Table 1 shows cumulative average abnormal returns (CAARs) before and after the event months (which is month
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Table 1 shows cumulative average abnormal returns (CAARs) before and after the event months (which is month 0) and in two sub-periods(2000-2007 and 2008-2014).
Can someone explain to me how to see why the data show that the efficient market hypothesis is being contradicted? As I understand it is based on an underreaction and overreaction to the market, but how can I interpret the table to see that the EMH is contradicted?
Related Book For
Investments
ISBN: 978-0071338875
8th Canadian Edition
Authors: Zvi Bodie, Alex Kane, Alan Marcus, Stylianos Perrakis, Peter
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