題組內容

8. 效率市場假說 (Efficient Market Hypothesis) (25 分) 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. 請回答以下問題：

(1) 根據上圖，請分別說明您覺得三種型式的效率市場(弱式、半強勢與強勢)成立或不成立？原因為何？(5分)