ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Please explain how three forms of EMH can be explained by this graph respectively, and why?

Cumulative Abnormal Return (%)
36
32
28
24
20
16
12
8
4
O
-4
-8
-12
-16
Indent Less
30 -15
-60 -45 -30 -15
60 -45
Days Relative to Announcement Date
-135-120-105 -90-75
90-75
O
15
30
Transcribed Image Text:Cumulative Abnormal Return (%) 36 32 28 24 20 16 12 8 4 O -4 -8 -12 -16 Indent Less 30 -15 -60 -45 -30 -15 60 -45 Days Relative to Announcement Date -135-120-105 -90-75 90-75 O 15 30
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