The following diagram shows the CARs for 386 oil exploration companies announcing oil discoveries between 1950 and
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15% - 10% - 0 0% 4 2 -5%し Time in months relative to event month
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The diagram does not support the efficient markets hypothesis The CAR should rema...View the full answer
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Corporate Finance
ISBN: 978-0071339575
7th Canadian Edition
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Gordon Ro
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