Southern Goods Announced at Time T That It Was Replacing

Multiple Choice

Southern Goods announced at Time t that it was replacing its CEO.There were no other announcements affecting the firm.The stock had daily returns of 0.1,+0.2,−0.8,−0.3,+0.5 for Time_{t − 2} to Time_{t + 2},respectively.The daily returns on the market were 0.1,+0.2,−0.4,−0.2,and +0.2 for Time_{t − 2} to Time_{t + 2},respectively.What is the cumulative abnormal return for these 5 days?

A) 0.1
B) 0.3
C) −0.2
D) −0.1
E) −0.3