35
1218.6
1216.76
1211.07
1226.2
1224.42
1236.71
1234.45
1219.24
-0.00074
-0.00092

1266.44
1267.43
1248.58
1266.61
1263.51
1261.2
1255.54
1255.18
1245.67
1248.92
1249.44
1284.99
1288.49
1291.96
1312.83
1309.38
1289.05
1293.17
1277.89
1267.93
1248.08
1255.82
1260.67
1267.11
1283.57
1270.03
1276.96
1264.96
1254.39
1255.85
1241.6
1219.87
1214.36
1208.43
1212.58
1223.14
1237.04
1225.35
1218.6
1216.76
1211.07
1226.2
1224.38
1236.72
1234.45
1219.24
1190.59

0.01359
0.000782
-0.01487
0.01444
-0.00245
-0.00183
-0.00449
-0.00029
-0.00758
0.002609
0.000416
0.028453
0.002724
0.002693
0.016154
-0.00263
-0.01553
0.003196
-0.01182
-0.00779
-0.01566
0.006202
0.003862
0.005108
0.01299
-0.01055
0.005457
-0.0094
-0.00836
0.001164
-0.01135
-0.0175
-0.00452
-0.00488
0.003434
0.008709
0.011364
-0.00945
-0.00551
-0.00151
-0.00468
0.012493
-0.00148
0.010079
-0.00184
-0.01232
-0.0235

-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

S&P500
Date
Open
Close
9-Jul-01 1190.59 1198.78
10-Jul-01 1198.78 1181.52
11-Jul-01 1181.52 1180.18
12-Jul-01 1180.18 1208.14
13-Jul-01 1208.14 1215.68
16-Jul-01 1215.68 1202.45
17-Jul-01 1202.45 1214.44
18-Jul-01 1214.44 1207.71
19-Jul-01 1207.71 1215.02
20-Jul-01 1215.02 1210.85
23-Jul-01 1210.85 1191.03
24-Jul-01 1191.03 1171.65
25-Jul-01 1171.65 1190.49
26-Jul-01 1190.49 1202.93
27-Jul-01 1202.93 1205.82
30-Jul-01 1205.82 1204.52
31-Jul-01 1204.52 1211.23
1-Aug-01 1211.23 1215.93
2-Aug-01 1215.93 1220.75
3-Aug-01 1220.75 1214.35
6-Aug-01 1214.35 1200.48
7-Aug-01 1200.47
1204.4
8-Aug-01
1204.4 1183.53
9-Aug-01 1183.53 1183.43
10-Aug-01 1183.43 1190.16
13-Aug-01 1190.16 1191.29
14-Aug-01 1191.29 1186.73
15-Aug-01 1186.73 1178.02
16-Aug-01 1178.02 1181.66
17-Aug-01 1181.66 1161.97
20-Aug-01 1161.97 1171.41
21-Aug-01 1171.41 1157.26
22-Aug-01 1157.26 1165.31
23-Aug-01 1165.31 1162.09
24-Aug-01 1162.09 1184.93
27-Aug-01 1184.93 1179.21
28-Aug-01 1179.21 1161.51
29-Aug-01 1161.51 1148.56
30-Aug-01
1148.6 1129.03
31-Aug-01 1129.03 1133.58

Return
0.006879
-0.0144
-0.00113
0.023691
0.006241
-0.01088
0.009971
-0.00554
0.006053
-0.00343
-0.01637
-0.01627
0.01608
0.010449
0.002402
-0.00108
0.005571
0.00388
0.003964
-0.00524
-0.01142
0.003265
-0.01733
-8.4E-05
0.005687
0.000949
-0.00383
-0.00734
0.00309
-0.01666
0.008124
-0.01208
0.006956
-0.00276
0.019654
-0.00483
-0.01501
-0.01115
-0.017
0.00403

Compaq
Residuals
-0.01393
-0.01683
0.051684
0.020939
0.00177
0.022803
0.016861
-0.00402
0.001669
-0.06489
-0.05903
0.034804
0.003571
0.016674
-0.01769
0.016604
0.024311
0.026484
0.024851
0.006516
-0.00447
-0.04332
-0.00757
0.006296
0.014889
-0.01103
-0.01925
-0.02949
-0.00165
0.025309
-0.01741
-0.01892
-0.02035
-0.02439
0.029958
-0.0225
0.018807
-0.00322
-0.01676
-0.03104

CAR
-0.013926
-0.030756
0.0209276
0.0418667
0.0436364
0.0664397
0.0833008
0.0792823
0.0809515
0.0160566
-0.042969
-0.008165
-0.004594
0.0120798
-0.005611
0.0109928
0.035304
0.061788
0.0866386
0.0931544
0.0886829
0.0453659
0.037795
0.0440906
0.0589799
0.0479498
0.0286954
-0.000796
-0.002443
0.0228654
0.0054556
-0.013467
-0.033816
-0.058202
-0.028244
-0.050743
-0.031937
-0.03516
-0.051924
-0.082959

HP
Residuals
0.010186
-0.03225
0.014658
0.023797
0.029353
-0.04556
-0.00997
-0.00059
0.004364
-4.4E-06
0.00794
-0.00073
-0.01883
-0.07588
0.012359
-0.00516
0.01325
0.030602
0.011512
-0.01859
0.00902
-0.00768
0.002818
-0.00196
0.010297
-0.00982
0.003421
-0.0232
-0.00183
0.013307
0.020495
0.010443
-0.01515
-0.01707
0.02672
0.000798
-0.00158
-0.01559
-0.00624
-0.01182

CAR
0.010186
-0.02206
-0.0074
0.016395
0.045748
0.000191
-0.00978
-0.01037
-0.00601
-0.00601
0.001925
0.001196
-0.01764
-0.09352
-0.08116
-0.08631
-0.07306
-0.04246
-0.03095
-0.04954
-0.04052
-0.0482
-0.04539
-0.04735
-0.03705
-0.04687
-0.04345
-0.06665
-0.06848
-0.05517
-0.03468
-0.02424
-0.03939
-0.05646
-0.02974
-0.02894
-0.03052
-0.04611
-0.05235
-0.06417

0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

4-Sep-01
5-Sep-01
6-Sep-01
7-Sep-01
10-Sep-01
17-Sep-01
18-Sep-01
19-Sep-01
20-Sep-01
21-Sep-01
24-Sep-01
25-Sep-01
26-Sep-01
27-Sep-01
28-Sep-01
1-Oct-01
2-Oct-01
3-Oct-01
4-Oct-01
5-Oct-01
8-Oct-01
9-Oct-01
10-Oct-01
11-Oct-01
12-Oct-01
15-Oct-01
16-Oct-01
17-Oct-01
18-Oct-01
19-Oct-01
22-Oct-01
23-Oct-01
24-Oct-01
25-Oct-01
26-Oct-01
29-Oct-01
30-Oct-01
31-Oct-01
1-Nov-01
2-Nov-01
5-Nov-01

1133.58
1132.94
1131.74
1106.4
1085.78
1092.54
1038.77
1032.74
1016.1
984.54
965.8
1003.45
1012.27
1007.04
1018.61
1040.94
1038.55
1051.33
1072.28
1069.62
1071.37
1062.44
1056.75
1080.99
1097.43
1091.65
1089.98
1097.54
1077.09
1068.61
1073.48
1089.9
1084.78
1085.2
1100.09
1104.61
1078.3
1059.79
1059.78
1084.1
1087.2

1132.94
1131.74
1106.4
1085.78
1092.54
1038.77
1032.74
1016.1
984.54
965.8
1003.45
1012.27
1007.04
1018.61
1040.94
1038.55
1051.33
1072.28
1069.63
1071.38
1062.44
1056.75
1080.99
1097.43
1091.65
1089.98
1097.54
1077.09
1068.61
1073.48
1089.9
1084.78
1085.2
1100.09
1104.61
1078.3
1059.79
1059.78
1084.1
1087.2
1102.84

-0.00056
-0.00106
-0.02239
-0.01864
0.006226
-0.04922
-0.0058
-0.01611
-0.03106
-0.01903
0.038983
0.00879
-0.00517
0.011489
0.021922
-0.0023
0.012306
0.019927
-0.00247
0.001636
-0.00834
-0.00536
0.022938
0.015208
-0.00527
-0.00153
0.006936
-0.01863
-0.00787
0.004557
0.015296
-0.0047
0.000387
0.013721
0.004109
-0.02382
-0.01717
-9.4E-06
0.022948
0.00286
0.014386

-0.10229
-0.059
0.016582
0.042006
-0.02906
-0.1056
-0.02069
-0.02886
-0.00364
0.037006
0.029113
0.02781
-0.04267
0.00765
-0.05126
0.004714
-0.03281
0.040418
0.0257
-0.00504
0.03454
0.000916
0.030573
0.026062
0.008316
-0.01063
0.032038
-0.02283
-0.01684
0.02501
-0.03068
-0.02134
0.035976
-0.00959
-0.03289
-0.00793
-0.0036
-0.02789
0.021828
-0.00726
-0.02653

-0.185252
-0.244247
-0.227665
-0.185659
-0.214721
-0.320325
-0.341018
-0.369876
-0.373512
-0.336506
-0.307393
-0.279583
-0.322253
-0.314603
-0.365868
-0.361153
-0.393966
-0.353548
-0.327848
-0.332889
-0.298349
-0.297433
-0.266859
-0.240798
-0.232482
-0.24311
-0.211072
-0.2339
-0.250744
-0.225734
-0.256415
-0.277759
-0.241783
-0.251376
-0.284261
-0.292189
-0.295788
-0.32368
-0.301853
-0.309108
-0.335634

-0.18086
-0.0405
-0.00596
0.040376
-0.01686
-0.05095
0.016497
-0.03305
-0.02719
0.050306
0.037836
-0.01442
0.004537
0.000476
-0.03063
-0.02595
-0.03492
0.029643
0.002471
0.026072
0.038982
-0.00832
-0.00606
0.049403
0.019187
-0.0111
0.014199
-0.00806
-0.01507
0.034962
-0.01475
-0.01623
0.005237
-0.00701
-0.02022
-0.00103
-0.00773
-0.0083
0.005196
-0.02499
-0.01617

-0.24502
-0.28552
-0.29148
-0.2511
-0.26797
-0.31892
-0.30242
-0.33547
-0.36266
-0.31235
-0.27452
-0.28894
-0.2844
-0.28393
-0.31456
-0.34051
-0.37543
-0.34578
-0.34331
-0.31724
-0.27826
-0.28658
-0.29264
-0.24323
-0.22405
-0.23515
-0.22095
-0.22901
-0.24408
-0.20911
-0.22386
-0.24009
-0.23485
-0.24186
-0.26208
-0.26311
-0.27084
-0.27914
-0.27395
-0.29894
-0.31511

-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

CAR
-0.01393
-0.03076
0.020928
0.041867
0.043636
0.06644
0.083301
0.079282
0.080951
0.016057
-0.04297
-0.00816
-0.00459
0.01208
-0.00561
0.010993
0.035304
0.061788
0.086639
0.093154
0.088683
0.045366
0.037795
0.044091
0.05898
0.04795
0.028695
-0.0008
-0.00244
0.022865
0.005456
-0.01347
-0.03382
-0.0582
-0.02824
-0.05074
-0.03194
-0.03516
-0.05192
-0.08296

