(Market efficiency statements) Which of the following results support/

contradict market efficiency?

a. Stocks that perform best in January perform worst in February.

b. Only 35% of mutual funds earned higher returns than the S&P 500.

c. Firms that announce a dividend cut continue to under-perform similar stocks 6 months after the announcement date.

d. When the founder of a company unexpectedly retires from his management position, the firm’s stocks tends to go up.

e. During the month of January, stocks earn higher returns than in other months.