121. The random walk hypothesis posits that:A. historical returns follow a random walk.B. historical prices follow a random walk.C. firm size follows a random walk.D. short-run investment returns are inherently unpredictable. AnswerD. short-run investment returns are inherently unpredictable. 122. Positive abnormal returns for corporate insiders constitute a violation of:A. weak form efficiency.B. semi-strong form efficiency.C….
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