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It is observed that new drug discoveries by pharma firms are not reported immediately to the public, but rather after a period of a few

It is observed that new drug discoveries by pharma firms are not reported immediately to the public, but rather after a period of a few months. The stock prices increase do not increase when the discoveries are made, but rather only after they have been publicly announced. This is a violation of the

weak form of EMH.

semi-strong form of EMH.

strong form of EMH.

none of the above.

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