Which One of the Following Best Describes the Current Understanding

Multiple Choice

Which one of the following best describes the current understanding of market efficiency?

A) The market tends to overreact to new information in a manner which can be used to earn abnormal returns.
B) Markets under-react to unanticipated events in a manner which can be used to earn excess returns.
C) The market appears to be highly inefficient.
D) Short-term market movements are difficult, if not impossible, to predict accurately.
E) Markets tend to react slowly to unanticipated announcements.