Give brief but precise description of the graph you see below. What does the graph imply about the efficiency of the stock market? PLEASE REFER TO LECTURE NOTE 1 VIDEOS CUMULATIVE AVERAGE RESIDUAL 36.000 32.000 28.000- 24.000 20.000 16.000 12.000 8.000 4.000 0.000 -4.000 -8.000- -12.000 -16.000 -135 -120 -105 DAYS RELATIVE TO ANNOUNCEMENT DATE Figure 1. Cumulative Average Residuals-Market Model-Entire Sample -90 -15 15