8. (9 points) On September 18th, 2015, the Environmental Protection Agency publicly notified Volkswagen that the firm was in violation of the Clean Air Act because Volkswagen had been putting devices in their diesel vehicles that were designed to decrease the amount of emissions when the vehicles were being tested for emissions. The result was that Volkswagen would need to recall all the vehicles (going back to at least 2009) that were sold in the US and could be charged with a fine of $37,500 per vehicle sold in the US since the beginning of 2009. Following is the stock chart from that period. 2011 010-2015 Volkswagen AG OTRA VE ) - Su g en 227.00 25.20 1 92.16 Clone 116.15 Avg 165.69 The arrow in the picture is pointing to September 18th, when the announcement was made. Between September 18th, and September 22nd, the price of Volkswagen stock dropped from $162.40 to $106. The market capitalization fell from 76.95 billion to 51.96 billion-a 32.47% drop in the market value of Volkswagen. Please note: September 19th and 20th were a weekend. Based on the information provided and the graph above, do the results indicate that the market is strong form efficient? Do the results indicate that the market is semi-strong form efficient? Explain your answers by discussing the speed and degree to which the stock price reacted to the news. ish (United States) Focus