Ross Co., Westerfield, Inc., and Jordan Company announced a new agreement to market their respective products in China on July 18 (7/18), February 12 (2/12), and October 7 (10/7), respectively. Given the information below, calculate the cumulative abnormal return (CAR) for these stocks as a group. Assume all companies have an expected return equal to the market return. Graph and interpret your results. Do your results support marketefficiency?

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Ross Co Westerfield, Inc. Jordan Company Market Company Market Company Market Company Date 7/12 7/13 7/16 Return -0.2 0.1 0.6 -0.4 Return Date Return Return -0.9 -0.9 Date ReturnReturn 10/1 10/2 10/3 10/6 -0.1 107 -2.4 10/8 109 -0.5 10/10 0.1 10/13 -0.2 -0.7 -0.8 0.6 0.8 -0.4 0.3 0.3 0.8 -0.2 1.3 -0.6 2/10 0.4 0.9 7/18 7/19 7/20 7/23 7/24 -0.8 -0.9 0.6 0.1 1.4 0.7 0.0 0.4 -0.5 -0.5 0.3 -0.4 -0.1 -0.6 0.3 0.7 0.4 0.0 2/18 0.5