tango_gs

Actually, the more I think about this – something I should have done at the beginning – the more I agree that the January effect does, in fact, argue against strong-form EMH.
Strong-form EMH says that market prices quickly reflect all information, public and private.  The January effect demonstrates that market prices don’t, in fact, quickly reflect all information, public and private.
Once again, I’m so glad I don’t have to take these exams any more.