Impact of presentations of high-tech companies on stock prices
Analysis of the impact of presentations of high-tech companies on the stock quotes of companies. Research of high-tech companies and product presentations, creation of recommendations for investors. Introduction of a new product at a special public event.
| Рубрика | Финансы, деньги и налоги |
| Вид | дипломная работа |
| Язык | английский |
| Дата добавления | 10.12.2019 |
| Размер файла | 917,8 K |
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· For the event windows from -1 to 15 days after and from -1 to 30 days after the event the CAAR is significant at 99% level.
· The CAAR of the high-tech companies after presentation of the new products is about 1,5-3 times higher from the day 6, but on the first days after presentations stock prices have negative CAAR, which can be connected with the wrong first-view estimation of the new product effect on the revenue of the company.
This article can be useful for shareholders and give strategical advice for institutional investors, they can get better returns overperform the market average investing in top high-tech. companies before or the first days after the presentations of new products.
This research can be developed in the futureadding by comparing competitors stock price market reaction and by checking the leaks effect on the upcoming presentations. It is also possible to update this research in the future by adding fresh data.
REFERENCES
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15. Sood, A., and Tellis, G. J. (2009). “Do innovations really pay off? Total stock market returns to innovation”, Marketing Science, 28(3), 442-456.
16. Tellis, G. J., Yin, E., and Niraj, R. (2009). “Does quality win? Network effects versus quality in high-tech markets”, Journal of Marketing Research, 46(2), 135-149.
17. Warren, N. L., andSorescu, A. (2017). “Interpreting the stock returns to new product announcements: how the past shapes investors' expectations of the future”, Journal of Marketing Research, 54(5), 799-815.
18. Wilcoxon, F. (1945). “Individual comparisons by ranking methods”,Biometrics bulletin, 1(6), 80-83.
19. Xin, Y. (2010). “The impact of technologically new products on stock prices and operating performance” (Doctoral dissertation, The Hong Kong Polytechnic University).
