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this has to do with the announcement date i think Give brief but precise description of the graph you see below. Explain the graph's implication

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Give brief but precise description of the graph you see below. Explain the graph's implication concerning market efficiency. 36.000 22.000 20.000 000 000 CUMULATIVE AVERAGE RESIDUAL .. 6.00 -0.000 -12.000 -20 -28 ** DATS RELATIVE TO ANNOUNCEMENT DATE Figure 1. Cumulative Average Residuals-Market Model-Entire Sample Give brief but precise description of the graph you see below. Explain the graph's implication concerning market efficiency. 36.000 22.000 20.000 000 000 CUMULATIVE AVERAGE RESIDUAL .. 6.00 -0.000 -12.000 -20 -28 ** DATS RELATIVE TO ANNOUNCEMENT DATE Figure 1. Cumulative Average Residuals-Market Model-Entire Sample

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