The semi-strong form of market efficiency has been tested by measuring how rapidly security prices react to various news items. Specifically, tests have been confirmed that markets react significantly and typically fast to the following events since they contain information relevant for asset prices:Dividend announcementsNews of takeoversMacroeconomic announcements such as new data on GDP growthPresidential election outcome announcementsTop management change announcementsNews of outcomes of lawsuits

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