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Take over: the cumulative average abnormal return of 20% announced eight days before. The average abnormal return today is 8%. the cumulative average abnormal return

Take over: the cumulative average abnormal return of 20% announced eight days before. The average abnormal return today is 8%. the cumulative average abnormal return of 12% announced after eight days. which one is correct?

market efficiency
unbiased reaction
overreaction
underreaction

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