A researcher who concludes that a market is not semi-strong form efficient will be most likely to also conclude that the market:
A. is not weak-form efficient
B. is not strong-form efficient
C. may be strong-form efficient
Answer and explain, thank you!
Are you reading the sections in the book?? This is explained literally everywhere. Answer is B.
Prices in strong markets reflects all information: historical, public, and private data.
Prices in semi- strong reflects historical information and public information.
Prices in weak-form markets include only past data.
So if markets are semi-strong, it means they don’t even reflect public data. So anything stronger than semi-strong (which is strong) would not uphold (or be efficient).