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3. Stock Price -30 -20 -10 0 +10 +20 +30 Days before (-) and after (+) announcement Efficient market response to “good news” Overreaction to “good news” with reversion Delayed response to “good news”
4. Stock Price -30 -20 -10 0 +10 +20 +30 Days before (-) and after (+) announcement Efficient market response to “bad news” Overreaction to “bad news” with reversion Delayed response to “bad news”
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9. All information relevant to a stock Information set of publicly available information Information set of past prices
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Editor's Notes
Market efficiency is a funny thing: Markets are efficient precisely because there are lots of well-paid, well-financed, and smart security analysts who don’t believe that the markets are efficient…and their actions make the market efficient!
Stock prices following a random walk is not the same thing as stock prices having random returns.
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