Two event studies were performed and the results are presented below. The graphs display Cumulative Abnormal Returns (CARs) from before the event to after the event. - Which figure (left or right) is consistent with semi-strong efficient markets? (assume the correct model of expected returns is used) - Now, what if the incorrect model of expected returns is used? Can we conclude anything about efficient markets from either figure? Your responses should be approximately 3 sentences in total