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21. Event study tools (2019), “Event study methodology”, “Significance tests for event studies”, [Online]. https://eventstudytools.com
22. Official Apple website (2019), “Apple annual report 2018”,[Online].https://investor.apple.com/investor-relations/default.aspx
23. Official Microsoft website (2019), “Microsoft annual report 2018”,[Online].https://www.microsoft.com/en-us/annualreports/ar2018/annualreport
24. Official Samsung website (2019), “Samsung annual report 2018”,[Online].https://www.samsung.com/global/ir/financial-information/audited-financial-statements/
25. Official Xiaomi website (2019), “Xiaomi annual report 2018” [Online], https://company.mi.com/en-us/ir/indexContent/
26. Yahoo finance (2018) “Business Finance, Stock Market, Quotes, News”, [Online]. Available from https://finance.yahoo.com
APPENDICES
|
Apple product |
Date of presenatation |
Samsung products |
Date of presenatation |
|
|
iPhonenew |
29.06.2007 |
SamsungGalaxynew |
01.06.2009 |
|
|
iPhone 3G |
10.07.2008 |
SamsungGalaxy S 2 |
28.04.2011 |
|
|
iPhone 3GS |
08.06.2009 |
GalaxyNote |
26.11.2011 |
|
|
iPadnew |
03.04.2010 |
SamsungGalaxy S 3 |
29.05.2012 |
|
|
iPhone 4 |
07.06.2010 |
GalaxyNote 2 |
02.10.2012 |
|
|
iPad 2 |
02.03.2011 |
SamsungGalaxy S 4 |
26.04.2013 |
|
|
iPhone 4S |
04.10.2011 |
GalaxyNote 3 |
25.09.2013 |
|
|
iPad 3 |
07.03.2012 |
Samsung Galaxy S 5 and tracker. new |
11.04.2014 |
|
|
iPhone 5 |
12.09.2012 |
Galaxy Note 4 and EDGE new |
17.10.2014 |
|
|
iPad 4 and iPad mini new |
23.11.2012 |
SamsungGalaxy S 6 |
15.04.2015 |
|
|
iPhone 5S/5С |
10.09.2013 |
GalaxyNote 5 |
21.08.2015 |
|
|
iPadAir/miniRetina |
22.11.2013 |
SamsungGalaxy S 7 |
11.03.2016 |
|
|
iPhone6 and 6+ new |
09.09.2014 |
GalaxyNote 7 |
19.08.2016 |
|
|
iPadAir 2/mini 3 |
16.11.2014 |
Samsung Galaxy S 8 and VR glasses and other Gadgets new |
21.04.2017 |
|
|
Watchnew |
24.04.2015 |
GalaxyNote 9 |
23.08.2018 |
|
|
AppleMusic |
30.06.2015 |
Microsoft product |
Date of presenatation |
|
|
iPadPro 12.9/mini 4new |
09.09.2015 |
|||
|
iPhone SE |
21.03.2016 |
Windows 7 |
22.10.2009 |
|
|
iPhone 7AirPodsnew |
07.09.2016 |
Office 2010 |
12.05.2010 |
|
|
iPad 5 |
21.03.2017 |
Office 2013 |
12.10.2012 |
|
|
iPadProGen 2 |
05.06.2017 |
Windows 8 |
26.10.2012 |
|
|
iPhone 8/X |
12.09.2017 |
Windows 8.1 |
17.10.2013 |
|
|
iPad 2018 |
27.03.2018 |