CAR
0.010186
-0.02206
-0.0074
0.016395
0.045748
0.000191
-0.00978
-0.01037
-0.00601
-0.00601
0.001925
0.001196
-0.01764
-0.09352
-0.08116
-0.08631
-0.07306
-0.04246
-0.03095
-0.04954
-0.04052
-0.0482
-0.04539
-0.04735
-0.03705
-0.04687
-0.04345
-0.06665
-0.06848
-0.05517
-0.03468
-0.02424
-0.03939
-0.05646
-0.02974
-0.02894
-0.03052
-0.04611
-0.05235
-0.06417

0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

-0.18525
-0.24425
-0.22767
-0.18566
-0.21472
-0.32032
-0.34102
-0.36988
-0.37351
-0.33651
-0.30739
-0.27958
-0.32225
-0.3146
-0.36587
-0.36115
-0.39397
-0.35355
-0.32785
-0.33289
-0.29835
-0.29743
-0.26686
-0.2408
-0.23248
-0.24311
-0.21107
-0.2339
-0.25074
-0.22573
-0.25642
-0.27776
-0.24178
-0.25138
-0.28426
-0.29219
-0.29579
-0.32368
-0.30185
-0.30911
-0.33563

-0.24502
-0.28552
-0.29148
-0.2511
-0.26797
-0.31892
-0.30242
-0.33547
-0.36266
-0.31235
-0.27452
-0.28894
-0.2844
-0.28393
-0.31456
-0.34051
-0.37543
-0.34578
-0.34331
-0.31724
-0.27826
-0.28658
-0.29264
-0.24323
-0.22405
-0.23515
-0.22095
-0.22901
-0.24408
-0.20911
-0.22386
-0.24009
-0.23485
-0.24186
-0.26208
-0.26311
-0.27084
-0.27914
-0.27395
-0.29894
-0.31511

-240
-239
-238
-237
-236
-235
-234
-233
-232
-231
-230
-229
-228
-227
-226
-225
-224
-223
-222
-221
-220
-219
-218
-217
-216
-215
-214
-213
-212
-211
-210
-209
-208
-207
-206
-205
-204
-203
-202
-201
-200
-199
-198
-197
-196
-195
-194
-193
-192
-191

Event Study for Taartget Company Compaq

Date
Open
Close
Return
29-Mar-01
18.92
18.89 -0.00159
30-Mar-01
18.9
18.03 -0.04603
2-Apr-01
18.03
17.81
-0.0122
3-Apr-01
17.63
16.33 -0.07374
4-Apr-01
16.14
15.65 -0.03036
5-Apr-01
16.84
17 0.009501
6-Apr-01
16.74
16.14 -0.03584
9-Apr-01
16.49
15.96 -0.03214
10-Apr-01
16.34
17.18 0.051408
11-Apr-01
18.13
17.49
-0.0353
12-Apr-01
17.28
18.42 0.065972
16-Apr-01
18.08
17.81 -0.01493
17-Apr-01
17.53
18.15 0.035368
18-Apr-01
19.66
20.3 0.032553
19-Apr-01
21.2
21.64 0.020755
20-Apr-01
21.64
21.3 -0.01571
23-Apr-01
20.7
20.45 -0.01208
24-Apr-01
19.07
17.33 -0.09124
25-Apr-01
17.34
17.34
0
26-Apr-01
17.62
16.84 -0.04427
27-Apr-01
17.13
18.03 0.052539
30-Apr-01
18.27
17.33 -0.05145
1-May-01
17.33
17.43 0.00577
2-May-01
17.63
17.78 0.008508
3-May-01
17.58
17.23 -0.01991
4-May-01
16.69
17.33 0.038346
7-May-01
17.48
16.94 -0.03089
8-May-01
17.33
16.67 -0.03808
9-May-01
16.37
16.15 -0.01344
10-May-01
16.69
15.95 -0.04434
11-May-01
15.9
15.82 -0.00503
14-May-01
15.77
15.7 -0.00444
15-May-01
15.77
15.63 -0.00888
16-May-01
15.3
16 0.045752
17-May-01
16.12
16.18 0.003722
18-May-01
16.14
16.34 0.012392
21-May-01
16.34
17.09
0.0459
22-May-01
17.57
17.54 -0.00171
23-May-01
17.87
17.21 -0.03693
24-May-01
17.43
17.38 -0.00287
25-May-01
17.38
16.79 -0.03395
29-May-01
16.79
16.3 -0.02918
30-May-01
15.7
15.55 -0.00955
31-May-01
15.65
15.84 0.012141
1-Jun-01
15.85
15.75 -0.00631
4-Jun-01
15.5
15.78 0.018065
5-Jun-01
15.83
15.96 0.008212
6-Jun-01
16.09
15.83 -0.01616
7-Jun-01
15.85
16.07 0.01388
8-Jun-01
16.06
15.9 -0.00996

-240
-239
-238
-237
-236
-235
-234
-233
-232
-231
-230
-229
-228
-227
-226
-225
-224
-223
-222
-221
-220
-219
-218
-217
-216
-215
-214
-213
-212
-211
-210
-209
-208
-207
-206
-205
-204
-203
-202
-201
-200
-199
-198
-197
-196
-195
-194
-193
-192
-191

Event Study for acquiring c

Date
29-Mar-01
30-Mar-01
2-Apr-01
3-Apr-01
4-Apr-01
5-Apr-01
6-Apr-01
9-Apr-01
10-Apr-01
11-Apr-01
12-Apr-01
16-Apr-01
17-Apr-01
18-Apr-01
19-Apr-01
20-Apr-01
23-Apr-01
24-Apr-01
25-Apr-01
26-Apr-01
27-Apr-01
30-Apr-01
1-May-01
2-May-01
3-May-01
4-May-01
7-May-01
8-May-01
9-May-01
10-May-01
11-May-01
14-May-01
15-May-01
16-May-01
17-May-01
18-May-01
21-May-01
22-May-01
23-May-01
24-May-01
25-May-01
29-May-01
30-May-01
31-May-01
1-Jun-01
4-Jun-01
5-Jun-01
6-Jun-01
7-Jun-01
8-Jun-01

-190
-189
-188
-187
-186
-185
-184
-183
-182
-181
-180
-179
-178
-177
-176
-175
-174
-173
-172
-171
-170
-169
-168
-167
-166
-165
-164
-163
-162
-161
-160
-159
-158
-157
-156
-155
-154
-153
-152
-151
-150
-149
-148
-147
-146
-145
-144
-143
-142
-141
-140
-139

11-Jun-01
12-Jun-01
13-Jun-01
14-Jun-01
15-Jun-01
18-Jun-01
19-Jun-01
20-Jun-01
21-Jun-01
22-Jun-01
25-Jun-01
26-Jun-01
27-Jun-01
28-Jun-01
29-Jun-01
2-Jul-01
3-Jul-01
5-Jul-01
6-Jul-01
9-Jul-01
10-Jul-01
11-Jul-01
12-Jul-01
13-Jul-01
16-Jul-01
17-Jul-01
18-Jul-01
19-Jul-01
20-Jul-01
23-Jul-01
24-Jul-01
25-Jul-01
26-Jul-01
27-Jul-01
30-Jul-01
31-Jul-01
1-Aug-01
2-Aug-01
3-Aug-01
6-Aug-01
7-Aug-01
8-Aug-01
9-Aug-01
10-Aug-01
13-Aug-01
14-Aug-01
15-Aug-01
16-Aug-01
17-Aug-01
20-Aug-01
21-Aug-01
22-Aug-01

15.65
15.18
15.28
14.16
14.13
14.11
13.92
13.22
13.27
13.52
13.62
13.47
13.62
13.94
14.19
15.13
14.93
14.73
15.03
14.19
14.19
13.89
14.59
14.88
15.28
15.18
15.33
15.68
15.58
14.73
13.89
13.94
13.49
14.44
13.99
14.31
14.78
15.77
15.48
15.41
15.43
14.76
14.59
14.58
14.7
14.81
14.54
13.7
13.69
14.04
13.79
13.64

15.3
15.42
14.62
14.34
14.36
13.62
13.47
13.17
13.36
13.37
13.77
13.63
13.77
14.11
15.2
14.99
15.02
15.1
14.39
14.09
13.65
14.34
14.98
15.1
15.28
15.69
15.54
15.66
14.59
13.49
13.74
14.01
14.39
14.17
14.39
14.82
15.27
15.71
15.73
15.48
14.86
14.49
14.58
14.88
14.73
14.39
13.86
13.88
14
13.87
13.44
13.26

-0.02236
0.01581
-0.04319
0.012712
0.016277
-0.03473
-0.03233
-0.00378
0.006782
-0.01109
0.011013
0.011878
0.011013
0.012195
0.071177
-0.00925
0.006028
0.025119
-0.04258
-0.00705
-0.03805
0.032397
0.026731
0.014785
0
0.033597
0.013699
-0.00128
-0.06354
-0.08418
-0.0108
0.005022
0.066716
-0.0187
0.028592
0.035639
0.033153
-0.0038
0.01615
0.004543
-0.03694
-0.01829
-0.00069
0.020576
0.002041
-0.02836
-0.04677
0.013139
0.022644
-0.01211
-0.02538
-0.02786

-190
-189
-188
-187
-186
-185
-184
-183
-182
-181
-180
-179
-178
-177
-176
-175
-174
-173
-172
-171
-170
-169
-168
-167
-166
-165
-164
-163
-162
-161
-160
-159
-158
-157
-156
-155
-154
-153
-152
-151
-150
-149
-148
-147
-146
-145
-144
-143
-142
-141
-140
-139

11-Jun-01
12-Jun-01
13-Jun-01
14-Jun-01
15-Jun-01
18-Jun-01
19-Jun-01
20-Jun-01
21-Jun-01
22-Jun-01
25-Jun-01
26-Jun-01
27-Jun-01
28-Jun-01
29-Jun-01
2-Jul-01
3-Jul-01
5-Jul-01
6-Jul-01
9-Jul-01
10-Jul-01
11-Jul-01
12-Jul-01
13-Jul-01
16-Jul-01
17-Jul-01
18-Jul-01
19-Jul-01
20-Jul-01
23-Jul-01
24-Jul-01
25-Jul-01
26-Jul-01
27-Jul-01
30-Jul-01
31-Jul-01
1-Aug-01
2-Aug-01
3-Aug-01
6-Aug-01
7-Aug-01
8-Aug-01
9-Aug-01
10-Aug-01
13-Aug-01
14-Aug-01
15-Aug-01
16-Aug-01
17-Aug-01
20-Aug-01
21-Aug-01
22-Aug-01

-138
-137
-136
-135
-134
-133
-132
-131
-130
-129
-128
-127
-126
-125
-124
-123
-122
-121
-120
-119
-118
-117
-116
-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

23-Aug-01
24-Aug-01
27-Aug-01
28-Aug-01
29-Aug-01
30-Aug-01
31-Aug-01
4-Sep-01
5-Sep-01
6-Sep-01
7-Sep-01
10-Sep-01
17-Sep-01
18-Sep-01
19-Sep-01
20-Sep-01
21-Sep-01
24-Sep-01
25-Sep-01
26-Sep-01
27-Sep-01
28-Sep-01
1-Oct-01
2-Oct-01
3-Oct-01
4-Oct-01
5-Oct-01
8-Oct-01
9-Oct-01
10-Oct-01
11-Oct-01
12-Oct-01
15-Oct-01
16-Oct-01
17-Oct-01
18-Oct-01
19-Oct-01
22-Oct-01
23-Oct-01
24-Oct-01
25-Oct-01
26-Oct-01
29-Oct-01
30-Oct-01
31-Oct-01
1-Nov-01
2-Nov-01
5-Nov-01
6-Nov-01
7-Nov-01
8-Nov-01
9-Nov-01

