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If securities markets are informationally efficient, then: a) Opportunities for risk-free arbitrage profits are essentially non-existent. b) Security prices react quickly and completely to new

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If securities markets are informationally efficient, then: a) Opportunities for risk-free arbitrage profits are essentially non-existent. b) Security prices react quickly and completely to new information. Active investment strategies will not consistently outperform passive strategies. d) Exactly two of a), b), and c) are correct. All of a), b), and c) are correct

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