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3. Suppose the market is semi-strong form efficient. Can you expect to earn excess returns if you make trades based on: a. Your brokers information

3. Suppose the market is semi-strong form efficient. Can you expect to earn excess returns if you make trades based on: a. Your brokers information about record earnings for a stock? Explain. b. Rumors about a merger of a firm? Explain. c. Yesterdays announcement of a successful new product test? Explain.

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