1. Information reflected in security prices in a semi-strong form market most likely include:

A) Private information regarding the merger of industry leaders

B) Dividend information contained in the board of director announcement

C) Stock prices during the previous week

D) Board of director election results one week after the election

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2. Which is least accurate regarding stock market anomalies?

A) Low price to book value firms tend to outperform firms with high price to book values

B) Anomalies tend to refute the efficient markets hypothesis

C) Firms that have a relatively low number of analysts following them tend to outperform

D) The lowest dividend yielding Dow firms outperform the Dow Index

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3. A characteristic of behavioral finance least likely includes an investor that:

A) Takes shortcuts when making allocation decisions

B) Fails to completely process new information

C) Has emotional biases

D) Is risk averse