Please explain three forms of Efficient Market Hypotheses. On following graph, from -135 to -30 days, which form of EMH holds true, why? From -30 to 0 days, which form of EMH holds true, why? From 0 to 30 days, which form of EMH holds true, why?

36 32 28 24 20 16 12 Cumulative Abnormal Return (%) NOAO AON O 8 -12 -16 -135-120-105 90 -75 6045 30 -15 15 30 Days Relative to Announcement Date FIGURE 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. 36 32 28 24 20 16 12 Cumulative Abnormal Return (%) NOAO AON O 8 -12 -16 -135-120-105 90 -75 6045 30 -15 15 30 Days Relative to Announcement Date FIGURE 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