טכנולוגית המידע והשלכותיה על יעילות השוק

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<ul><li><p>*</p></li><li><p> , , , . </p><p> : . , '. . - , . " . . - (Event Study). </p></li><li><p>* , , .themarker.com globes.co.il bizportal.co.il calcalist.co.il , , . sponser.co.il, dbursa.co.il, trading4living.com, capital-market-forum.com </p></li><li><p>*</p><p>1. </p><p>2. 3. </p></li><li><p>* (Event Study) - . , : , . , , .</p><p> (Abnormal Return - AR) - . , ( Capital Asset Pricing Model - CAPM). </p><p> (Cumulative Average Abnormal Return CAAR) - -CAAR -CAAR .</p></li><li><p>* </p><p> - . : H0 :H1 - . :H0 :H1 - . :H0 :H1</p></li><li><p>* , , . , . " 2073 . , 331 . . </p></li><li><p>* : - 60 - 271</p></li><li><p>*</p><p>1</p><p> 1 - </p><p>1. 1. </p><p>- 200578465.33sponser102149.3%</p><p>- 220692376.92dbursa75036.2%</p><p>- 2007366183.0trading4living30214.6%</p><p>"2073All Rumors2073</p><p>3. 2. ,</p><p> 61729.8% 122759.2%</p><p> 145670.2% 84640.8%</p><p>"2073" 2073</p><p>4. 3. </p><p>75561.5% 39632.3%</p><p>47238.5% 83167.7%</p><p>" 1227" 1227</p><p>4. </p><p>75561.5%</p><p>47238.5%</p><p>" 1227</p><p>2</p><p>3</p></li><li><p>* </p><p> 1227 . 3: - CAAR .CAAR(-5,0)=6.767%</p><p>1</p><p>0</p><p>-0.0005498626</p><p>0.0019705912</p><p>-0.0057559304</p><p>-0.0026806576</p><p>-0.0060147714</p><p>-0.011187563</p><p>-0.0136144332</p><p>-0.0157404963</p><p>-0.0110931698</p><p>-0.0132213719</p><p>-0.0140994903</p><p>-0.0113253172</p><p>-0.006427196</p><p>-0.0051499677</p><p>-0.0028619804</p><p>-0.0026721303</p><p>-0.0040580623</p><p>-0.0087427726</p><p>-0.0099909163</p><p>-0.012527373</p><p>-0.0095097771</p><p>-0.0145080315</p><p>-0.0109708988</p><p>-0.0142593439</p><p>-0.0124193439</p><p>-0.0085463439</p><p>-0.0010563439</p><p>0.0085236561</p><p>0.0298736561</p><p>0.0534136561</p><p>0.0590436561</p><p>0.0575360105</p><p>0.0573460774</p><p>0.0499699858</p><p>0.0515100925</p><p>0.0512800693</p><p>0.0569017291</p><p>0.0570239305</p><p>0.0550255992</p><p>0.0516675067</p><p>0.0587671901</p><p>0.0567227491</p><p>0.0561101776</p><p>0.0583831077</p><p>0.0535381355</p><p>0.0544310191</p><p>0.0508745612</p><p>0.0467420265</p><p>0.0494277926</p><p>0.0478987155</p><p>0.0538016152</p><p>0.0481815196</p><p>0.0468432194</p><p>0.0463383002</p><p>0.0462420023</p><p>0.0424491973</p><p>0.0473980462</p><p>0.0471277111</p><p>0.0457719447</p><p>0.0396618025</p><p>Trading Day Around Event Date</p><p>CAAR</p><p>0</p><p>-0.0005498626</p><p>0.0019705912</p><p>-0.0057559304</p><p>-0.0026806576</p><p>-0.0060147714</p><p>-0.011187563</p><p>-0.0136144332</p><p>-0.0157404963</p><p>-0.0110931698</p><p>-0.0132213719</p><p>-0.0140994903</p><p>-0.0113253172</p><p>-0.006427196</p><p>-0.0051499677</p><p>-0.0028619804</p><p>-0.0026721303</p><p>-0.0040580623</p><p>-0.0087427726</p><p>-0.0099909163</p><p>-0.012527373</p><p>-0.0095097771</p><p>-0.0145080315</p><p>-0.0109708988</p><p>-0.0142593