单选题 An implication of the weak-form efficient market hypothesis (EMH) is: A. insider information is of no value for obtaining excess abnormal returns. B. that there should be no relationship between past price changes and future price changes. C. that technical analysts can make excess returns on filter rules but not runs rules.
【正确答案】 B
【答案解析】The implication of the weak-form EMH is that there should be no relationship between past price changes and future price changes. Results of runs tests and filter tests suggest that excess returns are not possible. Tests related to insider or private information are related to the strong-form EMH.