One of the theories on the determination of, and change in the value of, shares and other securities is the random walk hypothesis. Which of the following statements in relation to the random walk hypothesis is correct?

Select one:

a.

The trend of new information into the market may be consistently good or consistently bad over time.

b.

If the price of a share rose in one period, there is a higher probability that it will rise again in the next period.

c.

Share price reflects the share's intrinsic value, based on the latest information set relevant to current and future prospects.

d.

The history of previous price movements contains valuable information on likely future price movements.