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Tests of market efficiency have focused on A. the mean variance efficiency of the selected market proxy . B. strategies that would have provided superior

Tests of market efficiency have focused on

A. the mean variance efficiency of the selected market proxy

. B. strategies that would have provided superior risk adjusted returns.

C. results of actual investments of professional managers.

D. strategies that would have provided superior risk adjusted returns and results of actual investments of professional managers. E. the mean variance efficiency of the selected market proxy and strategies that would have provided superior risk adjusted returns.

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