You believe that stock prices reflect all information that can be derived by public information such as the financial statements or earnings announcement, but you do not believe stock prices reflect inside information. You are a proponent of the _____. A. weak-form EMH B. semi-strong form EMH C. strong-form EMH D. none of the above Inefficient market advocates argue that _____. A. prices already reflect all past information B. prices already reflect all public information C. prices already reflect all private information D. None of the above According to the EMH proponents, random walk is believed to be _____. A. a consequence of investors' irrational behaviors B. an example of limits to arbitrage C. an example of market efficiency D. a consequence of a passive strategy According to the inefficient market advocates, the pattern on size portfolio returns is believed to be _____. A. a consequence of investors' irrational behaviors B. an example of limits to arbitrage C. an example of market efficiency D. a consequence of a passive strategy Fundamental analysis users may believe that _____. A. prices already reflect all past information B. prices already reflect all public information C. prices already reflect all private information D. Both A and B