Question: Hey, I'm having trouble with this textbook problem - if someone could provide the steps and solution it would be greatly appreciated. :) 21. Examine

Hey, I'm having trouble with this textbook problem - if someone could provide the steps and solution it would be greatly appreciated. :)

21. Examine the accompanying figure, which presents cu- mulative abnormal returns both before and after dates on which insiders buy or sell shares in their firms. How do you interpret this figure? What are we to make of the pattern of CARs before and after the event date? Cumulative Dally Average Prediction Errors (4) Purchases -2 -200 -100 100 300 300 Event Day Relative to Insider Trading Day

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