ABC Ltd. announced its annual earnings on day 0, which was higher than the analyst- forecasted earnings. The total abnormal return of ABC Ltd. over the 5-day window (-2, +2) surrounding the earnings announcement was positive. In the absence of any new firm-specific information following the earnings announcement, a negative total abnormal return for ABC was observed over the period of day +3 to +60.

Explain whether this time pattern of abnormal return is consistent with market efficiency. If not, provide possible explanations for such a price behavior.