Semi-strong-form market efficiency suggests security prices will change when:

Question

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Semi-strong-form market efficiency implies that publicly available information is reflected in security prices, and unexpected earnings results would be new information that is not yet reflected in the current price. Thus, when unexpected earnings results are announced, the security prices are likely to change in response to this new information. The other choices, earnings results and cash flow results, are already publicly available information and should already be reflected in the price according to semi-strong-form market efficiency.

Semi-Strong-Form Market Efficiency Suggests Security Prices Will Change When