The following graph shows the behaviour of average cumulative abnormal return for a sample of companies that announced negative earnings forecasts. It presents daily cumulative abnormal return for 21 days, from day -10 to day + 10 where day 0 is the earnings forecast announcement day. Cumulative abnormal return -10 0.005 -0.005 -0.01 -0.015 -0.02 5 -0.025 Day relative to announcement day I 10 15 Explain whether the behaviour of cumulative abnormal return in this graph is consistent with the efficient market hypothesis. If not, explain what behavioural bias/critique is reflected in the above graph.