Give brief but precise description of the graph you see below. Explain the graphs implication concerning market efficiency.

36.000 32.000 28.000 24.000 20.000 16.000 12.000 CUMULATIVE AVERAGE RESIDUAL 8.000 4.000 0.000 - 4.000 8.000 -12.000 -16.000 - 135 -120 -105 -90 -60 -45 -30 -15 15 30 -75 DAYS RELATIVE TO ANNOUNCEMENT DATE Figure 1. Cumulative Average Residuals-Market Model-Entire Sample 36.000 32.000 28.000 24.000 20.000 16.000 12.000 CUMULATIVE AVERAGE RESIDUAL 8.000 4.000 0.000 - 4.000 8.000 -12.000 -16.000 - 135 -120 -105 -90 -60 -45 -30 -15 15 30 -75 DAYS RELATIVE TO ANNOUNCEMENT DATE Figure 1. Cumulative Average Residuals-Market Model-Entire Sample