Which of the following observations would provide evidence against the semi-strongform of the efficient markettheory?

a) Low P/E stocks tend to have positive abnormal returns.

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b) You cannot make superior profits by buying (or selling) stocks after the announcement of an increase in dividends.

c) Mutual fund managers do not on average make superior returns.

d) In any year approximately 50% of pension funds outperform the market

Which of the following is inconsistent with efficiency?

About half of the analysts’ recommendations outperform the S&P500.

Finding that money manager who underperformed the S&P500 in the prior month routinely outperform the S&P500 in the following month.

Finding that money managers tend to buy high growth stocks near the end of the quarter that have performed well.

A stocks’ price runs up prior to an earnings announcement.

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