21) The semi-strong form of the Efficient Market Hypothesis states that prices reflect: All historic and currently public information All historic information Yesterday's closing price All historic information, all currently public information and all non-public information 19) Which of the following is NOT a characteristic of public debt: The rate of interest payable may vary based on an agreed benchmark such as LIBOR The firm is required to pay a "coupon" rate of interest The market price of the debt is influefed by current market interest rates The firm is required to pay back the "par value" upon maturity