单选题 Which of the following would provide evidence against the semi-strong form of the efficient market theory?

A. Low P/E stocks tend to have positive abnormal returns over the long run.
B. Trend analysis is worthless in determining stock prices.
C. All investors have learned to exploit signals related to future performance.

【正确答案】 A

【答案解析】P/E information is publicly available information and therefore this test relates to the semistrong-form EMH. Trend analysis is based on historical information and therefore relates to the weak-form EMH. If all investors exploit the same information no excess returns are possible.