Windows 10 |
29.07.2015 |
|
|
iЗadProGen 3 |
30.10.2018 |
Office 2016, iOS and Android mobile apps new |
23.09.2015 |
|
|
iPadAir 2019/mini 2019 |
18.03.2019 |
Office 2019 |
24.09.2018 |
|
|
Xiaomi product |
Date of presenatation |
|||
|
Mi 9 |
20.02.2019 |
Table 15. All events sample (events for the sample of new products marked with “new”)
|
Daysrelativelyto event |
iPhone |
iPad |
iPadmini |
NewiPhoneSize 6+ |
Watch |
NewiPadPro |
AirPods |
Samsungfirstandroidphone |
Fitness tracker and Flagship phone |
Galaxynote EDGE |
Samsung Galaxy S 8 and gadgets and VR device |
Office 2016 and cloud drive and iOS Android Apps |
AAR |
CAAR |
|
|
-60 |
|||||||||||||||
|
-59 |
-0,78% |
2,17% |
0,11% |
-0,04% |
2,21% |
0,03% |
-0,15% |
0,07% |
2,46% |
0,28% |
0,24% |
-0,04% |
0,54% |
||
|
-58 |
0,29% |
-0,15% |
0,11% |
-0,04% |
-0,11% |
0,03% |
-0,15% |
0,24% |
-0,26% |
0,24% |
0,24% |
-0,04% |
0,03% |
||
|
-57 |
-0,52% |
1,25% |
2,05% |
0,73% |
0,52% |
-0,59% |
-0,44% |
0,24% |
-0,01% |
-0,51% |
-2,32% |
-1,00% |
-0,05% |
||
|
-56 |
-0,02% |
-0,19% |
0,09% |
-1,00% |
0,81% |
1,09% |
-0,73% |
-0,64% |
-0,19% |
0,63% |
-1,60% |
1,50% |
-0,02% |
||
|
-55 |
-0,32% |
-0,19% |
-0,21% |
-1,06% |
0,87% |
0,32% |
1,27% |
-1,61% |
0,24% |
0,24% |
0,24% |
1,23% |
0,09% |
||
|
-54 |
-0,32% |
0,16% |
-0,25% |
-0,54% |
0,70% |
0,75% |
-0,06% |
-1,60% |
0,24% |
0,24% |
0,24% |
-0,25% |
-0,06% |
||
|
-53 |
2,64% |
-0,65% |
-0,38% |
0,29% |
-0,94% |
0,03% |
-0,15% |
0,26% |
-1,29% |
-1,48% |
0,21% |
-0,04% |
-0,13% |
||
|
-52 |
0,84% |
-0,47% |
0,11% |
-0,04% |
-0,44% |
0,03% |
-0,15% |
2,77% |
0,99% |
-0,58% |
0,95% |
-0,04% |
0,33% |
||
|
-51 |
1,26% |
0,50% |
0,11% |
-0,04% |
0,53% |
1,82% |
0,66% |
0,24% |
0,05% |
0,57% |
0,24% |
0,41% |
0,53% |
||
|
-50 |
0,81% |
0,99% |
0,11% |
-0,30% |
1,30% |
-0,41% |
0,04% |
0,24% |
0,53% |
1,17% |
3,06% |
1,69% |
0,77% |
||
|
-49 |
0,51% |
-0,19% |
1,73% |
0,25% |
-0,44% |
-3,89% |
-0,51% |
-3,24% |
2,31% |
-0,08% |
1,07% |
-0,19% |
-0,22% |
||
|
-48 |
-0,32% |
-0,19% |
-0,45% |
2,38% |
-2,57% |
0,72% |
-0,30% |
-1,45% |
0,24% |
0,26% |
0,24% |
-1,47% |
-0,24% |
||
|
-47 |
-0,32% |
-0,19% |
-1,78% |
-0,25% |
0,06% |
0,90% |
-1,41% |
2,65% |
0,23% |
0,24% |
0,23% |
0,44% |
0,07% |
||
|
-46 |
0,34% |
-0,79% |
0,17% |
1,15% |
-1,94% |
0,03% |
-0,15% |
-0,71% |
0,51% |
-0,38% |
1,28% |
-0,04% |
-0,04% |
||
|
-45 |