13.35
12.95
13.31
13.23
13.22
12.92
12.5
12.85
10.96
10.2
10.02
10.32
9.08
8.82
8.55
7.65
7.47
8.33
8.33
8.66
8.36
8.7
8.21
7.76
7.96
8.61
8.51
8.46
9.15
8.96
9.53
10.21
9.65
9.95
10.27
9.48
9.28
9.75
9.74
9.37
9.57
9.45
9.4
8.98
9.06
8.94
8.66
8.86
8.91
7.65
8.14
7.88

12.9
13.54
13.17
13.22
13.03
12.59
12.25
10.99
10.33
10.27
10.51
10.27
8.68
8.45
8.07
7.79
7.93
8.47
8.78
8.36
8.52
8.27
8.29
8.12
8.61
8.81
8.78
9.01
8.97
9.45
9.84
9.87
9.75
10.13
9.71
9.47
9.75
9.6
9.35
9.69
9.73
9.45
9.15
8.96
8.71
9.1
9.06
8.95
8.46
7.95
7.95
7.69

-0.03371
0.04556
-0.01052
-0.00076
-0.01437
-0.02554
-0.02
-0.14475
-0.05748
0.006863
0.048902
-0.00484
-0.04405
-0.04195
-0.05614
0.018301
0.06158
0.016807
0.054022
-0.03464
0.019139
-0.04943
0.009744
0.046392
0.081658
0.023229
0.031727
0.065012
-0.01967
0.054687
0.032529
-0.0333
0.010363
0.01809
-0.05453
-0.00105
0.050647
-0.01538
-0.04004
0.034152
0.016719
0
-0.0266
-0.00223
-0.03863
0.017897
0.046189
0.010158
-0.05051
0.039216
-0.02334
-0.02411

-138
-137
-136
-135
-134
-133
-132
-131
-130
-129
-128
-127
-126
-125
-124
-123
-122
-121
-120
-119
-118
-117
-116
-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

23-Aug-01
24-Aug-01
27-Aug-01
28-Aug-01
29-Aug-01
30-Aug-01
31-Aug-01
4-Sep-01
5-Sep-01
6-Sep-01
7-Sep-01
10-Sep-01
17-Sep-01
18-Sep-01
19-Sep-01
20-Sep-01
21-Sep-01
24-Sep-01
25-Sep-01
26-Sep-01
27-Sep-01
28-Sep-01
1-Oct-01
2-Oct-01
3-Oct-01
4-Oct-01
5-Oct-01
8-Oct-01
9-Oct-01
10-Oct-01
11-Oct-01
12-Oct-01
15-Oct-01
16-Oct-01
17-Oct-01
18-Oct-01
19-Oct-01
22-Oct-01
23-Oct-01
24-Oct-01
25-Oct-01
26-Oct-01
29-Oct-01
30-Oct-01
31-Oct-01
1-Nov-01
2-Nov-01
5-Nov-01
6-Nov-01
7-Nov-01
8-Nov-01
9-Nov-01

-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
-47
-46
-45
-44
-43
-42
-41

12-Nov-01
13-Nov-01
14-Nov-01
15-Nov-01
16-Nov-01
19-Nov-01
20-Nov-01
21-Nov-01
23-Nov-01
26-Nov-01
27-Nov-01
28-Nov-01
29-Nov-01
30-Nov-01
3-Dec-01
4-Dec-01
5-Dec-01
6-Dec-01
7-Dec-01
10-Dec-01
11-Dec-01
12-Dec-01
13-Dec-01
14-Dec-01
17-Dec-01
18-Dec-01
19-Dec-01
20-Dec-01
21-Dec-01
24-Dec-01
26-Dec-01
27-Dec-01
28-Dec-01
31-Dec-01
2-Jan-02
3-Jan-02
4-Jan-02
7-Jan-02
8-Jan-02
9-Jan-02
10-Jan-02
11-Jan-02
14-Jan-02
15-Jan-02
16-Jan-02
17-Jan-02

7.74
8.01
9.95
9.95
10.4
10.25
9.96
9.59
9.73
9.94
9.97
9.35
9.08
9.7
10
10.3
10.95
11.19
11.28
10.08
9.73
9.5
9.51
9.3
9.43
9.43
8.92
8.96
9.14
9.79
9.45
9.68
9.9
9.63
9.83
10.45
11.31
12.07
11.64
11.37
10.97
11.15
11.37
11.3
11.23
11.72

7.62
8.76
9.95
10.65
10.25
10.3
9.58
9.62
9.75
9.89
9.47
9.02
9.55
10.1
10.1
10.74
11.59
11.06
11.26
9.65
9.44
9.74
9.34
9.43
9.44
9.06
8.98
9.07
9.89
9.62
9.73
9.91
9.87
9.74
10.45
10.93
11.36
11.65
11.26
10.77
10.97
11.47
11.11
11.37
11.14
11.77

-0.0155
0.093633
0
0.070352
-0.01442
0.004878
-0.03815
0.003128
0.002055
-0.00503
-0.05015
-0.03529
0.051762
0.041237
0.01
0.042718
0.058447
-0.01162
-0.00177
-0.04266
-0.0298
0.025263
-0.01788
0.013978
0.00106
-0.03924
0.006726
0.012277
0.082057
-0.01736
0.02963
0.02376
-0.00303
0.011423
0.063072
0.045933
0.004421
-0.0348
-0.03265
-0.05277
0
0.0287
-0.02287
0.006195
-0.00801
0.004266 Ave Return=

-0.0006273

-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
-47
-46
-45
-44
-43
-42
-41

12-Nov-01
13-Nov-01
14-Nov-01
15-Nov-01
16-Nov-01
19-Nov-01
20-Nov-01
21-Nov-01
23-Nov-01
26-Nov-01
27-Nov-01
28-Nov-01
29-Nov-01
30-Nov-01
3-Dec-01
4-Dec-01
5-Dec-01
6-Dec-01
7-Dec-01
10-Dec-01
11-Dec-01
12-Dec-01
13-Dec-01
14-Dec-01
17-Dec-01
18-Dec-01
19-Dec-01
20-Dec-01
21-Dec-01
24-Dec-01
26-Dec-01
27-Dec-01
28-Dec-01
31-Dec-01
2-Jan-02
3-Jan-02
4-Jan-02
7-Jan-02
8-Jan-02
9-Jan-02
10-Jan-02
11-Jan-02
14-Jan-02
15-Jan-02
16-Jan-02
17-Jan-02

-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
5
6
7
8
9
10

Date
Open
Close
Return
Residuals
CAR
18-Jan-02
11.62
11.49 -0.01119
-0.0105603 -0.0105603
22-Jan-02
11.61
10.91 -0.06029 -0.05966554 -0.0702258
23-Jan-02
11.02
11.34 0.029038 0.029665422 -0.0405604
24-Jan-02
11.82
12.02 0.01692 0.017547783 -0.0230126
25-Jan-02
11.82
11.92 0.00846 0.009087546 -0.0139251
28-Jan-02
11.96
11.85
-0.0092 -0.00857002 -0.0224951
29-Jan-02
11.95
11.19
-0.0636 -0.06297102 -0.0854661
30-Jan-02
11.36
11.96 0.052817 0.053444211 -0.0320219
31-Jan-02
12.05
12.32 0.022407 0.023033948
-0.008988
1-Feb-02
12.46
12.07
-0.0313 -0.03067285 -0.0396608
4-Feb-02
12.47
12.17 -0.02406 -0.02343043 -0.0630912
5-Feb-02
12.07
11.97 -0.00829
-0.0076577 -0.0707489
6-Feb-02
12.08
11.9
-0.0149 -0.01427335 -0.0850223
7-Feb-02
11.82
11.63 -0.01607 -0.01544714 -0.1004694
8-Feb-02
11.87
11.56 -0.02612 -0.02548895 -0.1259584
11-Feb-02
11.48
11.51 0.002613 0.00324055 -0.1227178
12-Feb-02
11.37
11.09 -0.02463
-0.0239989 -0.1467167
13-Feb-02
11.24
11.37 0.011566 0.012193145 -0.1345236
14-Feb-02
11.52
11.37 -0.01302 -0.01239352 -0.1469171
15-Feb-02
11.32
10.92 -0.03534 -0.03470838 -0.1816255
19-Feb-02
10.78
10.53 -0.02319 -0.02256379 -0.2041893
20-Feb-02
10.58
10.62 0.003781 0.004408027 -0.1997813
21-Feb-02
10.65
10.27 -0.03568 -0.03505344 -0.2348347
22-Feb-02
10
10.47
0.047 0.047627309 -0.1872074
25-Feb-02
10.47
10.57 0.009551 0.010178408
-0.177029
26-Feb-02
10.43
10.38 -0.00479 -0.00416655 -0.1811955
27-Feb-02
10.47
10.18
-0.0277 -0.02707088 -0.2082664
28-Feb-02
10.43
10.12 -0.02972 -0.02909465 -0.2373611
1-Mar-02
10.12
10.41 0.028656 0.029283436 -0.2080776
4-Mar-02
10.5
10.65 0.014286 0.014913023 -0.1931646
5-Mar-02
10.15
10.58 0.042365 0.042991841 -0.1501728
6-Mar-02
11.05
10.98 -0.00633 -0.00570753 -0.1558803
7-Mar-02
11.2
11.15 -0.00446 -0.00383698 -0.1597173
8-Mar-02
11.24
11.8 0.049822 0.050449373 -0.1092679
11-Mar-02
11.22
11.27 0.004456 0.005083637 -0.1041843
12-Mar-02
11.15
11.12 -0.00269 -0.00206327 -0.1062475
13-Mar-02
11.05
11 -0.00452 -0.00389758 -0.1101451
14-Mar-02
10.97
10.7 -0.02461 -0.02398527 -0.1341304
15-Mar-02
10.7
10.33 -0.03458 -0.03395213 -0.1680825
18-Mar-02
10.02
10.36 0.033932 0.034559445 -0.1335231
19-Mar-02
10.21
11.14 0.091087 0.091714479 -0.0418086
20-Mar-02
11.1
10.82 -0.02523 -0.02459792 -0.0664065
21-Mar-02
10.7
10.77 0.006542 0.007169365 -0.0592371
22-Mar-02
10.55
10.65 0.009479 0.010105982 -0.0491312
25-Mar-02
10.55
10.63 0.007583 0.008210248 -0.0409209
26-Mar-02
10.51
10.85 0.03235 0.032977452 -0.0079435
27-Mar-02
10.7
10.6 -0.00935 -0.00871849 -0.0166619
28-Mar-02
10.52
10.45 -0.00665 -0.00602668 -0.0226886
1-Apr-02
10.21
10.42 0.020568 0.02119538 -0.0014932
2-Apr-02
10.4
10.2 -0.01923 -0.01860346 -0.0200967
3-Apr-02
10.18
9.82 -0.03536 -0.03473615 -0.0548328

