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Corporate Financing Decisions and Efficient Capital Markets - page 4 / 28

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Stock PriceOverreaction and reversion

Early

response

Delayed response

Efficient market response to new information

Days before (–) and after(+) announcement

                              Public announcement  day

Reaction of Stock Price to New Information in Efficient and Inefficient Markets

–30      –20      –10  0        +10       +20       +30

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