-1,93% |
-1,10% |
0,11% |
-0,04% |
-1,07% |
0,03% |
-0,15% |
3,54% |
-0,09% |
-1,62% |
-0,05% |
-0,04% |
-0,20% |
||
|
-44 |
-0,91% |
-0,77% |
0,11% |
-0,04% |
-0,74% |
-0,61% |
-1,17% |
0,24% |
0,55% |
-0,16% |
0,17% |
0,25% |
-0,26% |
||
|
-43 |
1,69% |
-1,07% |
-1,66% |
1,32% |
-2,38% |
-1,09% |
-0,87% |
0,24% |
-0,21% |
1,77% |
0,43% |
-1,26% |
-0,26% |
||
|
-42 |
-0,12% |
-0,19% |
-0,65% |
-0,19% |
0,00% |
-1,24% |
6,47% |
-1,13% |
0,76% |
-0,19% |
-0,10% |
0,60% |
0,34% |
||
|
-41 |
-0,32% |
-0,19% |
1,21% |
-0,28% |
0,09% |
-0,48% |
1,03% |
0,04% |
0,24% |
0,23% |
0,24% |
0,04% |
0,15% |
||
|
-40 |
-0,32% |
-0,69% |
-0,15% |
-0,47% |
-0,22% |
-0,55% |
-0,45% |
1,91% |
0,24% |
0,26% |
0,24% |
0,24% |
0,00% |
||
|
-39 |
1,39% |
-0,45% |
0,78% |
0,83% |
-1,28% |
0,03% |
-0,15% |
2,29% |
-0,81% |
0,27% |
0,36% |
-0,04% |
0,27% |
||
|
-38 |
1,11% |
0,50% |
0,11% |
-0,04% |
0,53% |
0,03% |
-0,15% |
-4,32% |
0,00% |
0,24% |
1,38% |
-0,04% |
-0,05% |
||
|
-37 |
-0,83% |
0,72% |
0,11% |
-0,04% |
0,76% |
-1,97% |
1,75% |
0,24% |
0,54% |
0,24% |
0,37% |
0,25% |
0,18% |
||
|
-36 |
-1,78% |
0,94% |
1,76% |
-1,38% |
2,32% |
-2,88% |
-0,96% |
0,24% |
-0,28% |
0,20% |
0,54% |
0,71% |
-0,05% |
||
|
-35 |
2,06% |
-0,19% |
0,59% |
0,52% |
-0,71% |
0,29% |
0,77% |
0,06% |
1,26% |
0,63% |
0,93% |
-0,81% |
0,45% |
||
|
-34 |
-0,32% |
-0,19% |
-0,03% |
-0,21% |
0,02% |
1,26% |
0,44% |
1,35% |
0,24% |
0,24% |
0,24% |
-0,48% |
0,21% |
||
|
-33 |
-0,32% |
0,76% |
-0,30% |
0,56% |
0,20% |
0,74% |
0,46% |
-0,65% |
0,24% |
0,24% |
0,24% |
-3,30% |
-0,10% |
||
|
-32 |
-0,32% |
-0,53% |
0,32% |
-1,01% |
0,48% |
0,03% |
-0,15% |
-0,95% |
-0,20% |
0,44% |
-0,61% |
-0,04% |
-0,21% |
||
|
-31 |
0,25% |
-0,01% |
0,11% |
-0,04% |
0,03% |
0,03% |
-0,15% |
0,24% |
-0,07% |
0,40% |
0,87% |
-0,04% |
0,13% |
||
|
-30 |
3,15% |
0,03% |
0,11% |
-0,04% |
0,07% |
2,00% |
0,77% |
0,24% |
-0,36% |
0,98% |
0,44% |
-0,28% |
0,59% |
||
|
-29 |
1,71% |
2,08% |
-0,92% |
0,98% |
1,10% |
-3,93% |
0,21% |
0,24% |
-0,16% |
-0,38% |
-1,51% |
-1,92% |
-0,21% |
||
|
-28 |
-2,80% |
-0,19% |
-0,96% |
0,12% |
-0,31% |
1,45% |
-0,59% |
-3,44% |
-0,21% |
-0,05% |
-0,32% |
2,54% |
-0,40% |
||
|
-27 |
-0,32% |
-0,19% |
-0,35% |
0,56% |
-0,75% |
0,12% |
-0,72% |
0,24% |
0,24% |
0,24% |
0,24% |
0,91% |
0,02% |
||
|
-26 |
-0,32% |
-0,11% |
1,22% |
-0,24% |
0,13% |
0,22% |
0,16% |
-2,38% |
