Which of the following statements is (are) correct?

A) If a market is weak-form efficient, it is also semistrong- and strong-form efficient.
B) If a market is semistrong-form efficient, it is also strong-form efficient.
C) If a market is strong-form efficient, it is also semistrong- but not weak-form efficient.
D) If a market is strong-form efficient, it is also semistrong- and weak-form efficient.

Strong-form Efficient

A theory suggesting that all information, public and private, is fully reflected in stock prices, and that it is impossible to consistently achieve higher returns.

Semistrong-form Efficient

Refers to a market efficiency form where prices include all publicly available information, including both historical and newly released financial data.

Weak-form Efficient

A level of market efficiency that assumes all past trading information is already reflected in stock prices, thus negating the ability to gain higher returns through analysis of historical prices.