Cumulative abnormal returns

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Cumulative Abnormal Returns A study analyzed the behavior of the stock prices of firms that had lost antitrust cases. Included in the diagram are all firms that lost the initial court decision, even if the decision was later overturned on appeal. The event at Time 0 is the initial, pre-appeal court decision.

Assume no other information was released, aside from that disclosed in the initial trial. The stock prices all have a beta of 1. Is the diagram consistent with market efficiency? Why or why not?

Reference no: EM132099595

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