You have collected a sample of listed companies that have announced no expected increase in their profits by an average of 20%. As a consequence of the good news, their share price is expected to increase on average in the sample by about 20%. In fact, their share price eventually rose 0.22% on the day announcement. At the end of 1 week has increased by a total of 6.8% and at the end of the 1st month after the announcement has increased by a total of 12.8% and at the end quarter by 19.2%. What conclusion can you draw in terms of effectiveness? of the market; What is one possible explanation for the investors' reaction to the announcement? of profits? What consequences would you foresee for arbitrageurs from these conditions market operation?