Which of the following tests would indicate that markets are not semi-strong form efficient?\ Stock prices adjust fully at the announcement of a dividend.\ Insiders can make money by trading on private information.\ Stock returns are positive, on average.\ A mutual fund that does better than average this year has a

50%

chance of doing better than average next year.\ Individuals can make money by identifying patterns in stock returns.

Which of the following tests would indicate that markets are not semi-strong form efficient? Stock prices adjust fully at the announcement of a dividend. Insiders can make money by trading on private information. Stock returns are positive, on average. A mutual fund that does better than average this year has a 50% chance of doing better than average next year. Individuals can make money by identifying patterns in stock returns