QUESTION 3 Suppose that on March 31, 2017 firm XYZ announces its quarterly earnings as scheduled. Is the stock price reaction consistent with, or inconsistent with efficient markets? The Y-Axis shows the cumulative abnormal return from time = -30 onwards. The X-axis shows the time relative to the announcement day (t=0 is March 31, 2017). All options below that reference the Efficient Markets Hypothesis (EMH) concern the strong form of EMH. -30-27-24-21-18-15-12 -9 6 3 0 3 6 9 12 15 18 21 24 27 30 . The stock price reaction before the announcement (t=-30 to -1) AND after the announcement (t-1 to 30) are both consistent with the efficient markets hypothesis. The stock price reaction before the announcement (t=-30 to -1) is consistent with the strong form of market efficiency, while the stock price reaction after the announcement (t = 1 to 30) is inconsistent with the efficient markets hypothesis. The stock price reaction before the announcement (t=-30 to -1) is inconsistent with the strong form of market efficiency, while the stock price reaction after the announcement (t-1 to 30) is consistent with the efficient markets hypothesis. The stock price reaction before the announcement (t--30 to -1) AND after the announcement (t-1 to 30) are both inconsistent with the efficient markets hypothesis