Tests of Market Efficiency Have Focused on

Multiple Choice

Tests of market efficiency have focused on

A) the mean-variance efficiency of the selected market proxy.
B) strategies that would have provided superior risk-adjusted returns.
C) results of actual investments of professional managers.
D) strategies that would have provided superior risk-adjusted returns and results of actual investments of professional managers.
E) the mean-variance efficiency of the selected market proxy and strategies that would have provided superior risk-adjusted returns.