Celestial globe Celestial globe Celestial globes show the apparent positions of the stars in the sky. They omit the Sun, Moon, and planets because the positions of these bodies vary relative to those of the stars, but the ecliptic, along which the Sun moves, is indicated. There is an issue regarding the “handedness” of celestial globes. If the globe is constructed so that the stars are in the positions they actually occupy on the imaginary celestial sphere, then the star field will appear reversed on the surface of the globe (all the constellations will appear as their mirror images). This is because
Abnormal return where: AR - abnormal return for firm i on day t R - actual return for firm i on day t E(R) – expected return for firm i on day t A common practice is to standardise the abnormal returns with the use of the following formula: formula_3 where: SAR - standardised abnormal returns SD – standard deviation of the abnormal returns The SD is calculated with the use of the following formula: formula_4 where: S – the residual variance for firm i, R – the return on the stock market index on day t, R – the average return