eventstudy2 AR for different event date

[Jing Xu Xu]

I am doing an event study using eventystudy2.

eventstudy2 symbol date using security_returns_$version,             ///
        eswlb(-210) eswub(-10)                                              ///
        car1LB(0) car1UB(1)  ///
        ret(return)  model(MA) marketfile(factor_returns_$version) marketreturn(MKT)

I ran the code for two event dates that are 3 month apart in two separately runs and received two arfile.dta files. The ARs in these two files are the same when ARs in both files are non-missing. Since the estimation windows are different for two dates, why are ARs the same?

[Jing Xu Xu]

I figured out why. Model (MA) is the market adjusted return, stock return - market return. I meant to use the market model model(FM).