-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
5
6
7
8
9
10

Date
18-Jan-02
22-Jan-02
23-Jan-02
24-Jan-02
25-Jan-02
28-Jan-02
29-Jan-02
30-Jan-02
31-Jan-02
1-Feb-02
4-Feb-02
5-Feb-02
6-Feb-02
7-Feb-02
8-Feb-02
11-Feb-02
12-Feb-02
13-Feb-02
14-Feb-02
15-Feb-02
19-Feb-02
20-Feb-02
21-Feb-02
22-Feb-02
25-Feb-02
26-Feb-02
27-Feb-02
28-Feb-02
1-Mar-02
4-Mar-02
5-Mar-02
6-Mar-02
7-Mar-02
8-Mar-02
11-Mar-02
12-Mar-02
13-Mar-02
14-Mar-02
15-Mar-02
18-Mar-02
19-Mar-02
20-Mar-02
21-Mar-02
22-Mar-02
25-Mar-02
26-Mar-02
27-Mar-02
28-Mar-02
1-Apr-02
2-Apr-02
3-Apr-02

11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32

4-Apr-02
5-Apr-02
8-Apr-02
9-Apr-02
10-Apr-02
11-Apr-02
12-Apr-02
15-Apr-02
16-Apr-02
17-Apr-02
18-Apr-02
19-Apr-02
22-Apr-02
23-Apr-02
24-Apr-02
25-Apr-02
26-Apr-02
29-Apr-02
30-Apr-02
1-May-02
2-May-02
3-May-02

9.53
9.65
9.46
9.92
9.38
9.8
9.86
9.95
10.1
10.3
11.05
11
10.9
10.62
10.31
10
10.5
10.05
10.15
10.57
10.7
10.76

9.58
9.56
9.59
9.28
9.76
9.86
9.98
10.1
10.4
10.68
10.82
11.13
10.73
10.2
10.36
10.46
10.15
10.3
10.15
10.65
10.76
11

0.005247
-0.00933
0.013742
-0.06452
0.040512
0.006122
0.01217
0.015075
0.029703
0.036893
-0.02081
0.011818
-0.0156
-0.03955
0.00485
0.046
-0.03333
0.024876
0
0.007569
0.005607
0.022305

0.005873899
-0.00869912
0.014369381
-0.06388882
0.041139036
0.006749758
0.012797695
0.015702686
0.030330279
0.037520513
-0.02018717
0.012445491
-0.01496902
-0.03892071
0.00547697
0.046627309
-0.03270602
0.025502931
0.000627309
0.008195899
0.006234786
0.022932142

-0.0489589
-0.0576581
-0.0432887
-0.1071775
-0.0660385
-0.0592887
-0.046491
-0.0307883
-0.000458
0.03706246
0.01687529
0.02932078
0.01435176
-0.024569
-0.019092
0.02753533
-0.0051707
0.02033223
0.02095954
0.02915544
0.03539023
0.05832237

11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32

4-Apr-02
5-Apr-02
8-Apr-02
9-Apr-02
10-Apr-02
11-Apr-02
12-Apr-02
15-Apr-02
16-Apr-02
17-Apr-02
18-Apr-02
19-Apr-02
22-Apr-02
23-Apr-02
24-Apr-02
25-Apr-02
26-Apr-02
29-Apr-02
30-Apr-02
1-May-02
2-May-02
3-May-02

Event Study for acquiring company HWP

Open
Close
Return
29.35
30.18 0.028279
30.63
30.8 0.00555
30.58
28.48 -0.06867
28.12
27 -0.03983
27.06
27.03 -0.00111
28.66
30.3 0.057223
29.53
28.32 -0.04098
28.56
28.07 -0.01716
28.56
29.38 0.028711
29.79
29.79
0
29.55
30.16 0.020643
29.57
29.54 -0.00101
29.3
28.81 -0.01672
29.84
31.42 0.052949
30.73
32.01 0.041653
32.01
31.22 -0.02468
30.53
30.49 -0.00131
30.04
28.98 -0.03529
28.98
28.76 -0.00759
28.76
27.53 -0.04277
27.87
27.96 0.003229
28.21
28 -0.00744
27.48
28.02 0.019651
28.76
28.22 -0.01878
27.72
27.15 -0.02056
26.79
27.32 0.019784
27.68
27.25 -0.01553
27.58
26.92 -0.02393
26.54
26.59 0.001884
27.23
26.18 -0.03856
26.1
25.79 -0.01188
25.61
25.51
-0.0039
24.74
25.02 0.011318
24.87
26.34 0.059107
28.27
30.43 0.076406
29.55
29.4 -0.00508
29.25
30.29 0.035556
30.53
30.33 -0.00655
30.52
29.13 -0.04554
29.25
29.64 0.013333
29.69
29.6 -0.00303
29.61
29.75 0.004728
29.1
28.39
-0.0244
28.4
28.88 0.016901
29.05
28.81 -0.00826
28.63
29.15 0.018163
29.15
29.6 0.015437
29.61
28.28 -0.04492
27.87
28.81 0.033728
28.17
28.11 -0.00213

27.61
26.69
27.38
26.67
26.63
26.66
26.52
25.42
26.11
26.33
25.93
25.88
25.94
26.47
26.67
28.54
28.5
28
26.72
25.92
26.37
24.94
25.97
26.7
27.46
26.28
26.08
26.37
26.42
25.88
25.68
26.18
24.25
23.71
23.86
23.91
24.7
25.78
25.63
25.09
24.98
24.81
24.45
24.65
24.65
24.84
24.55
23.46
23.84
24
24.4
24.01

27.38
27.87
27.48
26.39
26.59
26.38
25.68
26.6
26.33
26.05
26.53
26.19
26.13
26.92
28.25
28.35
28.05
27.29
26.11
26.37
25.14
25.48
26.69
27.64
26.08
26.08
25.92
26.19
26.1
25.88
25.44
25.37
23.71
24.06
23.91
24.36
25.2
25.59
24.98
24.92
24.81
24.45
24.4
24.79
24.57
24.56
23.81
23.84
23.76
24.44
24.4
24.2

-0.00833
0.044211
0.003652
-0.0105
-0.0015
-0.0105
-0.03167
0.04642
0.008426
-0.01063
0.023139
0.011978
0.007325
0.017
0.059243
-0.00666
-0.01579
-0.02536
-0.02283
0.017361
-0.04664
0.021652
0.027724
0.035206
-0.05025
-0.00761
-0.00613
-0.00683
-0.01211
0
-0.00935
-0.03094
-0.02227
0.014762
0.002096
0.018821
0.020243
-0.00737
-0.02536
-0.00678
-0.00681
-0.01451
-0.00204
0.00568
-0.00325
-0.01127
-0.03014
0.016198
-0.00336
0.018333
0
0.007913

24.2
23.91
25.04
24.74
24.1
23.31
22.87
20.89
18.64
17.78
17.24
17.78
15.93
16.57
16.07
14.78
13.15
15.65
15.78
16.12
15.98
16.07
15.78
15.18
14.88
15.89
15.48
16.17
16.82
16.59
17.31
17.76
18.06
18.31
18.56
17.56
17.6
17.86
18.16
17.76
17.66
17.71
17.61
17.12
16.97
16.7
16.67
16.72
16.77
19.84
18.9
18.21

23.72
24.82
24.72
24.31
23.66
23.11
22.93
18.77
17.99
17.48
17.86
17.67
15.9
16.07
15.28
14.39
14.84
15.98
15.89
15.88
16.07
15.93
15.48
15.13
15.88
15.88
16.32
16.82
16.59
16.87
17.96
18.21
17.98
18.36
17.87
17.46
18.15
18.16
17.78
17.88
18
17.71
17.27
16.84
16.7
17.17
16.79
16.76
19.66
19.03
18.21
18.84

-0.01983
0.038059
-0.01278
-0.01738
-0.01826
-0.00858
0.002624
-0.10148
-0.03487
-0.01687
0.035963
-0.00619
-0.00188
-0.03018
-0.04916
-0.02639
0.128517
0.021086
0.006971
-0.01489
0.005632
-0.00871
-0.01901
-0.00329
0.067204
-0.00063
0.054264
0.040198
-0.01367
0.016878
0.037551
0.025338
-0.00443
0.002731
-0.03718
-0.00569
0.03125
0.016797
-0.02093
0.006757
0.019253
0
-0.01931
-0.01636
-0.01591
0.028144
0.007199
0.002392
0.172332
-0.04083
-0.03651
0.034596

18.75
19.35
22.67
21.66
21.81
21.33
21.33
20.34
20.49
20.78
21.13
20.14
20.14
21.23
21.73
21.43
22.42
22.82
23.16
22.72
22.77
21.7
21.23
20.6
20.92
20.68
20.33
20.34
20.52
20.91
20.55
20.82
20.54
20.37
20.52
21.41
22.87
23.26
22.91
22.71
23.37
23.41
22.8
22.86
22.81
22.61

19.15
20.07
21.91
21.92
21.33
21.38
20.79
20.36
20.78
20.97
20.14
20.01
21.23
21.82
21.32
22.33
23.14
23.15
23.34
22.82
21.82
21.64
20.91
20.84
20.68
20.42
20.62
20.62
20.92
20.69
20.82
20.72
20.74
20.46
21.56
22.87
23.07
22.93
22.69
23.37
23.24
22.79
22.43
22.99
22.33
23.44

0.021333
0.037209
-0.03352
0.012004
-0.02201
0.002344
-0.02532
0.000983
0.014153
0.009143
-0.04685
-0.00645
0.054121
0.027791
-0.01887
0.041997
0.032114
0.014461
0.007772
0.004401
-0.04172
-0.00276
-0.01507
0.01165
-0.01147
-0.01257
0.014265
0.013766
0.019493
-0.01052
0.013139
-0.0048
0.009737
0.004418
0.050682
0.068192
0.008745
-0.01419
-0.0096
0.029062
-0.00556
-0.02648
-0.01623
0.005687
-0.02104
0.036709 Ave Return=

