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Semi-strong form efficiency in Efficient Market Hypothesis

Explain Semi-strong form efficiency in Efficient Markets Hypothesis.

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Semi-strong form efficiency: In this semi-strong form of the EMH a trading strategy incorporating current publicly obtainable fundamental information (like financial statements) and historical price information will not systematically outperform a buy-and-hold strategy. Certain share prices adjust immediately to publicly available new information, and no excess returns can be earned using such information. Fundamental analysis will not be profitable.

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