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Which of the following are arguments that favor the efficient market hypothesis? I. Stock prices immediately react to unexpected information II. New information spreads rapidly

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Which of the following are arguments that favor the efficient market hypothesis? I. Stock prices immediately react to unexpected information II. New information spreads rapidly III. Market prices randomly fluctuate as information is incorporated IV. Certain investors can constantly earn abnormal returns using public information. Multiple Choice III and IV only II and III only

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