Question 243 fundamental analysis, market efficiency
Fundamentalists who analyse company financial reports and news announcements (but who don't have inside information) will make positive abnormal returns if:
(a) Markets are weak and semi-strong form efficient but strong-form inefficient.
(b) Markets are weak form efficient but semi-strong and strong-form inefficient.
(c) Technical traders make positive excess returns.
(d) Chartists make negative excess returns.
(e) Insiders make negative excess returns.