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From this document you will learn the answers to the following questions:

  • What was the average total return for the day?

  • What was the average net return for the shot?

Transcription

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21 it = α + β i + γ 1 t + γ 2 t + γ 3 t +λ 1 ( i ) + λ 2 ( i ) + λ 3 ( i ) +δx i + ϵ it, it i i t t t i λ 1 λ 3 t t t

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24 i = α + β i + δx i + ϵ i i i

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32 12 Harrison Cleveland McKinley Roosevelt

33 Shot Health + Health Average net return Trading day, September 1901 Antitrust Target Non Antitrust Target Average net return Shot Health + Health Trading day, September 1901 Antitrust Target Non Antitrust Target Average net return Shot Health + Health Trading day, September 1901 Antitrust Target Non Antitrust Target

34 Shot Health + Health Average cumulative return Trading day, September 1901 Antitrust Target Non Antitrust Target Shot Health + Health Average cumulative return Trading day, September 1901 Antitrust Target Non Antitrust Target Shot Health + Health Average cumulative return Trading day, September 1901 Antitrust Target Non Antitrust Target

35 Dissolve! Average cumulative return Trading day, February/March 1902 Antitrust Target Non Antitrust Target Dissolve! Average cumulative return Trading day, February/March 1902 Antitrust Target Non Antitrust Target Dissolve! Average cumulative return Trading day, February/March 1902 Antitrust Target Non Antitrust Target

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α α λ α = = λ λ α ψ = = α α α λ λ ψ α = + β = > θ θ β > β β θ θ θ β θ β γ θ β = γ θ > β > γ θ β γ = θ β = θ β = θ β = β θ = β β θ = = = β β θ = + α α α α α = = λ λ λ λ λ λ λ = λ λ α α α α λ ψ + α =

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x o R n a π(a, x o ) A R n π(a, x o ) π(a, x o ) A R n a a x o x o x n X R n δ(x n, x o ) d(a, x n ) d(, ) δ(, ) R n x n X d(a, x n ) δ(x n, x o ) a = a A π(a, xo ) a a A = X = R π(a, x o ) = (x o + ρ)

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