Table 1 shows cumulative average abnormal returns (CAARs) before and after the event months (which is month 0) and in two sub-periods(2000-2007 and 2008-2014).

Can someone explain to me how to see why the data show that the efficient market hypothesis is being contradicted? As I understand it is based on an underreaction and overreaction to the market, but how can I interpret the table to see that the EMH is contradicted?

 

Table 1: CAARs (in %) surrounding large price changes window (months) -3 to -1 1 to 6 1 to 12 1 to 24 price increases 2000-2007 2.04* 3.59* 12.33* 21.39* price decreases 2008-2014 2000-2007 2008-2014 -3.37* -0.24 0.98 1.44 1.92 9.84* 15.42* 23.70* * means significantly different from 0 1.38 12.47* 12.31* 15.36*