Which of the following has not been involved in a direct test of the semi-strong form of the efficient market hypothesis? A) Stock splits B) New Issues C) Exchange listing D) Accounting changes E) NYSE Specialists' returns

Question

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NYSE Specialists' returns have not been directly tested for the semi-strong form of the efficient market hypothesis. However, stock splits, new issues, exchange listings, and accounting changes have all been directly tested for their impact on stock prices and whether that information is already reflected in the stock price in an efficient market.

Which of the Following Has not Been Involved in a Direct