Which market hypothesis asserts that security prices fully reflect all publicly available information, making fundamental analysis incapable of producing excess returns?

Explanation

• Semi-Strong Form Efficient Market Hypothesis (EMH) states that stock prices instantly reflect all publicly available information (financial statements, news, announcements).
• Under semi-strong efficiency, neither technical analysis nor fundamental analysis can yield consistent abnormal risk-adjusted returns.
• Strong Form EMH claims prices reflect all public and private (insider) information.