Fama finds that most of the anomalies, found in academic research, are chance events, which suggests:

		conservatism
		semi-strong form efficient markets
		representativeness
		arbitrage

Based on the empirical evidence from several academic studies, managers appear to successfully engage in time the issuance of SEOs and share repurchase. If this stands the test of time, then this is evidence that:

		markets are weak-form efficient
		markets are strong form efficient
		markets are semi-strong form efficient
		markets are inefficient

On average, a company's stock price adjusts slowly to earnings announcements, which is an example of:

		weak form efficiency
		semi-strong form efficiency
		market inefficiency
		strong form efficiency

If the stock market is at least weak form efficient, then price changes

		should go up if the price went up the day before
		should follow patterns
		should allow investors to earn abnormal returns
		should be random

If market are efficient then the Royal Dutch and Shell 60-40 Price Ratio Deviations should equal:

		10%
		-10%
		5%
		0%

The earnings surprise anomaly is an example of:

		representativeness
		strong form efficiency
		weak form efficiency
		conservatism