“Zippy Computers announced strong fourth quarter results. Sales and earnings were both above analysts? expectations. You notice in the newspaper that Zippy?s stock price went up sharply on the day of the announcement. If no other information about Zippy became public on the day of the announcement and the overall market was down, is this evidence of market efficiency?”
Fundamentals of Corporate Finance, 4th Edition
Robert Parrino, David S. Kidwell, Thomas Bates, Stuart L. Gillan
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