Which of the following statements about the various tests of the efficient market hypothesis (EMH) is INCORRECT（）
A. Tests of the semi-p form EMH give mixed results. Time-series tests such as dividend yield and default spread reject the semi-p form EMH while event studies of stock splits and announcements of accounting changes support it.
B. The superior historical performance of exchange specialists and corporate insiders rejects the semi-p form of the EMH.
C. The historical performance of professional money managers supports the semi-p form of the EMH.
参考答案：B
解析：
Cross-sectional tests such as the price-earnings ratio, neglected firms tests, and book value to market value tests reject the semi-strong form of the EMH. These tests show that certain stocks have high realized returns. Tests show that professional money managers perform no better than a random buy and hold strategy. This supports the semi-strong form EMH contention that stock prices reflect all public information.
