The research finding that does not undermine the assumption of capital markets efficiency is:

Question

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Trading on private accounting information to earn abnormal returns undermines the assumption of market efficiency because it suggests that not all available information is reflected in stock prices. However, if abnormal returns can be earned through public accounting information, it implies that the market is not fully efficient in incorporating publicly available information into stock prices. Choices B, C, and D all indicate inefficiencies in how information is processed and reflected in stock prices, thus undermining the assumption of capital market efficiency.

The Research Finding That Does Not Undermine the Assumption of Capital