439</p><p>-0.0124193439</p><p>-0.0085463439</p><p>-0.0010563439</p><p>0.0085236561</p><p>0.0298736561</p><p>0.0534136561</p><p>0.0590436561</p><p>0.0575360105</p><p>0.0573460774</p><p>0.0499699858</p><p>0.0515100925</p><p>0.0512800693</p><p>0.0569017291</p><p>0.0570239305</p><p>0.0550255992</p><p>0.0516675067</p><p>0.0587671901</p><p>0.0567227491</p><p>0.0561101776</p><p>0.0583831077</p><p>0.0535381355</p><p>0.0544310191</p><p>0.0508745612</p><p>0.0467420265</p><p>0.0494277926</p><p>0.0478987155</p><p>0.0538016152</p><p>0.0481815196</p><p>0.0468432194</p><p>0.0463383002</p><p>0.0462420023</p><p>0.0424491973</p><p>0.0473980462</p><p>0.0471277111</p><p>0.0457719447</p><p>0.0396618025</p><p>Trading Day Around Event Date</p><p>CAAR</p><p>00</p><p>-0.00194435120.0002217697</p><p>-0.0007112947-0.0006169089</p><p>-0.0007577232-0.0041778382</p><p>-0.0038415991-0.0066341921</p><p>-0.0064576357-0.0092888468</p><p>-0.0098942285-0.0073883569</p><p>-0.0158803521-0.0132847469</p><p>-0.0196219845-0.0157037205</p><p>-0.0178852121-0.0093533787</p><p>-0.0218842539-0.0115215893</p><p>-0.0220196559-0.0185756658</p><p>-0.0170347973-0.0288844134</p><p>-0.0160648093-0.0252297289</p><p>-0.0198998471-0.0110136111</p><p>-0.0147007519-0.0107952691</p><p>-0.0140688394-0.0103525664</p><p>-0.0188024931-0.0058402739</p><p>-0.0175061468-0.0077170702</p><p>-0.0154931468-0.0106400467</p><p>-0.0028697366-0.0130994097</p><p>-0.0026684366-0.0147182937</p><p>-0.0046814366-0.0110796784</p><p>-0.0108827366-0.012199331</p><p>-0.0088431726-0.0111894653</p><p>-0.0075022966-0.012495142</p><p>-0.0061222956-0.0070338363</p><p>0.0032123044-0.0013638363</p><p>0.01412352090.0073102637</p><p>0.03558584750.0285457317</p><p>0.06113225950.0497131963</p><p>0.07349572490.0503432553</p><p>0.07113964990.0437592899</p><p>0.08047456080.0465446135</p><p>0.0707799440.0460987568</p><p>0.07562456780.0477434398</p><p>0.07363730990.0531144897</p><p>0.075379350.0576608335</p><p>0.07554088990.0561007993</p><p>0.06844284770.0483321682</p><p>0.0669651940.0463857881</p><p>0.07105944580.0427970841</p><p>0.07013719040.0424764723</p><p>0.07684973340.0438630861</p><p>0.08096163340.0417275088</p><p>0.07606636720.0385088671</p><p>0.07425524670.0447743839</p><p>0.07608305130.0395859159</p><p>0.07072214410.0280103405</p><p>0.07365174720.0258035548</p><p>0.06612524840.0311780326</p><p>0.07283119470.0288761677</p><p>0.07156530510.0252636891</p><p>0.06791031760.0195919309</p><p>0.07421739660.0146845198</p><p>0.07806392420.0161833524</p><p>0.07516994090.0182532212</p><p>0.07376710690.0286479743</p><p>0.07703463690.0229345878</p><p>0.07578868290.0215634842</p><p>0.07588931930.0117830843</p><p>Multi Rumors</p><p>Single Rumors</p><p>Trading Day Around Event