________ exists in a market where the price of a security reflects all information, whether it is publicly available or known only to insiders such as the firm's managers or directors.

Question

Quizplus · Accepted Answer

Strong-form efficiency is the highest level of market efficiency, where all information, including publicly available and insider information, is already reflected in the security's price. This means that investors cannot consistently earn abnormal returns, as any potential gains from insider information are already priced in.

________ Exists in a Market Where the Price of a Security