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Problem 10 Page 192 10. Suppose Figure 5.3 that the stock prices of the target firms in acquisitions responded to acquisition announcements over a three-day period rather than almost instantly. a. Would you describe such an acquisition market as efficient? Why or why not? b. Can you think of any trading strategy to take advantages= of the delayed price response c. If you and many more others pursued this trading strategy, what would happen to the price response to acquisition announcements? d. Some argue that market inefficiencies contain the seeds of their own destruction. In what ways does you answer to this problem illustrate the logic of this statement, if at all?