The following figures present the results of four cumulative-average-residual studies conducted to test the semistrong form of the efficient-market hypothesis. Indicate in each case whether the results of the study support, reject, or are inconclusive about the hypothesis. In each figure, time 0 is the date of an event.

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A B CAR, CAR, CAR, 0 Time 0 Time CAR, 0 Time 0 Time C D