Date</p><p>CAAR</p><p>00</p><p>-0.0005498626-0.0102298626</p><p>0.0019705912-0.0073894088</p><p>-0.0057559304-0.0047959304</p><p>-0.0026806576-0.0114006576</p><p>-0.0060147714-0.0144147714</p><p>-0.011187563-0.0109267563</p><p>-0.0136144332-0.0013744332</p><p>-0.0157404963-0.0031804963</p><p>-0.0110931698-0.010821317</p><p>-0.0132213719-0.0000213719</p><p>-0.0140994903-0.0005794903</p><p>-0.01132531720.0007485317</p><p>-0.0064271960.002267196</p><p>-0.00514996770.0006699677</p><p>-0.0028619804-0.0062032271</p><p>-0.0026721303-0.005693377</p><p>-0.0040580623-0.006759309</p><p>-0.0087427726-0.0059212467</p><p>-0.0099909163-0.0039082467</p><p>-0.012527373-0.0027069467</p><p>-0.0095097771-0.0006939467</p><p>-0.0145080315-0.0073485107</p><p>-0.0109708988-0.0053355107</p><p>-0.0142593439-0.0021342107</p><p>-0.0124193439-0.0018140807</p><p>-0.0085463439-0.0030605008</p><p>-0.00105634390.0024049956</p><p>0.00852365610.011394461</p><p>0.02987365610.0205100884</p><p>0.05341365610.0396930933</p><p>0.05904365610.0308214455</p><p>0.05753601050.0346091152</p><p>0.05734607740.0297536198</p><p>0.04996998580.0261538477</p><p>0.05151009250.0256760846</p><p>0.05128006930.0292386201</p><p>0.05690172910.032602009</p><p>0.05702393050.0293435003</p><p>0.05502559920.0296034148</p><p>0.05166750670.0284220627</p><p>0.05876719010.0325640767</p><p>0.05672274910.0313644376</p><p>0.05611017760.0281958984</p><p>0.05838310770.034352392</p><p>0.05353813550.0286532895</p><p>0.05443101910.0249971934</p><p>0.05087456120.0242409613</p><p>0.04674202650.0176324543</p><p>0.04942779260.0206998022</p><p>0.04789871550.0194917779</p><p>0.05380161520.0175691632</p><p>0.04818151960.0160029737</p><p>0.04684321940.0150466431</p><p>0.04633830020.0211184548</p><p>0.04624200230.0176649122</p><p>0.04244919730.0176439145</p><p>0.04739804620.0167963882</p><p>0.04712771110.0153026009</p><p>0.04577194470.0149103605</p><p>0.03966180250.0129377789</p><p>Initial Rumors</p><p>Subsequent Rumors</p><p>Trading Day Around Event Date</p><p>CAAR</p><p>00</p><p>-0.00647220070.0044802206</p><p>-0.00959695440.0094519692</p><p>-0.01528559880.0027643868</p><p>-0.00991394150.0064788427</p><p>-0.0152419625-0.0035677449</p><p>-0.0179235981-0.0051409341</p><p>-0.0185324989-0.0071498947</p><p>-0.0133344931-0.0098641578</p><p>-0.0163315171-0.0088044088</p><p>-0.0212120398-0.0122637991</p><p>-0.015359299-0.0120121709</p><p>-0.0152582677-0.0171495175</p><p>-0.0072550529-0.0197046043</p><p>-0.0131453306-0.0049789773</p><p>-0.0151558194-0.00542937</p><p>-0.0200543296-0.0028210753</p><p>-0.0173999644-0.0073479683</p><p>-0.0262457115-0.0060225616</p><p>-0.0202383861-0.0083937564</p><p>-0.0307241914-0.0058314336</p><p>-0.0200571334-0.008507647</p><p>-0.0230929354-0.0105012429</p><p>-0.0239789204-0.0089585873</p><p>-0.0291773288-0.0081274683</p><p>-0.0230771757-0.0059448162</p><p>-0.0155307783-0.0089812676</p><p>-0.0002885353-0.0054265836</p><p>0.01897686470.0008524041</p><p>0.03886916960.0232178695</p><p>0.06643718770.0430743295</p><p>0.07504110880.0461102135</p><p>0.07332266240.044390406</p><p>0.07240914310