Which of the following is the assumption behind efficient market hypothesis Price fluctuates independently from the public available information Price are controlled by the buyers and sellers on the market Price reacts to information, and information flow is random. Which of the following state is true? When a public traded company is a target of takeover, the share price usually gap up after the announcement. Market price movement is totally random, not related to macro economic condition or fiscal policy Stock price always gap up after quarterly earnings announcement Weak-from EMH Semi strons form EMH Strong-form EMH Strong-form efficiency would imply that both semi-strong and weak form efficiency hold. True False If a fund manager believes in strong-form efficient market hypothesis, he/she would actively manage the investment portfolio. True False