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Corporate Financing Decisions and Efficient Capital Markets - page 28 / 28

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Does Say

Prices reflect underlying value.

Financial managers cannot time stock and bond issues.

Sales of stock and bonds will not depress prices.

You cannot cook the books.

Doesn't Say

Prices are uncaused.

Prices should not fluctuate.

Investors all need to know all information.

All shares of stock have the same expected returns.

Investors should throw darts to select stocks.

There is no upward trend in stock prices.

What the EMH Does and Does Not Say

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