单选题 Which of the following does NOT imply an informationally efficient market?

A. Many profit-maximizing participants, each acting independently of the others, analyze and value securities.
B. The timing of one news announcement is independent of other news announcements.
C. A risk-free asset exists, and investors can borrow and lend an unlimited amount at the risk-free rate.

【正确答案】 C

【答案解析】The assumption that investors can borrow and lend an unlimited amount of money at the risk-free rate does not imply informationally efficient markets. Unlimited lending and borrowing at the risk-free rare is an assumption of capital market theory which is an LOS, but not for this study session and not in the context of EMH.