0,24% |
0,24% |
0,24% |
-0,02% |
-0,05% |
||
|
-25 |
2,07% |
1,41% |
-1,37% |
0,46% |
0,95% |
0,03% |
-0,15% |
-0,11% |
-0,85% |
-0,91% |
0,10% |
-0,04% |
0,13% |
||
|
-24 |
1,05% |
0,10% |
0,11% |
-0,04% |
0,13% |
0,03% |
-0,15% |
0,01% |
0,56% |
-1,55% |
0,58% |
-0,04% |
0,07% |
||
|
-23 |
0,91% |
-0,37% |
0,11% |
-0,04% |
-0,33% |
0,39% |
0,75% |
0,24% |
-0,34% |
-1,03% |
0,80% |
-0,34% |
0,06% |
||
|
-22 |
0,90% |
0,32% |
-1,41% |
0,24% |
0,08% |
-0,19% |
0,34% |
0,24% |
0,58% |
0,83% |
21,04% |
-1,71% |
1,77% |
||
|
-21 |
-0,54% |
-0,19% |
0,28% |
0,80% |
-0,99% |
-0,17% |
-0,50% |
-1,02% |
0,34% |
2,86% |
-1,43% |
2,26% |
0,14% |
||
|
-20 |
-0,32% |
-0,19% |
1,14% |
-0,26% |
0,08% |
0,73% |
-0,51% |
0,67% |
0,24% |
0,24% |
0,24% |
0,20% |
0,19% |
||
|
-19 |
-0,32% |
-1,46% |
-1,57% |
-0,35% |
-1,11% |
-1,94% |
0,26% |
-0,69% |
0,24% |
0,24% |
0,24% |
-0,92% |
-0,62% |
||
|
-18 |
-3,82% |
-0,83% |
-1,98% |
0,92% |
-1,74% |
0,03% |
-0,15% |
1,07% |
-0,29% |
1,32% |
0,50% |
-0,04% |
-0,42% |
||
|
-17 |
0,37% |
-1,02% |
0,11% |
-0,04% |
-0,98% |
0,03% |
-0,15% |
0,04% |
-1,60% |
-0,38% |
2,06% |
-0,04% |
-0,13% |
||
|
-16 |
-3,46% |
0,09% |
0,11% |
-0,04% |
0,12% |
2,67% |
-0,87% |
0,24% |
2,15% |
-0,78% |
0,39% |
-0,04% |
0,05% |
||
|
-15 |
0,51% |
-0,66% |
-1,63% |
-0,34% |
-0,32% |
2,39% |
-0,04% |
0,24% |
3,31% |
-0,32% |
-0,12% |
1,07% |
0,34% |
||
|
-14 |
0,83% |
-0,19% |
1,09% |
-0,79% |
0,60% |
0,68% |
-0,35% |
0,76% |
0,24% |
0,24% |
-0,29% |
-0,86% |
0,16% |
||
|
-13 |
-0,32% |
-0,19% |
1,75% |
1,19% |
-1,38% |
-0,19% |
-0,43% |
-0,10% |
0,24% |
0,24% |
0,24% |
0,07% |
0,09% |
||
|
-12 |
-0,32% |
0,34% |
-1,92% |
0,27% |
0,07% |
0,28% |
-0,57% |
0,79% |
0,24% |
0,24% |
0,24% |
0,06% |
-0,02% |
||
|
-11 |
3,55% |
0,58% |
0,77% |
-0,15% |
0,73% |
0,03% |
-0,15% |
-1,09% |
0,61% |
1,49% |
1,87% |
-0,04% |
0,68% |
||
|
-10 |
-1,55% |
0,90% |
0,11% |
-0,04% |
0,93% |
0,03% |
-0,15% |
-0,87% |
-0,37% |
0,97% |
-0,15% |
-0,04% |
-0,02% |
||
|
-9 |
-1,35% |
-1,18% |
0,11% |
-0,04% |
-1,14% |
0,66% |
-0,82% |
0,24% |
1,33% |
-2,15% |
0,73% |
-0,74% |
-0,36% |
||
|
-8 |
1,31% |
1,60% |
-0,19% |
-0,04% |
1,63% |
-0,59% |
-0,71% |
0,24% |
2,84% |
0,24% |
0,59% |
1,17% |
0,67% |
||
|
-7 |
-0,40% |
-0,19% |
1,07% |
0,80% |
-0,99% |
1,94% |
0,19% |
-0,48% |
-0,21% |
-0,79% |
-0,10% |
0,03% |
0,07% |
||
|
-6 |
-0,32% |
-0,19% |