0.00194

Open
Close
Return
Residuals
CAR
22.81
22.52 -0.01271
-0.014654 -0.01465
22.69
21.72 -0.04275 -0.0446904 -0.05934
21.72
22.07 0.016114 0.01417389 -0.04517
22.26
22.54 0.012579 0.01063833 -0.03453
22.02
22.38 0.016349 0.01440849 -0.02012
22.17
21.98 -0.00857 -0.0105104 -0.03063
22.23
20.86 -0.06163 -0.0635687
-0.0942
21.4
21.87 0.021963 0.02002233 -0.07418
21.91
22.02 0.005021 0.00308025
-0.0711
21.86
21.91 0.002287
0.000347 -0.07075
22.71
21.95 -0.03347 -0.0354057 -0.10616
21.91
21.31 -0.02738
-0.029325 -0.13548
21.79
20.77 -0.04681 -0.0487508 -0.18423
21.27
20.72 -0.02586 -0.0277983 -0.21203
20.68
20.32 -0.01741 -0.0193484 -0.23138
20.32
20.77 0.022146 0.02020538 -0.21118
20.67
20.69 0.000968 -0.0009727 -0.21215
20.69
20.9 0.01015 0.00820954 -0.20394
21.07
20.8 -0.01281 -0.0147547 -0.21869
21.05
20.28 -0.03658 -0.0385199 -0.25721
20.03
19.68 -0.01747 -0.0194141 -0.27663
19.92
19.74 -0.00904 -0.0109764
-0.2876
19.82
19.38
-0.0222 -0.0241401 -0.31174
19.25
19.21 -0.00208 -0.0040182 -0.31576
19.22
19.9 0.03538 0.03343953 -0.28232
20.32
19.93 -0.01919 -0.0211332 -0.30346
20.31
19.95 -0.01773 -0.0196655 -0.32312
20.32
20.04 -0.01378 -0.0157198 -0.33884
20.05
20.13 0.00399 0.00204974 -0.33679
20.4
20.55 0.007353 0.00541265 -0.33138
20.7
20.6 -0.00483 -0.0067712 -0.33815
20.34
20.18 -0.00787 -0.0098066 -0.34796
20.3
20 -0.01478 -0.0167186 -0.36468
20.2
20.59 0.019307 0.01736664 -0.34731
20.5
20.98 0.023415 0.02147435 -0.32583
20.55
20.56 0.000487 -0.0014537 -0.32729
20.5
20.11 -0.01902 -0.0209647 -0.34825
20.11
19.4 -0.03531 -0.0372461
-0.3855
19.75
19.05 -0.03544 -0.0373833 -0.42288
19.4
19.25 -0.00773 -0.0096722 -0.43255
19.8
18.8 -0.05051 -0.0524453
-0.485
18.57
18.2 -0.01992 -0.0218649 -0.50686
18.25
18.5 0.013699 0.01175834 -0.49511
18.45
18.15 -0.01626 -0.0182005 -0.51331
18.15
18.12 -0.00165 -0.0035932
-0.5169
18
18.08 0.004444 0.00250416
-0.5144
17.91
17.77 -0.00782 -0.0097571 -0.52415
17.52
17.94 0.023973 0.02203232 -0.50212
17.9
17.9
0 -0.0019403 -0.50406
17.9
17.45 -0.02514
-0.02708 -0.53114
17.58
17.37 -0.01195 -0.0138857 -0.54503

17.45
17.25
16.88
17.9
17.69
17.6
17.97
17.9
17.99
18.65
18.4
18.67
18.55
18.27
17.75
16.83
17.38
16.79
16.82
16.95
16.99
17.09

17.25
16.99
17.12
17.41
17.72
17.9
17.8
17.88
18.6
18.65
18.2
18.69
18.27
18.04
17.21
17.38
16.96
16.97
17.1
16.86
17.09
17.44

-0.01146
-0.01507
0.014218
-0.02737
0.001696
0.017045
-0.00946
-0.00112
0.033908
0
-0.01087
0.001071
-0.01509
-0.01259
-0.03042
0.03268
-0.02417
0.010721
0.016647
-0.00531
0.005886
0.02048

-0.0134016
-0.0170128
0.01227772
-0.0293146
-0.0002444
0.01510517
-0.0114005
-0.0030576
0.03196744
-0.0019403
-0.0128099
-0.0008691
-0.0170346
-0.0145292
-0.0323628
0.03073945
-0.026106
0.00878038
0.01470656
-0.00725
0.00394553
0.01853953

-0.55843
-0.57544
-0.56316
-0.59248
-0.59272
-0.57762
-0.58902
-0.59208
-0.56011
-0.56205
-0.57486
-0.57573
-0.59276
-0.60729
-0.63965
-0.60891
-0.63502
-0.62624
-0.61153
-0.61878
-0.61484
-0.5963

-240
-239
-238
-237
-236
-235
-234
-233
-232
-231
-230
-229
-228
-227
-226
-225
-224
-223
-222
-221
-220
-219
-218
-217
-216
-215
-214
-213
-212
-211
-210
-209
-208
-207
-206
-205
-204
-203
-202
-201
-200
-199
-198
-197
-196
-195
-194
-193
-192
-191

Event Study for Taartget Company Compaq

Date
Open
Close
Return
29-Mar-01
18.92
18.89 -0.00159
30-Mar-01
18.9
18.03 -0.04603
2-Apr-01
18.03
17.81
-0.0122
3-Apr-01
17.63
16.33 -0.07374
4-Apr-01
16.14
15.65 -0.03036
5-Apr-01
16.84
17 0.009501
6-Apr-01
16.74
16.14 -0.03584
9-Apr-01
16.49
15.96 -0.03214
10-Apr-01
16.34
17.18 0.051408
11-Apr-01
18.13
17.49
-0.0353
12-Apr-01
17.28
18.42 0.065972
16-Apr-01
18.08
17.81 -0.01493
17-Apr-01
17.53
18.15 0.035368
18-Apr-01
19.66
20.3 0.032553
19-Apr-01
21.2
21.64 0.020755
20-Apr-01
21.64
21.3 -0.01571
23-Apr-01
20.7
20.45 -0.01208
24-Apr-01
19.07
17.33 -0.09124
25-Apr-01
17.34
17.34
0
26-Apr-01
17.62
16.84 -0.04427
27-Apr-01
17.13
18.03 0.052539
30-Apr-01
18.27
17.33 -0.05145
1-May-01
17.33
17.43 0.00577
2-May-01
17.63
17.78 0.008508
3-May-01
17.58
17.23 -0.01991
4-May-01
16.69
17.33 0.038346
7-May-01
17.48
16.94 -0.03089
8-May-01
17.33
16.67 -0.03808
9-May-01
16.37
16.15 -0.01344
10-May-01
16.69
15.95 -0.04434
11-May-01
15.9
15.82 -0.00503
14-May-01
15.77
15.7 -0.00444
15-May-01
15.77
15.63 -0.00888
16-May-01
15.3
16 0.045752
17-May-01
16.12
16.18 0.003722
18-May-01
16.14
16.34 0.012392
21-May-01
16.34
17.09
0.0459
22-May-01
17.57
17.54 -0.00171
23-May-01
17.87
17.21 -0.03693
24-May-01
17.43
17.38 -0.00287
25-May-01
17.38
16.79 -0.03395
29-May-01
16.79
16.3 -0.02918
30-May-01
15.7
15.55 -0.00955
31-May-01
15.65
15.84 0.012141
1-Jun-01
15.85
15.75 -0.00631
4-Jun-01
15.5
15.78 0.018065
5-Jun-01
15.83
15.96 0.008212
6-Jun-01
16.09
15.83 -0.01616
7-Jun-01
15.85
16.07 0.01388
8-Jun-01
16.06
15.9 -0.00996

(R-AVE_R)^2
9.18367E-07
0.002061563
0.000133971
0.005345165
0.000883995
0.000102586
0.001240095
0.000993093
0.002707631
0.001202238
0.004435498
0.000204671
0.001295658
0.00110096
0.000457191
0.000227537
0.000131102
0.008211165
3.93517E-07
0.001904499
0.002826699
0.002582993
4.09299E-05
8.3458E-05
0.000371783
0.001518943
0.000915979
0.001403022
0.000164145
0.001910618
1.93964E-05
1.45275E-05
6.80676E-05
0.002151006
1.89172E-05
0.000169491
0.002164756
1.16672E-06
0.001318133
5.02346E-06
0.001110206
0.000815487
7.96883E-05
0.000163019
3.22833E-05
0.000349384
7.81379E-05
0.000241237
0.000210466
8.71484E-05

-240
-239
-238
-237
-236
-235
-234
-233
-232
-231
-230
-229
-228
-227
-226
-225
-224
-223
-222
-221
-220
-219
-218
-217
-216
-215
-214
-213
-212
-211
-210
-209
-208
-207
-206
-205
-204
-203
-202
-201
-200
-199
-198
-197
-196
-195
-194
-193
-192
-191

Event Study for acquiring co

Date
29-Mar-01
30-Mar-01
2-Apr-01
3-Apr-01
4-Apr-01
5-Apr-01
6-Apr-01
9-Apr-01
10-Apr-01
11-Apr-01
12-Apr-01
16-Apr-01
17-Apr-01
18-Apr-01
19-Apr-01
20-Apr-01
23-Apr-01
24-Apr-01
25-Apr-01
26-Apr-01
27-Apr-01
30-Apr-01
1-May-01
2-May-01
3-May-01
4-May-01
7-May-01
8-May-01
9-May-01
10-May-01
11-May-01
14-May-01
15-May-01
16-May-01
17-May-01
18-May-01
21-May-01
22-May-01
23-May-01
24-May-01
25-May-01
29-May-01
30-May-01
31-May-01
1-Jun-01
4-Jun-01
5-Jun-01
6-Jun-01
7-Jun-01
8-Jun-01

-190
-189
-188
-187
-186
-185
-184
-183
-182
-181
-180
-179
-178
-177
-176
-175
-174
-173
-172
-171
-170
-169
-168
-167
-166
-165
-164
-163
-162
-161
-160
-159
-158
-157
-156
-155
-154
-153
-152
-151
-150
-149
-148
-147
-146
-145
-144
-143
-142
-141
-140
-139

11-Jun-01
12-Jun-01
13-Jun-01
14-Jun-01
15-Jun-01
18-Jun-01
19-Jun-01
20-Jun-01
21-Jun-01
22-Jun-01
25-Jun-01
26-Jun-01
27-Jun-01
28-Jun-01
29-Jun-01
2-Jul-01
3-Jul-01
5-Jul-01
6-Jul-01
9-Jul-01
10-Jul-01
11-Jul-01
12-Jul-01
13-Jul-01
16-Jul-01
17-Jul-01
18-Jul-01
19-Jul-01
20-Jul-01
23-Jul-01
24-Jul-01
25-Jul-01
26-Jul-01
27-Jul-01
30-Jul-01
31-Jul-01
1-Aug-01
2-Aug-01
3-Aug-01
6-Aug-01
7-Aug-01
8-Aug-01
9-Aug-01
10-Aug-01
13-Aug-01
14-Aug-01
15-Aug-01
16-Aug-01
17-Aug-01
20-Aug-01
21-Aug-01
22-Aug-01

15.65
15.18
15.28
14.16
14.13
14.11
13.92
13.22
13.27
13.52
13.62
13.47
13.62
13.94
14.19
15.13
14.93
14.73
15.03
14.19
14.19
13.89
14.59
14.88
15.28
15.18
15.33
15.68
15.58
14.73
13.89
13.94
13.49
14.44
13.99
14.31
14.78
15.77
15.48
15.41
15.43
14.76
14.59
14.58
14.7
14.81
14.54
13.7
13.69
14.04
13.79
13.64

15.3
15.42
14.62
14.34
14.36
13.62
13.47
13.17
13.36
13.37
13.77
13.63
13.77
14.11
15.2
14.99
15.02
15.1
14.39
14.09
13.65
14.34
14.98
15.1
15.28
15.69
15.54
15.66
14.59
13.49
13.74
14.01
14.39
14.17
14.39
14.82
15.27
15.71
15.73
15.48
14.86
14.49
14.58
14.88
14.73
14.39
13.86
13.88
14
13.87
13.44
13.26

-0.02236
0.01581
-0.04319
0.012712
0.016277
-0.03473
-0.03233
-0.00378
0.006782
-0.01109
0.011013
0.011878
0.011013
0.012195
0.071177
-0.00925
0.006028
0.025119
-0.04258
-0.00705
-0.03805
0.032397
0.026731
0.014785
0
0.033597
0.013699
-0.00128
-0.06354
-0.08418
-0.0108
0.005022
0.066716
-0.0187
0.028592
0.035639
0.033153
-0.0038
0.01615
0.004543
-0.03694
-0.01829
-0.00069
0.020576
0.002041
-0.02836
-0.04677
0.013139
0.022644
-0.01211
-0.02538
-0.02786

