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B9. After the mid-semester test, we learned both that stock prices are mostly informationally efficient and we also learned that stock returns are predictable at
B9. After the mid-semester test, we learned both that stock prices are mostly informationally efficient and we also learned that stock returns are predictable at long horizons. If stock prices are strong-form efficient, can they be predictable? If yes, why. If no, why not? [5 marks]
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