Question：

An observation that stocks with above average price-to-earnings ratios have consistently  underperformed those with below average price-to-earnings ratios least likely contradicts which form  of market efficiency? 
A. Weak form 
B. Semi-strong form 
C. Strong form 

Answer = A 
The observation that stocks with high above average price-to-earnings ratios have consistently  underperformed those with below average price-to-earnings ratios is a cross-sectional anomaly. It is a  contradiction to the semi-strong form of market efficiency and strong form market efficiency because  all the information used to categorize stocks by their price-to-earnings ratios is publicly available. It is  not a contradiction to weak form market efficiency.

CFA Level I
“Market Efficiency,” W. Sean Cleary, Howard J. Atkinson, and Pamela Peterson Drake
Section 4.2

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