Which of the Following Is NOT Correct About Market Efficiency

Multiple Choice

Which of the following is NOT correct about market efficiency?

A) The EMH says that actual capital markets, such as the TSX, are efficient.
B) Strong form efficiency says all information of any kind is reflected in stock prices.
C) Semi-strong form efficiency says all public and private information is reflected in stock prices.
D) Weak form efficiency says studying past prices in an attempt to identify mispriced stocks is futile.
E) The price a firm obtains when it sells its stock in an efficient market is a fair price, in the sense that the price reflects available information about the stock.