单选题 Which of the following is NOT an assumption behind efficient capital markets? A. New information occurs randomly, and the timing of announcements is independent of one another. B. Market participants correctly adjust prices to reflect new information. C. Return expectations implicitly include risk.

【正确答案】 B

【答案解析】The set of assumptions that imply an efficient capital market includes: There exists a large number of profit-maximizing market participants. New information occurs randomly. Market participants adjust their price expectations rapidly (trot not necessarily correctly). Return expectations implicitly include risk.