单选题
Which of the following tests are NOT used to examine the weak form of
the efficient market hypothesis? Those that examine:
A. whether security returns are independent over time.
B. a security's return relative to the market return.
C. whether excess returns can be obtained from using mechanical trading
rules.
【正确答案】
B
【答案解析】Early tests for the semi-strong form of the efficient market hypothesis EMH) examine security performance relative to the market return. Weak-form EMH tests include auto correlation, run, and trading rule tests.