Fear of mice avoid a mouse, showing there may be some basis for this belief. It is not known why elephants should react in this way, though there are several theories. Regardless, elephantine murophobia remains the basis of various jokes and metaphors. The classical board game Dou Shou Qi has the Rat kill an Elephant: as multiple editions of the rule book mentions that the Rat would crawl into the Elephant's ears to gnaw into its brain: but this is considered to be a folk tale. Gertrude of Nivelles is the patron saint of murophobia, and is also invoked against rats and mice
Abnormal return index, such as the S&P 500 or a national index like the Nikkei 225, is used as a benchmark to determine the expected return. For example, if a stock increased by 5% because of some news that affected the stock price, but the average market only increased by 3% and the stock has a beta of 1, then the abnormal return was 2% (5% - 3% = 2%). If the market average performs better (after adjusting for beta) than the individual stock, then the abnormal return will be negative. The calculation formula for the abnormal returns is as follows: formula_2