Same question, but now we are asked whether it is possible to realize an abnormal return, based on publicly available information, consistently. This is not possible if markets are semi-strong form efficient. Technical analysis cannot be used to consistently beat the market, but combining historical stock data with other fundamental publicly available information can. Fundamental analysis cannot be used to consistently beat the market, but historical stock price data can. Both technical and fundamental analysis is useless in trying to consistently beat the market.
Inside information is useless to predict future stock prices e.
Both a. and b. 2. Suppose you notice that every time when firms with unexpectedly high earnings generate abnormally high returns for several months after the announcement of the earnings. Efficient markets in the semi-strong form. Efficient markets in the strong form. Inefficient markets only in the semi-strong and strong form e. Inefficient markets only in the weak and strong form.