Cumulative Abnormal Returns National Airlines Group, Air France-KLM and Lufthansa announced purchases of planes on 18 July (18/7), 12 February (12/2), and 7 October (7/10), respectively. Given the following information, calculate the cumulative abnormal return

(CAR) for these equities as a group. Graph the result and provide an explanation. All of the stocks have a beta of 1, and no other announcements are made.

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National Airlines Group Date 12/7 13/7 16/7 17/7 18/7 19/7 20/7 23/7 24/7 Market Company return return -0.3 -0.5 0.0 0.2 0.5 0.7 -0.5 -0.3 -2.2 1.1 -0.9 -0.7 -1.0 -11 0.7 0.2 0.5 0.1 Date 8/2 9/2 10/2 11/2 12/2 15/2 16/2 17/2 18/2 Air France-KLM Market Company return return -0.9 -1.1 -1.0 -1.1 0.4 0.6 -0.3 1.1 0.5 -0.3 0.3 0.2 0.8 -0.1 1.2 0.5 -0.2 0.2 Date 1/10 2/10 3/10 6/10 7/10 8/10 9/10 10/10 13/10 Lufthansa Market Company return return 0.5 0.3 0.4 0.6 1.1 0.1 -2.2 0.5 -0.3 0.3 0.0 1.1 -0.3 -0.3 0.5 -0.2 0.1 -0.1