題組內容

3. 效率市場假說(Efficient Market Hypothesis)

(1) The graph below shows the abnormal return on a sample of nearly 17,000 firms that were targets of takeover attempts, compared with that of the market. The prices of target stocks jump up dramatically on the announcement day. 根據前述說明，請說明您覺得此圖顯示出何種型式的效率市場(弱式、半強勢與強勢)成立？原因為何？(10分)