Conclusions Regarding the Strong-Form EMH The tests of the strong-form EMH
generated mixed results, but the bulk of relevant evidence supported the hypothesis. The results
for two unique groups of investors (corporate insiders and stock exchange specialists) did not
support the hypothesis because both groups apparently have monopolistic access to important
information and use it to derive above-average returns.
Tests to determine whether there are any analysts with private information concentrated on
the Value Line rankings and publications of analysts’ recommendations. The results for Value
Line rankings have changed over time and currently tend toward support for the EMH. Specifically,
the adjustment to rankings and ranking changes is fairly rapid, and it appears that trading
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