-1,25% |
-4,17% |
3,98% |
-1,87% |
0,45% |
0,92% |
0,24% |
0,24% |
0,24% |
0,04% |
-0,14% |
||
|
-5 |
-0,32% |
-0,21% |
-1,42% |
-0,70% |
0,49% |
1,03% |
0,34% |
0,38% |
0,24% |
0,24% |
0,24% |
-0,56% |
-0,02% |
||
|
-4 |
-0,69% |
1,29% |
-1,23% |
0,28% |
1,01% |
0,03% |
-0,15% |
2,61% |
1,39% |
1,18% |
-1,34% |
-0,04% |
0,36% |
||
|
-3 |
-2,36% |
-0,17% |
0,11% |
-0,04% |
-0,13% |
0,03% |
-0,15% |
-0,20% |
-0,14% |
1,85% |
-0,03% |
-0,04% |
-0,10% |
||
|
-2 |
1,11% |
-0,64% |
0,11% |
-0,04% |
-0,61% |
0,03% |
-0,15% |
0,24% |
-1,70% |
0,22% |
-0,76% |
1,06% |
-0,09% |
||
|
-1 |
-1,39% |
-0,19% |
4,01% |
-0,32% |
0,13% |
-0,45% |
-0,49% |
0,24% |
0,43% |
-0,30% |
-1,76% |
0,42% |
0,03% |
0,03% |
|
|
0 |
0,99% |
-0,19% |
-1,18% |
0,30% |
-0,49% |
-0,08% |
0,48% |
-1,08% |
-0,32% |
-1,19% |
0,72% |
0,05% |
-0,17% |
-0,14% |
|
|
1 |
-0,32% |
-0,19% |
1,09% |
2,64% |
-2,83% |
1,54% |
-2,54% |
0,03% |
0,24% |
0,24% |
0,24% |
0,31% |
0,04% |
-0,10% |
|
|
2 |
-0,32% |
-0,05% |
-1,48% |
0,29% |
-0,34% |
0,90% |
0,18% |
-0,62% |
0,24% |
0,24% |
0,24% |
0,06% |
-0,06% |
-0,16% |
|
|
3 |
-1,49% |
0,05% |
-0,70% |
0,84% |
-0,78% |
0,03% |
-0,15% |
3,26% |
0,62% |
0,32% |
1,03% |
-0,04% |
0,25% |
0,09% |
|
|
4 |
4,38% |
0,94% |
0,11% |
-0,04% |
0,98% |
0,03% |
-0,15% |
1,61% |
0,46% |
-1,11% |
2,76% |
-0,04% |
0,83% |
0,92% |
|
|
5 |
-0,32% |
-0,85% |
0,11% |
-0,04% |
-0,82% |
1,53% |
0,53% |
0,24% |
0,97% |
1,09% |
-0,01% |
0,42% |
0,24% |
1,16% |
|
|
6 |
4,05% |
-0,21% |
0,11% |
0,01% |
-0,22% |
-0,80% |
3,80% |
0,24% |
-0,48% |
-0,41% |
2,60% |
0,21% |
0,74% |
1,90% |
|
|
7 |
-0,82% |
-0,19% |
0,11% |
-1,60% |
1,42% |
-0,99% |
3,45% |
1,39% |
0,23% |
2,18% |
2,19% |
0,41% |
0,65% |
2,55% |
|
|
8 |
-0,32% |
-0,19% |
-1,35% |
0,54% |
-0,73% |
-1,77% |
2,18% |
-0,03% |
0,24% |
0,24% |
0,24% |
0,60% |
-0,03% |
2,52% |
|
|
9 |
-0,32% |
-0,19% |
-1,18% |
-0,36% |
0,17% |
1,72% |
-0,31% |
1,14% |
0,24% |
0,24% |
0,24% |
1,03% |
0,20% |
2,72% |
|
|
10 |
-1,85% |
-0,21% |
-1,92% |
-0,80% |
0,59% |
0,03% |
-0,15% |
-0,41% |
0,62% |
-1,60% |
0,24% |
-0,04% |
-0,46% |
2,26% |
|
|
11 |
1,94% |
-0,15% |
0,11% |
-0,04% |
-0,12% |
0,03% |
-0,15% |
-0,55% |
-0,36% |
0,18% |
0,25% |
-0,04% |
0,09% |
2,35% |
|
|
12 |
-0,57% |
1,03% |
0,11% |
-0,04% |
1,06% |
0,99% |
-1,32% |
0,24% |
1,44% |
2,05% |
0,24% |
0,90% |
0,51% |
2,86% |
|
|
13 |
0,01% |
1,09% |
