Capital market studies investigating the impact of accounting information on share prices assume that share markets are semi-strong efficient

Required:

(a) What does semi-strong efficiency mean?

(b) Contrast semi-strong efficiency with (i) weak form efficiency and (ii) strong form efficiency. Are they mutually exclusive concepts?

(c) What are the main implications of assuming semi-strong efficiency in capital market studies of accounting information?

(d) In a semi-strong efficient market, would you expect the price reaction to new information about a firm to be impounded into prices over the months following its announcement? Why or why not?