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。
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。
这句话容易得出：信息立即反应至价格，说明市场是有效的，但是明显错误。
我的理解信息会影响价格，虽然很慢，但市场也是无效的
