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The following plot depicts cumulative abnormal returns over 36 months following an announcement for firms that initiated a new dividend and for firms that omitted a planned dividend (initiations and omissions occurred in month O). BRIEFLY discuss whether this evidence supports the efficient market hypothesis. 04 Dividend initiations Dividend om issions Mean Buy-and-Hold Abnomal Retum IN Months Reloc endar Month End Date olin tauon/Omission The following plot depicts cumulative abnormal returns over 36 months following an announcement for firms that initiated a new dividend and for firms that omitted a planned dividend (initiations and omissions occurred in month O). BRIEFLY discuss whether this evidence supports the efficient market hypothesis. 04 Dividend initiations Dividend om issions Mean Buy-and-Hold Abnomal Retum IN Months Reloc endar Month End Date olin tauon/Omission