8. Forms of Efficient Markets. Supply the missing words from the following list: fundamental, semistrong, strong, technical, weak. (LO5) form of the There are three forms of the efficient market theory. Tests that have found there are no pat- terns in share price changes provide evidence for the. form of the theory. Evi- dence for the form of the theory is provided by tests that look at how rapidly markets respond to new public information, and evidence for the theory is provided by tests that look at the performance of professionally managed portfolios. Market efficiency results from competition between investors. Many investors search for infor- mation about the company's business that would help them to value the stock more accurately. This is known as analysis. Such research helps to ensure that prices reflect all available information. Other investors study past stock prices for recurrent patterns that would allow them to make superior profits. This is known as. analysis. Such research helps to eliminate any patterns.