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Answer (A) is correct . The efficient markets hypothesis (EMH) states that current stock prices immediately and fully reflect all relevant information. Hence, the market is continuously adjusting to new information and acting to correct pricing errors. Thus, the price of a security, which reflects an assessment of future cash flows, must equal the present value of those flows (NPV = 0) if the security is accurately priced. Furthermore, if all securities are accurately priced, every security has an NPV of $0, and all securities are therefore perfect substitutes.

Answer (B) is incorrect because Price adjustments are instantaneous under the EMH.
Answer (C) is incorrect because Securities prices are always in equilibrium under the EMH, i.e., no abnormal profit with public information.
Answer (D) is incorrect because The EMH states that securities prices are, rather than are not, the best benchmark of corporate financial decisions.