Abstract
Market e¦ciency survives the challenge from the literature on long-term return anomalies. Consistent with the market e¦ciency hypothesis that the anomalies are chance results, apparent overreaction to information is about as common as underreaction, and post-event continuation of pre-event abnormal returns is about as frequent as
post-event reversal. Most important, consistent with the market e¦ciency prediction that apparent anomalies can be due to methodology, most long-term return anomalies tend to disappear with reasonable changes in technique.

Keywords: Market e¦ciency; Behavioral Þnance