Statistically insignificant serial correlation suggests that the market is at least:

semi-strong form efficient

weak form efficient

strong form efficient

moderately efficient

Asset price bubbles are likely the result of investors':

conservatism

strong form efficiency

representativeness

arbitrage

Fama finds that most of the anomalies, found in academic research, are chance events, which suggests:

representativeness

arbitrage

semi-strong form efficient markets

conservatism

The idea that prices should reflect all publicly available information is known as:

market inefficiency

semi-strong form efficiency

strong form efficiency

weak form efficiency

On average, a company's stock price adjusts slowly to earnings announcements, which is an example of:

weak form efficiency

market inefficiency

strong form efficiency

semi-strong form efficiency

If market are efficient then the Royal Dutch and Shell 60-40 Price Ratio Deviations should equal:

5%

0%

-10%

10%