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While eating in an exclusive restaurant in Downtown Toronto, you overhear two executives negotiating a merger. When you check the news about the two companies

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While eating in an exclusive restaurant in Downtown Toronto, you overhear two executives negotiating a merger. When you check the news about the two companies after lunch you find there is no public information about any merger. You still buy shares of stock in both firms and make a whopping profit when the merger is announced publicly two days later. This is a violation of market efficiency. moral code of strong form semi-strong form weak form semi-weak form

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