IAI CM2 Practice Questions - IAI Subject CM2 Financial Engineering And Loss Reserving Exam

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An empirical study finds that share prices fully and instantaneously incorporate the information in published annual reports, so no trading rule based on those reports earns abnormal returns. This evidence is most directly consistent with which form of market efficiency?

Weak form only Semi-strong form Strong form only No form of efficiency

Correct Answer:

Semi-strong form

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