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2. Market efficiency, evidence a. What do we know about the response of the target's stock price in response to a takeover announcement? What do we conclude about semi-strong and strong form market efficiency? b. What is the small firm or size effect? In what month has the effect strongest historically? c. What do we know about the returns of high and low book-to-market stocks? d. If we sort stocks on earnings surprises what pattern in abnormal returns do we observe right around the earnings announcement? What pattern in abnormal returns do we observe after the earnings announcement? e. What is the momentum anomaly? 2. Market efficiency, evidence a. What do we know about the response of the target's stock price in response to a takeover announcement? What do we conclude about semi-strong and strong form market efficiency? b. What is the small firm or size effect? In what month has the effect strongest historically? c. What do we know about the returns of high and low book-to-market stocks? d. If we sort stocks on earnings surprises what pattern in abnormal returns do we observe right around the earnings announcement? What pattern in abnormal returns do we observe after the earnings announcement? e. What is the momentum anomaly