24

All of the following conditions must occur for a market to be considered efficient EXCEPT:

Select one:

a. Information is generated in a specific way such that announcements are basically dependent on each other.

b. Investors react quickly and fully to the new information, causing stock prices to adjust accordingly.

c. There are a large number of rational, profit-maximising investors who actively participate in the market.

d. Information is costless and widely available to market participants at approximately the same time.