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You found that changes in an index fund occur within weeks of specific macroeconomic announcements (i.e. good news are followed by a slow increase in

You found that changes in an index fund occur within weeks of specific macroeconomic announcements (i.e. good news are followed by a slow increase in the funds price, while bad news are followed by slow decreases in price). Is this market efficient? What forms of market efficiency are violated?

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