A researcher shows that stock prices reflect all available information, including "insider information" known only to corporate managers. This indicates that the efficient markets hypothesis has passed the test of

Question

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The fact that stock prices reflect all available information, including insider information which is known only to corporate managers indicates that the efficient markets hypothesis has passed the test of strong-form efficiency. This implies that all public and private information, including insider information, that could impact stock prices is reflected in the current market price.

A Researcher Shows That Stock Prices Reflect All Available Information