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The concept of market efficiency underpins almost all financial theory and decision models. when financial markets are efficient, the price of a security, such as

The concept of market efficiency underpins almost all financial theory and decision models. when financial markets are efficient, the price of a security, such as a share of a particular corporation's common stock - should be _________ (equal to or more than) the present value estimate of the firm's expected cash flows discounted by its appropriate rate of return.

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