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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

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 income for the company. Assuming the market is semistrong form efficent, what does this say about market efficenct then comparted to now?

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