1

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

14/9/2008
16/9/2008
18/5/2007
31/8/2009
31/5/2012
11/7/2008
21/12/2005
8/12/2011
7/1/2002
27/7/2012
29/4/2010
13/4/2007
8/12/2011
10/22/2000
10/28/2004
3/5/2003
10/25/2000
1/26/2009
7/15/2002
9/30/2003
4/23/2012
5/21/2012
18/6/20012
9/10/2012
7/11/2012

Bank of America
Barclays plc
Microsoft
Baker Hughes
Dell
Ashland
IBM
IBM
Apple
Apple
Symantec
Google
Google
General Electrics
ROYAL DUTCH
AT&T
COMCAST CO.
PFIZER INC.
PFIZER INC.
JP MORGAN CHASE&CO
NESTLE
EATON CORP.
WALGREEN CO.
PLAINS EXPLORATION AND PRODUCTION CORP
ENERGY TRANSFER PARTNERS LP

-2

-1

33.06
25.18
31.07
38.09
16.93
46.95
82.76
192.94
17.06
574.97
16.95
464.53
594.01
55.63
45.96
20.75
42.00
17.21
32.20
34.19
57.25
42.47
31.67
39.76
44.96

33.74
21.48
30.98
38.09
16.96
47.41
82.48
194.05
17.72
574.88
17.36
467.39
562.13
52.13
46.77
20.46
41.62
17.45
28.78
34.65
57.00
42.40
31.80
40.33
44.65

26.55
23.16
30.83
34.45
17.23
41.10
83.12
191.58
17.06
585.16
17.14
466.29
563.77
49.75
47.41
20.85
40.56
15.65
28.55
34.33
55.40
42.09
31.96
36.09
44.94

29.55
22.60
31.05
35.43
17.42
41.12
83.22
194.56
16.94
595.03
16.77
474.27
557.23
53.38
47.26
20.42
40.06
15.82
29.26
35.38
55.50
42.67
30.09
36.65
44.87

Stock Raw Return

-1
2.06%
-14.69%
-0.29%
0.00%
0.18%
0.98%
-0.34%
0.58%
3.87%
-0.02%
2.42%
0.62%
-5.37%
-6.29%
1.76%
-1.40%
-0.90%
1.39%
-10.62%
1.35%
-0.44%
-0.16%
0.41%
1.43%
-0.69%

N
AVERAGE
ST.DEV

Market Return
-2

1 TOTAL

-21.31%
7.82%
-0.48%
-9.56%
1.59%
-13.31%
0.78%
-1.27%
-3.72%
1.79%
-1.27%
-0.24%
0.29%
-4.57%
1.37%
1.91%
-2.55%
-10.32%
-0.80%
-0.92%
-2.81%
-0.73%
0.50%
-10.51%
0.65%

11.30%
-2.42%
0.71%
2.84%
1.10%
0.05%
0.12%
1.56%
-0.70%
1.69%
-2.16%
1.71%
-1.16%
7.30%
-0.32%
-2.06%
-1.23%
1.09%
2.49%
3.06%
0.18%
1.38%
-5.85%
1.55%
-0.16%

25
25
-0.97%
-2.71%
0.04149509 0.0607167

25
0.88%
0.032469

-7.95%
-9.29%
-0.06%
-6.71%
2.87%
-12.28%
0.56%
0.86%
-0.56%
3.46%
-1.01%
2.09%
-6.24%
-3.56%
2.81%
-1.55%
-4.68%
-7.83%
-8.93%
3.48%
-3.06%
0.48%
-4.94%
-7.53%
-0.20%

11433.71
11421.99
13487.53
9580.63
12855.04
11147.44
10836.53

TTEST -1 0
TTEST -1 1

-1

11421.99
10917.51
13476.72
9544.20
12820.60
11229.02

10917.51
11059.02
13556.53
9496.28
12663.50
11100.54

11059.02
10609.66
13542.88
9320.60
12632.00
11055.19

10805.55

10833.73

10899.44

12150.13

12196.37

9269.92
12676.05
10991.99
12484.62
10719.94
10142.98
9888.48
7837.86
10271.72
8122.80
8684.53
9313.08
12964.10
12442.49
12651.91
13292.00
12736.29

9243.26
12887.93
11045.27
12552.96
11143.31
10226.59
10002.03
7704.87
10393.07
8077.56
8639.19
9380.24
13029.26
12369.38
12767.17
13306.64
12653.12

11997.70
9109.79
13075.66
11167.32
12612.13
11269.02
10271.72
10004.54
7775.60
10326.48
8116.03
8473.11
9275.06
12927.17
12504.48
12741.82
13254.29
12604.53

12184.26
9007.75
13073.01
11008.61
12720.46
11482.90
10393.07
10027.47
7673.99
10380.12
8174.73
8542.48
9469.20
13001.56
12502.81
12837.33
13323.36
12573.27

0.2434679
0.0860032

Market Raw Return

-1
-0.10%
-0.044167
-0.000801
-0.003802
-0.002679
0.007318
-0.002859
0.003806
-0.002876
0.016715
0.004847
0.005474
0.039494
0.008243
0.011483
-0.016968
0.011814
-0.005570
-0.005221
0.007211
0.005026
-0.005876
0.009110
0.001101
-0.006530

-0.044167
0.012962
0.005922
-0.005021
-0.012254
-0.011442
0.002608
-0.016289
-0.014440
0.014566
0.011050
0.004714
0.011281
0.004413
0.000251
0.009180
-0.006407
0.004763
-0.019224
-0.011213
-0.007835
0.010922
-0.001986
-0.003934
-0.003840