.040004164</p><p>0.0710477460.0338225107</p><p>0.08471205090.0342259277</p><p>0.08544334210.0353652485</p><p>0.09840350350.0356499996</p><p>0.09657402170.0353390132</p><p>0.09382297790.0366992806</p><p>0.085273980.0398313867</p><p>0.08663708220.0392005866</p><p>0.08842271840.0361109573</p><p>0.08982573180.0354569573</p><p>0.09158633650.0351810308</p><p>0.08995118530.0332512429</p><p>0.09030324020.0292170256</p><p>0.08283832840.0292267598</p><p>0.08690670850.0238656489</p><p>0.08887063740.0222915928</p><p>0.09402501620.0216677079</p><p>0.09483511870.0179330453</p><p>0.09709920990.0142217772</p><p>0.10269647370.0125964536</p><p>0.10872457510.0124657191</p><p>0.11472097410.0125605703</p><p>0.11122015260.0108063423</p><p>0.11374750550.0126352599</p><p>0.11405565370.0127125221</p><p>0.11355107170.0112939298</p><p>0.11294557620.0070354001</p><p>True Rumors</p><p>False Rumors</p><p>Trading Day Around Event Date</p><p>CAAR</p><p>" </p><p>AARCAARAARCAARAARCAARAARCAARAARCAARAARCAAR</p><p>-300.000%0.000%0.000%00.000%000.000%-0.179%00.000%0.000%</p><p>-29-0.055%-0.055%-0.194%-0.194%0.022%0.022%-1.023%-1.023%-0.647%-0.647%0.448%0.448%</p><p>-280.252%0.197%0.123%-0.071%-0.084%-0.062%0.284%-0.739%-0.312%-0.960%0.497%0.945%</p><p>-27-0.773%-0.576%-0.005%-0.076%-0.356%-0.418%0.259%-0.480%-0.569%-1.529%-0.669%0.276%</p><p>-260.308%-0.268%-0.308%-0.384%-0.246%-0.663%-0.660%-1.140%0.537%-0.991%0.371%0.648%</p><p>-25-0.333%-0.601%-0.262%-0.646%-0.265%-0.929%-0.301%-1.441%-0.533%-1.524%-1.005%-0.357%</p><p>-24-0.517%-1.119%-0.344%-0.989%0.190%-0.739%0.349%-1.093%-0.268%-1.792%-0.157%-0.514%</p><p>-23-0.243%-1.361%-0.599%-1.588%-0.590%-1.328%0.955%-0.137%-0.061%-1.853%-0.201%-0.715%</p><p>-22-0.213%-1.574%-0.374%-1.962%-0.242%-1.570%-0.181%-0.318%0.520%-1.333%-0.271%-0.986%</p><p>-210.465%-1.109%0.174%-1.789%0.635%-0.935%-0.764%-1.082%-0.300%-1.633%0.106%-0.880%</p><p>-20-0.213%-1.322%-0.400%-2.188%-0.217%-1.152%1.080%-0.002%-0.488%-2.121%-0.346%-1.226%</p><p>-19-0.088%-1.410%-0.014%-2.202%-0.705%-1.858%-0.056%-0.058%0.585%-1.536%0.025%-1.201%</p><p>-180.277%-1.133%0.498%-1.703%-1.031%-2.888%0.133%0.075%0.010%-1.526%-0.514%-1.715%</p><p>-170.490%-0.643%0.097%-1.606%0.365%-2.523%0.152%0.227%0.800%-0.726%-0.256%-1.970%</p><p>-160.128%-0.515%-0.384%-1.990%1.422%-1.101%-0.160%0.067%-0.589%-1.315%1.473%-0.498%</p><p>-150.229%-0.286%0.520%-1.470%0.022%-1.080%-0.687%-0.620%-0.201%-1.516%-0.045%-0.543%</p><p>-140.019%-0.267%0.063%-1.407%0.044%-1.035%0.051%-0.569%-0.490%-2.005%0.261%-0.282%</p><p>-13-0.139%-0.406%-0.473%-1.880%0.451%-0.584%-0.107%-0.676%0.265%-1.740%-0.453%-0.735%</p><p>-12-0.468%-0.874%0.130%-1.751%-0.188%-0.772%0.084%-0.592%-0.885%-2.625%0.133%-0.602%</p><p>-11-0.125%-0.999%0.201%-1.549%-0.292%-1.064%0.201%-0.391%0.601%-2.024%-0.237%-0.839%</p><p>-10-0.254%-1.253%1.262%-0.287%-0.246%-1.310%0.120%-0.271%-1.049%-3.072%0.256%-0.583%</p><p>-90.302%-0.951%0.020%-0.267