問題：The efficient market hypothesis exists in a number of forms that relate to different levels of information processing efficiency. In the semi-strong form of the hypothesis, which one of the following types of information will not influence the share price?
　　A. Specialist information
　　B. Past movements in share prices
　　C. Publicly available factual information
　　D. Announcements of mergers or takeovers
　　答案：The correct answer is: Specialist information.
　　Specialist information refers to the type of information that is only available to professional investors such as fund managers. Under the semi-strong form of the hypothesis, such information is not expected to influence share prices.
　　Past share price movements affect the share price as investors seek to identify and interpret trends in price movements.
　　Publicly available information includes things such as the newly published annual accounts, or a published earnings forecast. Prices will be expected to respond to this type of information.
　　Announcements are a form of publicly available information.