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Market Ffficienrv a . Refer to the attached figure and assume the market is semistrong - form efficient. What was the price of SPB '

Market Ffficienrv
a. Refer to the attached figure and assume the market is semistrong-form efficient. What was the price of SPB's stock at 9:30 a.m.?
The price of SPB's stock at 9:30 a.m. was $
(Round the final answer to the nearest cent. Round all intermediate values to six decimal places as needed.)
information is incorporated very quickly into stock prices, is often
called semistrong-form market efficiency. The term "semistrong" indicates that
it is not as complete as strong-form market efficiency, where prices
immediately incorporate all information, including private information known,
for example, only to managers. Finally, the term "weak-form market efficiency"
means that only the history of past prices is already reflected in the stock price.
It helps to think of the different forms of market efficiency as meaning that
prices incorporate a steadily increasing set of information and that each of
these forms encompasses all the lower forms. For example, since the history
of past prices is public information, semistrong-form efficiency
encompasses weak-form. The diagram illustrates the idea. In the diagram, the
information sets of weak-form, semistrong-form, and strong-form efficiency are
represented by the blue, green, and yellow circles, respectively.
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