单项选择题

Which of the following does NOT imply an informationally efficient market（）

A. Many profit-maximizing participants, each acting independently of the others, analyze and value securities.
B. The timing of one news announcement is independent of other news announcements.
C. A risk-free asset exists, and investors can borrow and lend an unlimited amount at the risk-free rate.

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单项选择题

The semi-strong form of the efficient market hypothesis (EMH) asserts that stock prices:（）

A. fully reflect all historical price information.
B. fully reflect all relevant information including insider information.
C. fully reflect all publicly available information.

单项选择题

Which of the following statements describes the overall conclusions regarding the weak-form of the efficient market hypothesis (EMH)（）

A. All evidence indicates that simple trading rules generate positive abnormal returns.
B. Stock exchange specialists using monopolistic information contained in the limit order book derive above average returns.
C. Most evidence indicates that after incorporating trading costs, simple trading rules do not generate positive abnormal profits.