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Which of the following is an implication of efficient capital markets? It is difficult for investors to obtain consistently superior performance All securities are fairly

Which of the following is an implication of efficient capital markets?

It is difficult for investors to obtain consistently superior performance

All securities are fairly priced given the information available

The sale of securities at their market price can never be a positive-NPV transaction

Security prices follow a random walk

All of the answers are correct.

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