NO.PZ2018062002000090
问题如下：
Company A released its annual report to the public recently and its share price reacts gradually to it. With respect to efficient markets, which of the following statements about the market is correct?
选项：
A.The market is subject to behavioral biases.
B.The market is semi-strong-form efficient.
C.The market received additional information about the company.
解释：
C is correct.
The information from the annual report is already reflected in the stock prices if the markets are efficient. So the gradual changes of the stock prices are not to the releasing of annual report but to 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。
为什么不可以理解为有些investor有conservative biases，所以在财报公布后不能立即调整股价，需要一定时间慢慢调整到应有的股价
