0 O O O O O O O O O 10. When a publicly held firm sells additional shares, it does so in the secondary market. 11. If a firm sells stock worth $9 million, it must file with the SEC. 12. It is fair to expect a firm's number of authorized shares to be less than its number of outstanding shares. 13. Operational efficiency refers to how quickly information is reflected in stock prices. 14. Most researchers believe that the stock market is semi-strong form efficient. 15. The New York Stock Exchange is part of the primary market. 16. If a stock pays a $2 dividend forever and investors want a 20% return, the stock's price $10. 18. If dividends were $5 in 2015 and $6 in 2020, the dividend growth > 5%. o 0 0 O o 0 0 O