%-0.162%-1.472%0.201%-0.069%1.067%-2.006%-0.268%-0.851%</p><p>-8-0.500%-1.451%-0.201%-0.468%0.364%-1.108%-0.665%-0.735%-0.304%-2.309%-0.199%-1.050%</p><p>-70.354%-1.097%-0.620%-1.088%-0.112%-1.220%0.201%-0.534%-0.089%-2.398%0.154%-0.896%</p><p>-6-0.329%-1.426%0.204%-0.884%0.101%-1.119%0.320%-0.213%-0.520%-2.918%0.083%-0.813%</p><p>-50.184%-1.242%0.4557839980.134%-0.750%-0.131%-1.250%0.032%-0.181%0.610%-2.308%0.218%-0.594%</p><p>-40.387%-0.855%0.95937577410.138%-0.612%0.546%-0.703%-0.125%-0.306%0.755%-1.553%-0.304%-0.898%</p><p>-30.749%-0.106%1.85533812240.933%0.321%0.567%-0.136%0.547%0.240%1.524%-0.029%0.355%-0.543%</p><p>-20.958%0.852%2.3730492941.091%1.412%0.867%0.731%0.899%1.139%1.927%1.898%0.628%0.085%</p><p>-12.135%2.987%5.28858062922.146%3.559%2.124%2.855%0.912%2.051%1.989%3.887%2.237%2.322%</p><p>02.354%5.341%5.83106267032.555%6.113%2.117%4.971%1.918%3.969%2.757%6.644%1.986%4.307%</p><p>10.563%5.904%1.39459995051.236%7.350%0.063%5.034%-0.887%3.082%0.860%7.504%0.304%4.611%</p><p>2-0.151%5.754%-0.236%7.114%-0.658%4.376%0.379%3.461%-0.172%7.332%-0.172%4.439%</p><p>3-0.019%5.735%0.933%8.047%0.279%4.654%-0.486%2.975%-0.091%7.241%-0.439%4.000%</p><p>4-0.738%4.997%-0.969%7.078%-0.045%4.610%-0.360%2.615%-0.136%7.105%-0.618%3.382%</p><p>50.154%5.151%0.484%7.562%0.164%4.774%-0.048%2.568%1.366%8.471%0.040%3.423%</p><p>6-0.023%5.128%-0.199%7.364%0.537%5.311%0.356%2.924%0.073%8.544%0.114%3.537%</p><p>70.562%5.690%0.174%7.538%0.455%5.766%0.336%3.260%1.296%9.840%0.028%3.565%</p><p>80.012%5.702%0.016%7.554%-0.156%5.610%-0.326%2.934%-0.183%9.657%-0.031%3.534%</p><p>9-0.200%5.503%-0.710%6.844%-0.777%4.833%0.026%2.960%-0.275%9.382%0.136%3.670%</p><p>10-0.336%5.167%-0.148%6.697%-0.195%4.639%-0.118%2.842%-0.855%8.527%0.313%3.983%</p><p>110.710%5.877%0.409%7.106%-0.359%4.280%0.414%3.256%0.136%8.664%-0.063%3.920%</p><p>12-0.204%5.672%-0.092%7.014%-0.032%4.248%-0.120%3.136%0.179%8.842%-0.309%3.611%</p><p>13-0.061%5.611%0.671%7.685%0.139%4.386%-0.317%2.820%0.140%8.983%-0.065%3.546%</p><p>140.227%5.838%0.411%8.096%-0.214%4.173%0.616%3.435%0.176%9.159%-0.028%3.518%</p><p>15-0.484%5.354%-0.490%7.607%-0.322%3.851%-0.570%2.865%-0.164%8.995%-0.193%3.325%</p><p>160.089%5.443%-0.181%7.426%0.627%4.477%-0.366%2.500%0.035%9.030%-0.403%2.922%</p><p>17-0.356%5.087%0.183%7.608%-0.519%3.959%-0.076%2.424%-0.746%8.284%0.001%2.923%</p><p>18-0.413%4.674%-0.536%7.072%-1.158%2.801%-0.661%1.763%0.407%8.691%-0.536%2.387%</p><p>190.269%4.943%0.293%7.365%-0.221%2.580%0.307%2.070%0.196%8.887%-0.157%2.229%</p><p>20-0.153%4.790%-0.753%6.613%0.537%3.118%-0.121%1.949%0.515%9.403%-0.062%2.167%</p><p>210.590%5.380%0.671%7.283%-0.230%2.888%-0.192%1.757%0.081%9.484%-0.373%1.793%</p><p>22-0.562%4.818%-0.127%7.157%-0.361%2.526%-0.157%1.600%0.226%9.710%-0.371%1.422%</p><p>23-0.134%4.684%-0.365%6.791%-0.567%1.959%-0.096%1.505%0.560%10.270%-0.163%1.260%</p><p>24-0.050%4.634%0.631%7.422%-0.491%1.468%0.607%2