问题
单项选择题
Which of the following does NOT imply an informationally efficient market（）
A. Many profit-maximizing participants, each acting independently of the others, analyze and value securities.
B. The timing of one news announcement is independent of other news announcements.
C. A risk-free asset exists, and investors can borrow and lend an unlimited amount at the risk-free rate.
答案
参考答案：C
解析：
The assumption that investors can borrow and lend an unlimited amount of money at the risk-free rate does not imply informationally efficient markets. Unlimited lending and borrowing at the risk-free rare is an assumption of capital market theory which is an LOS, but not for this study session and not in the context of EMH.