The following statement contains several erros with reference to the three levels of market efficiency.

"According to the efficient market hypothesis all share prices are correct at all times. this is achieved by prices moving randomly when new information is publicly announced. New information from published accounts is the only determinant of the random movements in share price.

Fundamental and technical analysis of the stock market serves no function in making the market efficient and cannot predict future share prices. Corporate financial managers are also unable to predict future share prices."