问题
单项选择题
Which of the following statements about the semip-form efficient market hypothesis (EMH) and the p-form EMH is FALSE（）
A. Small firms tend to underperform large firms on a risk-adjusted basis.
B. Tests have found that stocks with low price to earning (P/E) ratios tend to outperform stocks with high P/E ratios.
C. The p form of the market efficiency hypothesis states that security prices fully reflect all public and private information.
答案
参考答案：A
解析：
Small firms tend to outperform large stocks on a risk-adjusted basis.