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Suppose stock prices do not reflect the private information owned by the financial market regulator. But stock prices fully reflect all publicly available information. According

Suppose stock prices do not reflect the private information owned by the financial market regulator. But stock prices fully reflect all publicly available information. According to the Efficient Market Hypothesis (EMH), explain whether the market efficiency is weak-form efficiency, semi-strong-form efficiency, or strong-form efficiency. (3 marks)

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