Assume that on March 15, Trenten Medical received approval for a new drug. Using the data below from February 15 through February 28 as the measurement period, calculate the cumulative abnormal return (CAR) in the +/−3 days surrounding the announcement date.

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Date Feb 15 Feb 18 Feb 19 Feb 20 Feb 21 Feb 22 Feb 25 Feb 26 Feb 27 Feb 28 Measurement Window Trenten Return 1.18 2.03 1.60 2.20 -.10 .45 -1.58 -1.62 3.58 -2.81 Market Return .19 -.03 .53 1.92 -2.08 .08 -1.54 -1.58 2.06 -2.71 Date Mar 12 Mar 13 Mar 14 Mar 15 Mar 18 Mar 19 Mar 20 Event Window Trenten Return -.61 2.66 3.98 20.69 5.56 3.01 .07 Company Return -.12 .85 .13 -2.48 3.43 .70 .97