13.21 Suppose the market is semistrong-form efficient. Can you expect to earn excess returns if you make

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13.21 Suppose the market is semistrong-form efficient. Can you expect to earn excess returns if you make trades based on:

a. Your broker’s information about record earnings for a stock?

b. Rumors about a merger of a firm?

c. Yesterday’s announcement of a successful test of a new product?

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