NO.PZ2015122802000090
问题如下：
With respect to efficient markets, a company whose share price changes gradually after the public release of its annual report most likely indicates that the market where the company trades is:
选项：
A.
semi-strong-form efficient.
B.
subject to behavioral biases.
C.
receiving additional information about the company.
解释：
C is correct.
If markets are efficient, the information from the annual report is reflected in the stock prices; therefore, the gradual changes must be from the release of additional information.
考点：Efficient Capital Market And Its Forms
这里的“gradually”很重要，说明信息不是立即反应至价格的，因此市场不是有效的。价格在慢慢变化就说明还有其他信息。
老师，我对这章知识很蒙，有效市场就是不能获得超额收益对吗？那比如弱强中，有fundamental是不能有效对吗？
