Which of the following statements about semi-strong market efficiency is general

Question

Which of the following statements about semi-strong market efficiency is generally true? It is easy to forecast the direction of future security price changes in the short run Average investors can use publically available information to earn extra returns Aside from legal and ethical constraints, corporate CEOs can use inside information to earn excess returns Security prices in less efficient markets will more rapidly reflect new information Security analysts can use publicly available information to earn excess return

Explanation / Answer

Aside from legal and ethical constraints, corporate CEOs can use inside information to earn excess returns

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