0.000472493
0.000270194
0.001811899
0.000177934
0.00028577
0.001162799
0.001004908
9.95301E-06
5.49011E-05
0.000109566
0.000135502
0.000156389
0.000135502
0.000164415
0.005155842
7.44049E-05
4.42949E-05
0.000662862
0.001760154
4.12152E-05
0.00140083
0.001090632
0.000748457
0.000237538
3.93517E-07
0.001171292
0.000205233
4.20165E-07
0.003958385
0.006981377
0.000103466
3.19093E-05
0.004535133
0.000326552
0.000853759
0.001315275
0.001141103
1.00958E-05
0.000281474
2.6727E-05
0.001318686
0.000312065
3.37466E-09
0.000449586
7.11889E-06
0.000769059
0.002128921
0.000189503
0.000541566
0.000131812
0.000612731
0.000741578

-190
-189
-188
-187
-186
-185
-184
-183
-182
-181
-180
-179
-178
-177
-176
-175
-174
-173
-172
-171
-170
-169
-168
-167
-166
-165
-164
-163
-162
-161
-160
-159
-158
-157
-156
-155
-154
-153
-152
-151
-150
-149
-148
-147
-146
-145
-144
-143
-142
-141
-140
-139

11-Jun-01
12-Jun-01
13-Jun-01
14-Jun-01
15-Jun-01
18-Jun-01
19-Jun-01
20-Jun-01
21-Jun-01
22-Jun-01
25-Jun-01
26-Jun-01
27-Jun-01
28-Jun-01
29-Jun-01
2-Jul-01
3-Jul-01
5-Jul-01
6-Jul-01
9-Jul-01
10-Jul-01
11-Jul-01
12-Jul-01
13-Jul-01
16-Jul-01
17-Jul-01
18-Jul-01
19-Jul-01
20-Jul-01
23-Jul-01
24-Jul-01
25-Jul-01
26-Jul-01
27-Jul-01
30-Jul-01
31-Jul-01
1-Aug-01
2-Aug-01
3-Aug-01
6-Aug-01
7-Aug-01
8-Aug-01
9-Aug-01
10-Aug-01
13-Aug-01
14-Aug-01
15-Aug-01
16-Aug-01
17-Aug-01
20-Aug-01
21-Aug-01
22-Aug-01

-138
-137
-136
-135
-134
-133
-132
-131
-130
-129
-128
-127
-126
-125
-124
-123
-122
-121
-120
-119
-118
-117
-116
-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

23-Aug-01
24-Aug-01
27-Aug-01
28-Aug-01
29-Aug-01
30-Aug-01
31-Aug-01
4-Sep-01
5-Sep-01
6-Sep-01
7-Sep-01
10-Sep-01
17-Sep-01
18-Sep-01
19-Sep-01
20-Sep-01
21-Sep-01
24-Sep-01
25-Sep-01
26-Sep-01
27-Sep-01
28-Sep-01
1-Oct-01
2-Oct-01
3-Oct-01
4-Oct-01
5-Oct-01
8-Oct-01
9-Oct-01
10-Oct-01
11-Oct-01
12-Oct-01
15-Oct-01
16-Oct-01
17-Oct-01
18-Oct-01
19-Oct-01
22-Oct-01
23-Oct-01
24-Oct-01
25-Oct-01
26-Oct-01
29-Oct-01
30-Oct-01
31-Oct-01
1-Nov-01
2-Nov-01
5-Nov-01
6-Nov-01
7-Nov-01
8-Nov-01
9-Nov-01

13.35
12.95
13.31
13.23
13.22
12.92
12.5
12.85
10.96
10.2
10.02
10.32
9.08
8.82
8.55
7.65
7.47
8.33
8.33
8.66
8.36
8.7
8.21
7.76
7.96
8.61
8.51
8.46
9.15
8.96
9.53
10.21
9.65
9.95
10.27
9.48
9.28
9.75
9.74
9.37
9.57
9.45
9.4
8.98
9.06
8.94
8.66
8.86
8.91
7.65
8.14
7.88

12.9
13.54
13.17
13.22
13.03
12.59
12.25
10.99
10.33
10.27
10.51
10.27
8.68
8.45
8.07
7.79
7.93
8.47
8.78
8.36
8.52
8.27
8.29
8.12
8.61
8.81
8.78
9.01
8.97
9.45
9.84
9.87
9.75
10.13
9.71
9.47
9.75
9.6
9.35
9.69
9.73
9.45
9.15
8.96
8.71
9.1
9.06
8.95
8.46
7.95
7.95
7.69

-0.03371
0.04556
-0.01052
-0.00076
-0.01437
-0.02554
-0.02
-0.14475
-0.05748
0.006863
0.048902
-0.00484
-0.04405
-0.04195
-0.05614
0.018301
0.06158
0.016807
0.054022
-0.03464
0.019139
-0.04943
0.009744
0.046392
0.081658
0.023229
0.031727
0.065012
-0.01967
0.054687
0.032529
-0.0333
0.010363
0.01809
-0.05453
-0.00105
0.050647
-0.01538
-0.04004
0.034152
0.016719
0
-0.0266
-0.00223
-0.03863
0.017897
0.046189
0.010158
-0.05051
0.039216
-0.02334
-0.02411

0.001094323
0.002133253
9.78338E-05
1.65248E-08
0.000188921
0.000620732
0.000375301
0.020770509
0.003232428
5.61009E-05
0.002453172
1.77886E-05
0.001885779
0.001707574
0.003081698
0.000358268
0.003869706
0.000303945
0.002986504
0.001157001
0.000390697
0.002381243
0.000107568
0.002210792
0.00677092
0.000569114
0.001046826
0.004308495
0.000362705
0.003059728
0.001099331
0.00106755
0.00012078
0.000350355
0.002905258
1.82793E-07
0.002629009
0.000217778
0.001553444
0.001209569
0.000300891
3.93517E-07
0.00067436
2.55956E-06
0.001444307
0.000343153
0.002191802
0.000116323
0.002487789
0.001587464
0.000515936
0.000551515

-138
-137
-136
-135
-134
-133
-132
-131
-130
-129
-128
-127
-126
-125
-124
-123
-122
-121
-120
-119
-118
-117
-116
-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

23-Aug-01
24-Aug-01
27-Aug-01
28-Aug-01
29-Aug-01
30-Aug-01
31-Aug-01
4-Sep-01
5-Sep-01
6-Sep-01
7-Sep-01
10-Sep-01
17-Sep-01
18-Sep-01
19-Sep-01
20-Sep-01
21-Sep-01
24-Sep-01
25-Sep-01
26-Sep-01
27-Sep-01
28-Sep-01
1-Oct-01
2-Oct-01
3-Oct-01
4-Oct-01
5-Oct-01
8-Oct-01
9-Oct-01
10-Oct-01
11-Oct-01
12-Oct-01
15-Oct-01
16-Oct-01
17-Oct-01
18-Oct-01
19-Oct-01
22-Oct-01
23-Oct-01
24-Oct-01
25-Oct-01
26-Oct-01
29-Oct-01
30-Oct-01
31-Oct-01
1-Nov-01
2-Nov-01
5-Nov-01
6-Nov-01
7-Nov-01
8-Nov-01
9-Nov-01

-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
-47
-46
-45
-44
-43
-42
-41

12-Nov-01
13-Nov-01
14-Nov-01
15-Nov-01
16-Nov-01
19-Nov-01
20-Nov-01
21-Nov-01
23-Nov-01
26-Nov-01
27-Nov-01
28-Nov-01
29-Nov-01
30-Nov-01
3-Dec-01
4-Dec-01
5-Dec-01
6-Dec-01
7-Dec-01
10-Dec-01
11-Dec-01
12-Dec-01
13-Dec-01
14-Dec-01
17-Dec-01
18-Dec-01
19-Dec-01
20-Dec-01
21-Dec-01
24-Dec-01
26-Dec-01
27-Dec-01
28-Dec-01
31-Dec-01
2-Jan-02
3-Jan-02
4-Jan-02
7-Jan-02
8-Jan-02
9-Jan-02
10-Jan-02
11-Jan-02
14-Jan-02
15-Jan-02
16-Jan-02
17-Jan-02

7.74
8.01
9.95
9.95
10.4
10.25
9.96
9.59
9.73
9.94
9.97
9.35
9.08
9.7
10
10.3
10.95
11.19
11.28
10.08
9.73
9.5
9.51
9.3
9.43
9.43
8.92
8.96
9.14
9.79
9.45
9.68
9.9
9.63
9.83
10.45
11.31
12.07
11.64
11.37
10.97
11.15
11.37
11.3
11.23
11.72

Ave Return=
Sum of (R-Ave_R)^2=
Standard deviation=
t=
t(0.05,79)=

7.62
8.76
9.95
10.65
10.25
10.3
9.58
9.62
9.75
9.89
9.47
9.02
9.55
10.1
10.1
10.74
11.59
11.06
11.26
9.65
9.44
9.74
9.34
9.43
9.44
9.06
8.98
9.07
9.89
9.62
9.73
9.91
9.87
9.74
10.45
10.93
11.36
11.65
11.26
10.77
10.97
11.47
11.11
11.37
11.14
11.77
-0.00063
0.244342
0.035041
2.599469
1.664

-0.0155
0.093633
0
0.070352
-0.01442
0.004878
-0.03815
0.003128
0.002055
-0.00503
-0.05015
-0.03529
0.051762
0.041237
0.01
0.042718
0.058447
-0.01162
-0.00177
-0.04266
-0.0298
0.025263
-0.01788
0.013978
0.00106
-0.03924
0.006726
0.012277
0.082057
-0.01736
0.02963
0.02376
-0.00303
0.011423
0.063072
0.045933
0.004421
-0.0348
-0.03265
-0.05277
0
0.0287
-0.02287
0.006195
-0.00801
0.004266

0.000221312
0.008884998
3.93517E-07
0.005038028
0.000190323
3.0309E-05
0.001408148
1.41043E-05
7.19746E-06
1.93853E-05
0.002452542
0.001201788
0.002744652
0.00175263
0.00011294
0.001878855
0.003489832
0.000120785
1.31272E-06
0.00176664
0.000851322
0.000670316
0.000297515
0.00021333
2.84852E-06
0.001490668
5.40779E-05
0.000166516
0.006836677
0.000280139
0.000915482
0.000594757
5.77438E-06
0.000145201
0.004057631
0.002167864
2.54841E-05
0.001167569
0.0010252
0.002718907
3.93517E-07
0.000860065
0.000494612
4.65397E-05
5.45669E-05
2.39465E-05

-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
-47
-46
-45
-44
-43
-42
-41

