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6. Suppose we observe the following graph related to price movement around merger and acquisition announcement. Explain whether the market is efficient or inefficient? What

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6. Suppose we observe the following graph related to price movement around merger and acquisition announcement. Explain whether the market is efficient or inefficient? What form of efficiency do we discuss? Weak, semi-strong, or strong form? Explain! 25 20 15 10 5 0 9 . 11 -5 -10 Merger and Acquisition

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