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A hundred years ago or so, companies did not compile annual reports. Even if you owned stock in a particular company, you were unlikely to

  1. A hundred years ago or so, companies did not compile annual reports. Even if you owned stock in a particular company, you were unlikely to be allowed to see the balance sheet and income statement for the company. Assuming the market is semi-strong-form efficient, what does this say about market efficiency then compared to now?

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