Which of the following observations would provide evidence against the semistrong-form version of the efficient market theory? Explain.
a. Mutual fund managers do not on average make superior returns.
b. You cannot make superior profits by buying (or selling) stocks after the announcement of an abnormal rise in dividends.
c. Low PIE stocks tend to have positive abnormal returns.
d. In any year, approximately 50 percent of pension funds outperform the market.