Question: 15. Some studies have attempted to determine whether it is possible to predict future returns for a stock based on publicly available quarterly earnings reports.

15. Some studies have attempted to determine whether it is possible to predict future returns for a stock based on publicly available quarterly earnings reports. The results of these studies indicate

a.

support for the semistrong-EMH.

b.

stock prices do not adjust if earnings reports are released in January.

c.

stock prices adjust if earnings reports are released in January.

d.

stock prices do not adjust to reflect quarterly earnings reports.

e.

stock prices adjust to reflect quarterly earnings reports.

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