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Please explain how three forms of EMH can be explained by this graph respectively, and why? 36 32 5 28 E 24 a2O 12 -8

Please explain how three forms of EMH can be explained by this graph respectively, and why?

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36 32 5 28 E 24 a2O 12 -8 -12 -135-120-105-90-75 604530 -15 O 15 3O Days Relative to Announcement Date FIGUURE 11.1 Cumulative abnormal returns before take- over attempts: Target companies Source: Arthur Keown and John Pinkerton, "Merger Announcements and Insider Trading Activity," Journal of Finance 36 (September 1981). Reprinted by permission of the publisher, Blackwell Publishing, Inc 2

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