You have observed apparent, yet odd, increases in stock prices when companies have spun-off divisions. You have just collected the data on 50 such events. The average beta (market value weighted) is 1 for this group. For simplicity, we assume that the risk-free rate is zero. a. Fill in the table below to examine the market adjusted average abnormal returns (AAR) and cumulative average abnormal returns (CAAR). [2 marks] b. Using your answer in (a), discuss whether the market is semi-strong form efficient. [3 marks] \begin{tabular}{|l|c|c|c|c|c|c|c|c|c|} \hline Day & 4 & 3 & 2 & 1 & 0 & 1 & 2 & 3 & 4 \\ \hline Average Sample & 0.027 & 0.014 & 0.140 & 0.150 & 0.520 & 0.090 & 0.111 & 0.012 & 0.055 \\ \hlineRt & & & & & & & & & \\ \hlineE(Rt) & & & & & & & & & \\ \hline AAR Rt & & & & & & & & & \\ \hline CAAR \\ \hline \end{tabular}