12-Nov-01
13-Nov-01
14-Nov-01
15-Nov-01
16-Nov-01
19-Nov-01
20-Nov-01
21-Nov-01
23-Nov-01
26-Nov-01
27-Nov-01
28-Nov-01
29-Nov-01
30-Nov-01
3-Dec-01
4-Dec-01
5-Dec-01
6-Dec-01
7-Dec-01
10-Dec-01
11-Dec-01
12-Dec-01
13-Dec-01
14-Dec-01
17-Dec-01
18-Dec-01
19-Dec-01
20-Dec-01
21-Dec-01
24-Dec-01
26-Dec-01
27-Dec-01
28-Dec-01
31-Dec-01
2-Jan-02
3-Jan-02
4-Jan-02
7-Jan-02
8-Jan-02
9-Jan-02
10-Jan-02
11-Jan-02
14-Jan-02
15-Jan-02
16-Jan-02
17-Jan-02
Ave Return=
Sum of (R-Ave_R)^2=
Standard deviation=
t=
t(0.05,79)=

-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
5
6

Date
Open
Close
Return
Residuals
CAR
18-Jan-02
11.62
11.49 -0.01119 -0.01118761 -0.01119
22-Jan-02
11.61
10.91 -0.06029 -0.06029285 -0.07148
23-Jan-02
11.02
11.34 0.029038 0.029038113 -0.04244
24-Jan-02
11.82
12.02 0.01692 0.016920474 -0.02552
25-Jan-02
11.82
11.92 0.00846 0.008460237 -0.01706
28-Jan-02
11.96
11.85
-0.0092 -0.00919732 -0.02626
29-Jan-02
11.95
11.19
-0.0636 -0.06359833 -0.08986
30-Jan-02
11.36
11.96 0.052817 0.052816901 -0.03704
31-Jan-02
12.05
12.32 0.022407 0.022406639 -0.01463
1-Feb-02
12.46
12.07
-0.0313 -0.03130016 -0.04593
4-Feb-02
12.47
12.17 -0.02406 -0.02405774 -0.06999
5-Feb-02
12.07
11.97 -0.00829
-0.008285 -0.07828
6-Feb-02
12.08
11.9
-0.0149 -0.01490066 -0.09318
7-Feb-02
11.82
11.63 -0.01607 -0.01607445 -0.10925
8-Feb-02
11.87
11.56 -0.02612 -0.02611626 -0.13537
11-Feb-02
11.48
11.51 0.002613 0.00261324 -0.13275
12-Feb-02
11.37
11.09 -0.02463 -0.02462621 -0.15738
13-Feb-02
11.24
11.37 0.011566 0.011565836 -0.14582
14-Feb-02
11.52
11.37 -0.01302 -0.01302083 -0.15884
15-Feb-02
11.32
10.92 -0.03534 -0.03533569 -0.19417
19-Feb-02
10.78
10.53 -0.02319 -0.02319109 -0.21736
20-Feb-02
10.58
10.62 0.003781 0.003780718 -0.21358
21-Feb-02
10.65
10.27 -0.03568 -0.03568075 -0.24926
22-Feb-02
10
10.47
0.047
0.047 -0.20226
25-Feb-02
10.47
10.57 0.009551 0.009551098 -0.19271
26-Feb-02
10.43
10.38 -0.00479 -0.00479386 -0.19751
27-Feb-02
10.47
10.18
-0.0277 -0.02769819
-0.2252
28-Feb-02
10.43
10.12 -0.02972 -0.02972196 -0.25493
1-Mar-02
10.12
10.41 0.028656 0.028656126 -0.22627
4-Mar-02
10.5
10.65 0.014286 0.014285714 -0.21198
5-Mar-02
10.15
10.58 0.042365 0.042364532 -0.16962
6-Mar-02
11.05
10.98 -0.00633 -0.00633484 -0.17595
7-Mar-02
11.2
11.15 -0.00446 -0.00446429 -0.18042
8-Mar-02
11.24
11.8 0.049822 0.049822064
-0.1306
11-Mar-02
11.22
11.27 0.004456 0.004456328 -0.12614
12-Mar-02
11.15
11.12 -0.00269 -0.00269058 -0.12883
13-Mar-02
11.05
11 -0.00452 -0.00452489 -0.13336
14-Mar-02
10.97
10.7 -0.02461 -0.02461258 -0.15797
15-Mar-02
10.7
10.33 -0.03458 -0.03457944 -0.19255
18-Mar-02
10.02
10.36 0.033932 0.033932136 -0.15862
19-Mar-02
10.21
11.14 0.091087 0.091087169 -0.06753
20-Mar-02
11.1
10.82 -0.02523 -0.02522523 -0.09275
21-Mar-02
10.7
10.77 0.006542 0.006542056 -0.08621
22-Mar-02
10.55
10.65 0.009479 0.009478673 -0.07673
25-Mar-02
10.55
10.63 0.007583 0.007582938 -0.06915
26-Mar-02
10.51
10.85 0.03235 0.032350143
-0.0368
27-Mar-02
10.7
10.6 -0.00935 -0.00934579 -0.04615

-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
5
6

Date
18-Jan-02
22-Jan-02
23-Jan-02
24-Jan-02
25-Jan-02
28-Jan-02
29-Jan-02
30-Jan-02
31-Jan-02
1-Feb-02
4-Feb-02
5-Feb-02
6-Feb-02
7-Feb-02
8-Feb-02
11-Feb-02
12-Feb-02
13-Feb-02
14-Feb-02
15-Feb-02
19-Feb-02
20-Feb-02
21-Feb-02
22-Feb-02
25-Feb-02
26-Feb-02
27-Feb-02
28-Feb-02
1-Mar-02
4-Mar-02
5-Mar-02
6-Mar-02
7-Mar-02
8-Mar-02
11-Mar-02
12-Mar-02
13-Mar-02
14-Mar-02
15-Mar-02
18-Mar-02
19-Mar-02
20-Mar-02
21-Mar-02
22-Mar-02
25-Mar-02
26-Mar-02
27-Mar-02

7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32

28-Mar-02
1-Apr-02
2-Apr-02
3-Apr-02
4-Apr-02
5-Apr-02
8-Apr-02
9-Apr-02
10-Apr-02
11-Apr-02
12-Apr-02
15-Apr-02
16-Apr-02
17-Apr-02
18-Apr-02
19-Apr-02
22-Apr-02
23-Apr-02
24-Apr-02
25-Apr-02
26-Apr-02
29-Apr-02
30-Apr-02
1-May-02
2-May-02
3-May-02

10.52
10.21
10.4
10.18
9.53
9.65
9.46
9.92
9.38
9.8
9.86
9.95
10.1
10.3
11.05
11
10.9
10.62
10.31
10
10.5
10.05
10.15
10.57
10.7
10.76

10.45
10.42
10.2
9.82
9.58
9.56
9.59
9.28
9.76
9.86
9.98
10.1
10.4
10.68
10.82
11.13
10.73
10.2
10.36
10.46
10.15
10.3
10.15
10.65
10.76
11

-0.00665
0.020568
-0.01923
-0.03536
0.005247
-0.00933
0.013742
-0.06452
0.040512
0.006122
0.01217
0.015075
0.029703
0.036893
-0.02081
0.011818
-0.0156
-0.03955
0.00485
0.046
-0.03333
0.024876
0
0.007569
0.005607
0.022305

-0.00665399
-0.0528
0.020568071 -0.03223
-0.01923077 -0.05146
-0.03536346 -0.08683
0.00524659 -0.08158
-0.00932642 -0.09091
0.013742072 -0.07716
-0.06451613 -0.14168
0.040511727 -0.10117
0.006122449 -0.09505
0.012170385 -0.08287
0.015075377
-0.0678
0.02970297
-0.0381
0.036893204
-0.0012
-0.02081448 -0.02202
0.011818182
-0.0102
-0.01559633
-0.0258
-0.03954802 -0.06534
0.004849661 -0.06049
0.046 -0.01449
-0.03333333 -0.04783
0.024875622 -0.02295
0 -0.02295
0.00756859 -0.01538
0.005607477 -0.00978
0.022304833 0.012529

7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32

28-Mar-02
1-Apr-02
2-Apr-02
3-Apr-02
4-Apr-02
5-Apr-02
8-Apr-02
9-Apr-02
10-Apr-02
11-Apr-02
12-Apr-02
15-Apr-02
16-Apr-02
17-Apr-02
18-Apr-02
19-Apr-02
22-Apr-02
23-Apr-02
24-Apr-02
25-Apr-02
26-Apr-02
29-Apr-02
30-Apr-02
1-May-02
2-May-02
3-May-02

Event Study for acquiring company HWP

Open
Close
Return
29.35
30.18 0.028279
30.63
30.8 0.00555
30.58
28.48 -0.06867
28.12
27 -0.03983
27.06
27.03 -0.00111
28.66
30.3 0.057223
29.53
28.32 -0.04098
28.56
28.07 -0.01716
28.56
29.38 0.028711
29.79
29.79
0
29.55
30.16 0.020643
29.57
29.54 -0.00101
29.3
28.81 -0.01672
29.84
31.42 0.052949
30.73
32.01 0.041653
32.01
31.22 -0.02468
30.53
30.49 -0.00131
30.04
28.98 -0.03529
28.98
28.76 -0.00759
28.76
27.53 -0.04277
27.87
27.96 0.003229
28.21
28 -0.00744
27.48
28.02 0.019651
28.76
28.22 -0.01878
27.72
27.15 -0.02056
26.79
27.32 0.019784
27.68
27.25 -0.01553
27.58
26.92 -0.02393
26.54
26.59 0.001884
27.23
26.18 -0.03856
26.1
25.79 -0.01188
25.61
25.51
-0.0039
24.74
25.02 0.011318
24.87
26.34 0.059107
28.27
30.43 0.076406
29.55
29.4 -0.00508
29.25
30.29 0.035556
30.53
30.33 -0.00655
30.52
29.13 -0.04554
29.25
29.64 0.013333
29.69
29.6 -0.00303
29.61
29.75 0.004728
29.1
28.39
-0.0244
28.4
28.88 0.016901
29.05
28.81 -0.00826
28.63
29.15 0.018163
29.15
29.6 0.015437
29.61
28.28 -0.04492
27.87
28.81 0.033728
28.17
28.11 -0.00213

(R-AVE_R)^2
0.000694
1.3E-05
0.004986
0.001745
9.3E-06
0.003056
0.001842
0.000365
0.000717
3.76E-06
0.00035
8.73E-06
0.000348
0.002602
0.001577
0.000709
1.06E-05
0.001386
9.09E-05
0.001999
1.66E-06
8.81E-05
0.000314
0.000429
0.000506
0.000318
0.000305
0.000669
3.17E-09
0.00164
0.000191
3.42E-05
8.79E-05
0.003268
0.005545
4.92E-05
0.00113
7.21E-05
0.002255
0.00013
2.47E-05
7.77E-06
0.000694
0.000224
0.000104
0.000263
0.000182
0.002196
0.00101
1.66E-05

27.61
26.69
27.38
26.67
26.63
26.66
26.52
25.42
26.11
26.33
25.93
25.88
25.94
26.47
26.67
28.54
28.5
28
26.72
25.92
26.37
24.94
25.97
26.7
27.46
26.28
26.08
26.37
26.42
25.88
25.68
26.18
24.25
23.71
23.86
23.91
24.7
25.78
25.63
25.09
24.98
24.81
24.45
24.65
24.65
24.84
24.55
23.46
23.84
24
24.4
24.01

27.38
27.87
27.48
26.39
26.59
26.38
25.68
26.6
26.33
26.05
26.53
26.19
26.13
26.92
28.25
28.35
28.05
27.29
26.11
26.37
25.14
25.48
26.69
27.64
26.08
26.08
25.92
26.19
26.1
25.88
25.44
25.37
23.71
24.06
23.91
24.36
25.2
25.59
24.98
24.92
24.81
24.45
24.4
24.79
24.57
24.56
23.81
23.84
23.76
24.44
24.4
24.2

