The following diagram shows the CARs for 386 oil exploration companies announcing oil discoveries between 1950 and 1980. Month 0 in the diagram is the announcement month. Assume that no other information is received and the stock market as a whole does not move. Is the diagram consistent with market efficiency? Why or why not?

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15% - 10% - 0 0% 4 2 -5%し Time in months relative to event month