.112%0.603%10.872%-0.013%1.247%</p><p>25-0.010%4.624%0.385%7.806%0.150%1.618%-0.345%1.766%0.600%11.472%0.009%1.256%</p><p>26-0.379%4.245%-0.289%7.517%0.207%1.825%-0.002%1.764%-0.350%11.122%-0.175%1.081%</p><p>270.495%4.740%-0.140%7.377%1.039%2.865%-0.085%1.680%0.253%11.375%0.183%1.264%</p><p>28-0.027%4.713%0.327%7.703%-0.571%2.293%-0.149%1.530%0.031%11.406%0.008%1.271%</p><p>29-0.136%4.577%-0.125%7.579%-0.137%2.156%-0.039%1.491%-0.050%11.355%-0.142%1.129%</p><p>30-0.611%3.966%0.010%7.589%-0.978%1.178%-0.197%1.294%-0.061%11.295%-0.426%0.704%</p><p>0.002428 t big</p><p>0.004037 t ALL</p><p>-29,-6-1.426%-0.884%-1.119%-0.213%-2.918%-0.813%</p><p>-5,-14.413%4.443%3.974%2.264%6.805%3.135%</p><p>-30.749%0.933%0.567%0.547%1.524%0.355%</p><p>-20.958%1.091%0.867%0.899%1.927%0.628%</p><p>-12.135%2.146%2.124%0.912%1.989%2.237%</p><p>02.354%2.555%2.117%1.918%2.757%1.986%</p><p>+10.563%1.236%0.063%-0.887%0.860%0.304%</p><p>+1,+30-1.375%1.476%-3.793%-2.676%4.651%-3.604%</p><p> 2: 1227 </p><p>Time IntervalAAR (%)PAAR(%)TAARCAAR (%)TCAAR </p><p>-29,-6-0.05947-0.147-1.426-0.721244.8989794856</p><p>-5,-10.883622.1864.4134.889sd * 10052.2360679775</p><p>-30.749631.8550.7491.8550.403711</p><p>-20.958712.3730.9582.37311</p><p>-12.135785.2892.1355.28911</p><p>02.354835.8312.3545.83111</p><p>+10.563551.3950.5631.39511</p><p>+1,+30-0.04645-0.114-1.375-0.622305.4772255751</p><p>- PAAR (%) AAR .</p><p> 3: 755 - 472 .</p><p>Single RumorsMulti Rumors</p><p>Time IntervalAAR (%)PAAR(%)TAARCAAR (%)TCAARAAR (%)PAAR(%)TAARCAAR (%)TCAARsd * 100 P</p><p>-29,-6-0.04746-0.125-1.119-0.613-0.03748-0.081-0.884-0.398244.8989794856-1.02947</p><p>-5,-10.795612.1323.9744.7680.889641.9614.4434.3840.37271165460.453213213252.23606797754.15462</p><p>-30.567611.5210.5671.5210.933652.0600.9332.060110.70863</p><p>-20.867702.3270.8672.3271.091742.4081.0912.408110.95372</p><p>-12.124805.6982.1245.6982.146764.7362.1464.736112.13278</p><p>02.117815.6792.1175.6792.555865.6372.5555.637112.28583</p><p>+10.063510.1690.0630.1691.236632.7281.2362.728110.51456</p><p>+1,+30-0.12646-0.339-3.793-1.8580.049430.1091.4760.594305.4772255751-1.76645</p><p> 4: 1227 - 472 .</p><p>Time IntervalAAR (%)PAAR(%)TAARCAAR (%)TCAARAAR (%)PAAR(%)TAARCAAR (%)TCAARsd * 100 </p><p>-29,-6-0.05947-0.147-1.426-0.721-0.00944-0.020-0.213-0.096244.8989794856</p><p>-5,-10.883622.1864.4134.8890.453530.9992.2642.2340.453213213252.23606797751.8111.4142135624</p><p>-30.749631.8550.7491.8550.547561.2060.5471.206112.8247706709</p><p>-20.958712.3730.9582.3730.899591.9830.8991.98311</p><p>-12.135785.2892.1355.2890.912632.0110.9122.01111</p><p>02.354835.8312.3545.8311.918684.2331.9184.23311</p><p>+10.563551.3950.5631.395-0.88742-1.957-0.887-1.95711</p><p>+1,+30-0.04645-0.114-1.375-0.622-0.08946-0.197-2.676-1.078305.4772255751</p><p> 5: 396 - 831 .</p><p>Time IntervalAAR (%)PAAR(...</p></li></ul>

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