-0.00833
0.044211
0.003652
-0.0105
-0.0015
-0.0105
-0.03167
0.04642
0.008426
-0.01063
0.023139
0.011978
0.007325
0.017
0.059243
-0.00666
-0.01579
-0.02536
-0.02283
0.017361
-0.04664
0.021652
0.027724
0.035206
-0.05025
-0.00761
-0.00613
-0.00683
-0.01211
0
-0.00935
-0.03094
-0.02227
0.014762
0.002096
0.018821
0.020243
-0.00737
-0.02536
-0.00678
-0.00681
-0.01451
-0.00204
0.00568
-0.00325
-0.01127
-0.03014
0.016198
-0.00336
0.018333
0
0.007913

0.000105
0.001787
2.93E-06
0.000155
1.18E-05
0.000155
0.00113
0.001978
4.21E-05
0.000158
0.000449
0.000101
2.9E-05
0.000227
0.003284
7.39E-05
0.000314
0.000745
0.000614
0.000238
0.00236
0.000389
0.000665
0.001107
0.002724
9.12E-05
6.52E-05
7.68E-05
0.000197
3.76E-06
0.000127
0.001081
0.000586
0.000164
2.41E-08
0.000285
0.000335
8.67E-05
0.000745
7.6E-05
7.65E-05
0.000271
1.59E-05
1.4E-05
2.69E-05
0.000175
0.001029
0.000203
2.8E-05
0.000269
3.76E-06
3.57E-05

24.2
23.91
25.04
24.74
24.1
23.31
22.87
20.89
18.64
17.78
17.24
17.78
15.93
16.57
16.07
14.78
13.15
15.65
15.78
16.12
15.98
16.07
15.78
15.18
14.88
15.89
15.48
16.17
16.82
16.59
17.31
17.76
18.06
18.31
18.56
17.56
17.6
17.86
18.16
17.76
17.66
17.71
17.61
17.12
16.97
16.7
16.67
16.72
16.77
19.84
18.9
18.21

23.72
24.82
24.72
24.31
23.66
23.11
22.93
18.77
17.99
17.48
17.86
17.67
15.9
16.07
15.28
14.39
14.84
15.98
15.89
15.88
16.07
15.93
15.48
15.13
15.88
15.88
16.32
16.82
16.59
16.87
17.96
18.21
17.98
18.36
17.87
17.46
18.15
18.16
17.78
17.88
18
17.71
17.27
16.84
16.7
17.17
16.79
16.76
19.66
19.03
18.21
18.84

-0.01983
0.038059
-0.01278
-0.01738
-0.01826
-0.00858
0.002624
-0.10148
-0.03487
-0.01687
0.035963
-0.00619
-0.00188
-0.03018
-0.04916
-0.02639
0.128517
0.021086
0.006971
-0.01489
0.005632
-0.00871
-0.01901
-0.00329
0.067204
-0.00063
0.054264
0.040198
-0.01367
0.016878
0.037551
0.025338
-0.00443
0.002731
-0.03718
-0.00569
0.03125
0.016797
-0.02093
0.006757
0.019253
0
-0.01931
-0.01636
-0.01591
0.028144
0.007199
0.002392
0.172332
-0.04083
-0.03651
0.034596

0.000474
0.001305
0.000217
0.000373
0.000408
0.000111
4.67E-07
0.010697
0.001355
0.000354
0.001158
6.6E-05
1.46E-05
0.001031
0.002611
0.000802
0.016022
0.000367
2.53E-05
0.000283
1.36E-05
0.000113
0.000439
2.74E-05
0.004259
6.6E-06
0.002738
0.001464
0.000244
0.000223
0.001268
0.000547
4.06E-05
6.25E-07
0.00153
5.83E-05
0.000859
0.000221
0.000523
2.32E-05
0.0003
3.76E-06
0.000451
0.000335
0.000319
0.000687
2.76E-05
2.04E-07
0.029033
0.001829
0.001478
0.001066

18.75
19.35
22.67
21.66
21.81
21.33
21.33
20.34
20.49
20.78
21.13
20.14
20.14
21.23
21.73
21.43
22.42
22.82
23.16
22.72
22.77
21.7
21.23
20.6
20.92
20.68
20.33
20.34
20.52
20.91
20.55
20.82
20.54
20.37
20.52
21.41
22.87
23.26
22.91
22.71
23.37
23.41
22.8
22.86
22.81
22.61

Sum of (R-Ave_R)^2=
Standard deviation=

19.15
20.07
21.91
21.92
21.33
21.38
20.79
20.36
20.78
20.97
20.14
20.01
21.23
21.82
21.32
22.33
23.14
23.15
23.34
22.82
21.82
21.64
20.91
20.84
20.68
20.42
20.62
20.62
20.92
20.69
20.82
20.72
20.74
20.46
21.56
22.87
23.07
22.93
22.69
23.37
23.24
22.79
22.43
22.99
22.33
23.44
0.00194
0.185048
0.030494
-1.65622
1.664

0.021333
0.037209
-0.03352
0.012004
-0.02201
0.002344
-0.02532
0.000983
0.014153
0.009143
-0.04685
-0.00645
0.054121
0.027791
-0.01887
0.041997
0.032114
0.014461
0.007772
0.004401
-0.04172
-0.00276
-0.01507
0.01165
-0.01147
-0.01257
0.014265
0.013766
0.019493
-0.01052
0.013139
-0.0048
0.009737
0.004418
0.050682
0.068192
0.008745
-0.01419
-0.0096
0.029062
-0.00556
-0.02648
-0.01623
0.005687
-0.02104
0.036709

0.000376
0.001244
0.001258
0.000101
0.000574
1.63E-07
0.000743
9.16E-07
0.000149
5.19E-05
0.002381
7.05E-05
0.002723
0.000668
0.000433
0.001605
0.00091
0.000157
3.4E-05
6.06E-06
0.001906
2.21E-05
0.000289
9.43E-05
0.00018
0.000211
0.000152
0.00014
0.000308
0.000155
0.000125
4.55E-05
6.08E-05
6.14E-06
0.002376
0.004389
4.63E-05
0.00026
0.000133
0.000736
5.63E-05
0.000808
0.00033
1.4E-05
0.000528
0.001209

Open
Close
Return
Residuals CAR
22.81
22.52 -0.01271 -0.01271 -0.01271
22.69
21.72 -0.04275 -0.04275 -0.05546
21.72
22.07 0.016114 0.016114 -0.03935
22.26
22.54 0.012579 0.012579 -0.02677
22.02
22.38 0.016349 0.016349 -0.01042
22.17
21.98 -0.00857 -0.00857 -0.01899
22.23
20.86 -0.06163 -0.06163 -0.08062
21.4
21.87 0.021963 0.021963 -0.05866
21.91
22.02 0.005021 0.005021 -0.05364
21.86
21.91 0.002287 0.002287 -0.05135
22.71
21.95 -0.03347 -0.03347 -0.08482
21.91
21.31 -0.02738 -0.02738
-0.1122
21.79
20.77 -0.04681 -0.04681 -0.15901
21.27
20.72 -0.02586 -0.02586 -0.18487
20.68
20.32 -0.01741 -0.01741 -0.20228
20.32
20.77 0.022146 0.022146 -0.18013
20.67
20.69 0.000968 0.000968 -0.17916
20.69
20.9 0.01015 0.01015 -0.16901
21.07
20.8 -0.01281 -0.01281 -0.18183
21.05
20.28 -0.03658 -0.03658 -0.21841
20.03
19.68 -0.01747 -0.01747 -0.23588
19.92
19.74 -0.00904 -0.00904 -0.24492
19.82
19.38
-0.0222
-0.0222 -0.26712
19.25
19.21 -0.00208 -0.00208
-0.2692
19.22
19.9 0.03538 0.03538 -0.23382
20.32
19.93 -0.01919 -0.01919 -0.25301
20.31
19.95 -0.01773 -0.01773 -0.27073
20.32
20.04 -0.01378 -0.01378 -0.28451
20.05
20.13 0.00399 0.00399 -0.28052
20.4
20.55 0.007353 0.007353 -0.27317
20.7
20.6 -0.00483 -0.00483
-0.278
20.34
20.18 -0.00787 -0.00787 -0.28587
20.3
20 -0.01478 -0.01478 -0.30065
20.2
20.59 0.019307 0.019307 -0.28134
20.5
20.98 0.023415 0.023415 -0.25792
20.55
20.56 0.000487 0.000487 -0.25744
20.5
20.11 -0.01902 -0.01902 -0.27646
20.11
19.4 -0.03531 -0.03531 -0.31177
19.75
19.05 -0.03544 -0.03544 -0.34721
19.4
19.25 -0.00773 -0.00773 -0.35494
19.8
18.8 -0.05051 -0.05051 -0.40545
18.57
18.2 -0.01992 -0.01992 -0.42537
18.25
18.5 0.013699 0.013699 -0.41167
18.45
18.15 -0.01626 -0.01626 -0.42793
18.15
18.12 -0.00165 -0.00165 -0.42959
18
18.08 0.004444 0.004444 -0.42514
17.91
17.77 -0.00782 -0.00782 -0.43296

17.52
17.9
17.9
17.58
17.45
17.25
16.88
17.9
17.69
17.6
17.97
17.9
17.99
18.65
18.4
18.67
18.55
18.27
17.75
16.83
17.38
16.79
16.82
16.95
16.99
17.09

17.94
17.9
17.45
17.37
17.25
16.99
17.12
17.41
17.72
17.9
17.8
17.88
18.6
18.65
18.2
18.69
18.27
18.04
17.21
17.38
16.96
16.97
17.1
16.86
17.09
17.44

0.023973
0
-0.02514
-0.01195
-0.01146
-0.01507
0.014218
-0.02737
0.001696
0.017045
-0.00946
-0.00112
0.033908
0
-0.01087
0.001071
-0.01509
-0.01259
-0.03042
0.03268
-0.02417
0.010721
0.016647
-0.00531
0.005886
0.02048

0.023973
0
-0.02514
-0.01195
-0.01146
-0.01507
0.014218
-0.02737
0.001696
0.017045
-0.00946
-0.00112
0.033908
0
-0.01087
0.001071
-0.01509
-0.01259
-0.03042
0.03268
-0.02417
0.010721
0.016647
-0.00531
0.005886
0.02048

-0.40899
-0.40899
-0.43413
-0.44607
-0.45753
-0.47261
-0.45839
-0.48576
-0.48407
-0.46702
-0.47648
-0.4776
-0.44369
-0.44369
-0.45456
-0.45349
-0.46858
-0.48117
-0.51159
-0.47892
-0.50308
-0.49236
-0.47571
-0.48102
-0.47514
-0.45466

CAR FOR CPQ & HP

25
CPQ
HP
Series6
Series7
Series8
Series9
Series10
Series11
Series12
Series13
Series14
Series15
Series16
Series17
Series18
Series19
Series20
Series21
Series22
Series23
Series24
Series26
Series27

20

CAR

15

10

0
-240

-235

-230

-225

-220

-215

-210

-205

-200

-195

-5
Event Day

-190

-185

-180

-175

-170

-165

-160