单选题

Which of the following inferences concerning market efficiency is most accurate?

A、 Exploitable over- and under-reactions often occur in efficient markets.
B、 Market pricing anomalies and behavioral biases are contrary to the existence of market efficiency.
C、 If a market is semi-strong-form efficient, neither technicians nor fundamental analysts can expect to consistently earn abnormal returns.

【正确答案】 C

【答案解析】

C is correct. If securities markets are semi-strong-form efficient, active trading to exploit price patterns or public information is not likely to generate abnormal returns. Thus, both technical and fundamental analyses become futile exercises.