Which one of the following would provide evidence against the semistrong form of the efficient market theory?

a. About 50% of pension funds outperform the market in any year.

b. You cannot make abnormal profi ts by buying stocks after an announcement of strong earnings.

c. Trend analysis is worthless in forecasting stock prices.

d. Low P/E stocks tend to have positive abnormal returns over the long run. LO.1