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David Farrington is an analyst at Farrington Capital Management. He is aware that many people believe that the capital markets are fully efficient. However, he is not convinced and would like to disprove this claim. Which of the following statements would support Farrington in his effort to demonstrate the limitations to fully efficient markets? A. Processing new information entails costs and takes at least some time, so security prices are not always immediately affected. B. Stock prices adjust to their new efficient levels within hours of the release of new information. C. Technical analysis has been rendered useless by many academics who have shown that analyzing market trends, past volume and trading data will not lead to abnormal returns. |