Appendix (Place $1 in market and in company on transition
date and takeout on T +
8.125.) For each good-to-great company, calculate the ratio of cumulative
returns to the market from T +
8.125 to T
+
18.125, and average across the eleven good- to-great companies at T
+
18.125. (Place $1
in market and in company on T +
18.125.)
18.125, use the last available data cell in the average. For Wells we use the last cell prior to the merger in 1998 (10130188). The following chart shows a classic unsustained comparison pattern
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