问题
单项选择题
Which of the following efficient markets studies suggests that securities markets are semip-form efficient（）
A. Small-firm effect.
B. Short-term stock splits.
C. Neglected-firm effect.
答案
参考答案：B
解析：
Results of empirical tests suggest that there are no short-run or long-run impacts on security returns due to stock splits. This supports the semi-strong-form EMH. Evidence of excess returns has been found for calendar effects, small firms and neglected firms.