Question: Equity analysts work to create research reports that use financial statement data, industry data, and macroeconomic data to determine whether they recommend clients buy or

Equity analysts work to create research reports that use financial statement data, industry data, and macroeconomic data to determine whether they recommend clients buy or sell a particular stock. Under which form(s) of the Efficient Market Hypothesis would this activity NOT be expected to be useful (i.e. help clients pick the correct stocks)?

a. Strong

b. None of the other choices is correct

c. Weak, semi-strong and strong

d. Semi-strong and strong

e. Weak and semi-strong

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