1 TOTAL
0.012962
-0.040633
-0.001007
-0.018500
-0.002487
-0.004085
0.006065
0.015550
-0.011201
-0.000203
-0.014212
0.008589
0.018979
0.011814
0.002292
-0.013068
0.005194
0.007233
0.008187
0.020931
0.005755
-0.000134
0.007496
0.005211
-0.002480

-0.03223
-0.07184
0.00411
-0.02732
-0.01742
-0.00821
0.00581
0.00307
-0.02852
0.03108
0.00169
0.01878
0.06975
0.02447
0.01403
-0.02086
0.01060
0.00643
-0.01626
0.01693
0.00295
0.00491
0.01462
0.00238
-0.01285

Abnormal return
-1

NET INCOME TOTAL ASSETS

0

2.1594%
-10.2775%
-0.2095%
0.3802%
0.4451%
0.2479%
-0.0524%
0.1947%
4.1563%
-1.6872%
1.9342%
0.0683%
-9.3163%
-7.1159%
0.6141%
0.2992%
-2.0862%
1.9515%
-10.0990%
0.6243%
-0.9393%
0.4228%
-0.5005%
1.3235%
-0.0365%

-16.8933%
6.5251%
-1.0764%
-9.0542%
2.8174%
-12.1653%
0.5152%
0.3561%
-2.2806%
0.3316%
-2.3723%
-0.7067%
-0.8364%
-5.0068%
1.3433%
0.9882%
-1.9061%
-10.7914%
1.1232%
0.1978%
-2.0235%
-1.8233%
0.7017%
-10.1199%
1.0335%

10.0033%
1.6453%
0.8143%
4.6947%
1.3515%
0.4572%
-0.4862%
0.0005%
0.4167%
1.7070%
-0.7375%
0.8524%
-3.0580%
6.1151%
-0.5456%
-0.7556%
-1.7522%
0.3630%
1.6682%
0.9654%
-0.3949%
1.3914%
-6.6006%
1.0306%
0.0922%

-1.10%

-2.44%

0.77% CAR
AAR

ROA

CUMULATIVE ABNORMAL RETURN

-0.04731
-0.02107
-0.00472
-0.03979
0.04614
-0.11460
-0.00024
0.00551
0.02292
0.00351
-0.01176
0.00214
-0.13211
-0.06008
0.01412
0.00532
-0.05744
-0.08477
-0.07308
0.01787
-0.03358
-0.00009
-0.06399
-0.07766
0.01089
-0.69384
-0.027753639

14982.00
5095.00
12599.00
1635.00
2635.00
230.00
8430.00
14833.00
-25.00
25922.00
-6728.87
1465.40
8505.00
10717.00
26277.00
-13082.00
1065.70
8635.00
9126.00
1663.00
9804.00
1352.00
2714.00
205.28
668.97

171574.00
122731.00
69597.00
11861.00
38599.00
5686.00
109183.00
113452.00
6021.00
116371.00
10645.13
18473.35
57851.00
405200.00
282401.00
55437.00
9704.40
212949.00
116775.00
758800.00
114091.00
17873.00
27454.00
9791.47
15518.62

0.087321
0.041514
0.181028
0.137847
0.068266
0.04045
0.07721
0.130743
-0.00415
0.222753
-0.63211
0.079325
0.147016
0.026449
0.093049
-0.23598
0.109816
0.04055
0.07815
0.002192
0.085931
0.075645
0.098856
0.020965
0.043108
AVERAGE 0.040638

 ??: T-test

Mean
Variance
Observations
df
t Stat
P(T<=t) two-tail
t Critical two-tail

-1
0
-0.011 -0.02445
0.001483 0.002878
25
25
44
1.018338
0.314084
2.015368

Mean
Variance
Observations
df
t Stat
P(T<=t) two-tail
t Critical two-tail

0
1
-0.02445 0.007695
0.002878 0.000911
25
25
38
-2.61113
0.012847
2.024394

Mean
Variance
Observations
df
t Stat
P(T<=t) two-tail
t Critical two-tail

-1
1
-0.011 0.007695
0.001483 0.000911
25
25
45
-1.91058
0.062443
2.014103

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.125762148
R Square
0.015816118
Adjusted R Square
-0.026974486
Standard Error
0.046167487
Observations
25
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

1
23
24

SS
0.000787814
0.049023048
0.049810863

MS
F
Significance F
0.000787814 0.369616608
0.549170149
0.002131437

Coefficients
Standard Error
t Stat
P-value
-0.026323755
0.00952833 -2.762682988 0.011078335
-0.035186172
0.057875704 -0.607961025 0.549170149
pvalue>a
0.5491>0.005
ACCEPT H0

t=2.07
abs t stat=0.6

Lower 95%
-0.046034607
-0.154911187

Upper 95%
Lower 95,0% Upper 95,0%
-0.006612903 -0.046034607 -0.006612903
0.084538843 -0.154911187 0.084538843

14/9/2008
16/9/2008
18/5/2007
31/8/2009
31/5/2012
11/7/2008
21/12/2005
8/12/2011
7/1/2002
27/7/2012
29/4/2010
13/4/2007
8/12/2011
10/22/2000
10/28/2004
3/5/2003
10/25/2000
1/26/2009
7/15/2002
9/30/2003
4/23/2012
5/21/2012
18/6/20012
9/10/2012
7/11/2012

2000
2000
2002
2002
2003
2003
2004
2005
2007
2007
2008
2008
2008
2009
2009
2010
2011
2011
2012
2012
2012
2012
2012
2012
2012

2000
2000
2002
2002
2003
2003
2004
2005
2007
2007
2008
2008
2008
2009
2009
2010
2011
2011
2012
2012
2012
2012
2012
2012
2012

2
2
2
1
1
2
3

2
1
2
7