The announcement is defined as the earlier of the date of the first report of the offering in The Wall Street Journal and the trading day
following the date the offering was registered with the Securities and Exchange
Commission. The issuance is the date of the offering as reported in the
Investment Dealer’s Digest. The cancellation is the date a report of the
cancellation appeared in The Wall Street Journal. The prediction error for
the common stock of firm j on day t is defined as