1,17% |
0,93% |
0,16% |
0,06% |
-0,19% |
0,24% |
1,63% |
4,86% |
0,69% |
0,49% |
0,93% |
3,79% |
|
|
14 |
2,26% |
-0,19% |
-1,27% |
2,15% |
-2,34% |
1,11% |
-1,32% |
0,46% |
0,94% |
5,30% |
0,24% |
-0,54% |
0,57% |
4,35% |
|
|
15 |
-0,32% |
-0,19% |
2,23% |
-1,75% |
1,56% |
1,06% |
0,10% |
-1,29% |
0,24% |
0,24% |
0,24% |
0,68% |
0,23% |
4,59% |
|
|
16 |
-0,32% |
-0,85% |
-1,86% |
-2,10% |
1,24% |
-0,16% |
-1,21% |
2,55% |
0,24% |
0,24% |
0,24% |
-0,81% |
-0,23% |
4,35% |
|
|
17 |
0,05% |
-2,14% |
1,61% |
1,98% |
-4,11% |
0,03% |
-0,15% |
-0,45% |
-0,43% |
0,07% |
1,34% |
-0,04% |
-0,19% |
4,17% |
|
|
18 |
0,27% |
5,91% |
0,11% |
-0,04% |
5,95% |
0,03% |
-0,15% |
-0,82% |
-1,56% |
-0,35% |
0,24% |
-0,04% |
0,80% |
4,96% |
|
|
19 |
-0,78% |
2,34% |
0,11% |
-0,04% |
2,38% |
1,39% |
0,91% |
0,24% |
-0,87% |
-0,81% |
-1,84% |
-0,37% |
0,22% |
5,18% |
|
|
20 |
0,82% |
0,61% |
-0,68% |
-0,39% |
1,01% |
-3,14% |
-0,65% |
0,24% |
0,24% |
0,15% |
-1,09% |
0,24% |
-0,22% |
4,96% |
|
|
21 |
2,97% |
-0,19% |
0,66% |
0,91% |
-1,10% |
-1,32% |
0,05% |
1,42% |
0,57% |
0,24% |
1,37% |
-0,13% |
0,45% |
5,42% |
|
|
22 |
-0,32% |
-0,19% |
0,89% |
-0,16% |
-0,03% |
-0,88% |
-0,72% |
2,91% |
0,24% |
0,24% |
0,24% |
-0,46% |
0,15% |
5,57% |
|
|
23 |
-0,32% |
-0,18% |
-1,77% |
0,69% |
-0,87% |
-1,10% |
-0,22% |
0,88% |
0,24% |
0,24% |
0,24% |
0,68% |
-0,13% |
5,44% |
|
|
24 |
-0,59% |
-0,22% |
-0,16% |
-1,53% |
1,31% |
0,03% |
-0,15% |
-0,41% |
0,24% |
4,47% |
0,65% |
-0,04% |
0,30% |
5,74% |
|
|
25 |
-5,47% |
-1,11% |
0,11% |
-0,04% |
-1,08% |
0,03% |
-0,15% |
1,47% |
0,24% |
-2,91% |
0,65% |
-0,04% |
-0,69% |
5,05% |
|
|
26 |
1,21% |
0,99% |
0,11% |
-0,04% |
1,02% |
-1,99% |
-0,27% |
0,24% |
1,04% |
-0,05% |
0,24% |
0,17% |
0,22% |
5,27% |
|
|
27 |
7,21% |
-1,05% |
4,60% |
0,13% |
-1,18% |
0,98% |
0,80% |
0,24% |
0,16% |
-1,87% |
-0,37% |
0,38% |
0,84% |
6,11% |
|
|
28 |
-1,00% |
-0,19% |
-0,84% |
0,73% |
-0,92% |
-1,49% |
-0,56% |
5,38% |
-1,17% |
0,48% |
-2,49% |
-0,79% |
-0,24% |
5,87% |
|
|
29 |
-0,32% |
-0,19% |
-0,07% |
0,15% |
-0,34% |
-2,27% |
0,54% |
-0,88% |
0,24% |
0,24% |
0,24% |
0,46% |
-0,18% |
5,69% |
|
|
30 |
-0,32% |
0,29% |
0,11% |
2,42% |
-2,13% |
2,33% |
0,34% |
0,61% |
0,24% |
0,24% |
0,24% |
9,20% |
1,13% |
6,82% |
Table 16. Calculations for the sample of new products.
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