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Investors are excited about the prospect of a medical breakthrough promised by a biotechnology company....

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Finance

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Investors are excited about the prospect of a medical breakthrough promised by a biotechnology company. However, the CEO sells shares whenever the stock price increases materially, forcing the price towards a long-term average of \\( \\$ 8 \\) per share. It later turns out that the CEO had inside information and the company's breakthrough technology does not work. Yet, when news of the technology's failure becomes public, the share price does not react. The CEO's transaction in company stock helped the share price... a. .... conform to strong form market efficiency. b. ... deviate from strong form market efficiency. c. ... conform to semi-strong form market efficiency. d. ... deviate from semi-strong form market efficiency. e. ...make friends

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