单选题 Which of the following efficient markets studies suggests that securities markets are semistrong-form efficient?

A、

A. Small-firm effect.
B、

B. Short-term stock splits.
C、

C. Neglected-firm effect.

【正确答案】 B

【答案解析】Results of empirical tests suggest that there are no short-run or long-run impacts on security returns due to stock splits. This supports the semi-strong-form EMH. Evidence of excess returns has been found for calendar effects, small firms and neglected firms.