Question: Shefrin's Chapter 10 (pp 162-163) mentions AT&T's gaining of NCR. In the 5 months that followed AT&T's announcement that it planned to acquire NCR, the cumulative abnormal return over the negotiation period for this merger, 11/01/90 - 05/07/91 was -13.33 percent for AT&T and +120.29 percent for NCR. At the starting of this period, AT&T's stock price was $34 & it had 1.092 billion shares outstanding. In contrast, NCR's stock price was $47.25 with 64.5 million shares outstanding.