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Cumulative abnormal returns the following diagram shows the

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Cumulative Abnormal Returns The following diagram shows the cumulative abnormal returns (CAR) 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 equity market as a whole does not move. Is the diagram consistent with market efficiency? Why or why not?

Reference no: EM13379738

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