$3-$ Market Efficiency

LEARNING OBJECTIVE: Differentiate between the different versions of the Efficient Market Hypothesis.

Which of the following is a tenet of strong$-$form efficiency?

a$.)$ The prices of securities reflect all known past information, but do not account for present information.

b$.)$ Technical analysis techniques are sometimes able to produce excess returns

c$)$ No person can generate excess returns because all information, whether public or private, is accounted for in a stock's price.

d$)$ Individual investors can "beat" the market if they gain access to private information.