Most tests of semistrong efficiency are ________.

A) designed to test whether inside information can be used to generate abnormal returns
B) based on technical trading rules
C) unable to generate any evidence of market anomalies
D) joint tests of market efficiency and the risk-adjustment measure

Most tests of semistrong efficiency are indeed joint tests of market efficiency and the risk-adjustment measure. This means they not only assess whether all publicly available information is reflected in stock prices (semistrong efficiency) but also whether the method used to adjust for risk accurately captures the risk-return relationship.