(13) Predictable cycles in stock price movements 1) tend to persist for a long time; II) tend to self-destruct as soon as investors recognize them; III) never appear, since stock returns change randomly A) I only B) II only C) III only D) I, II, and III (14) In order to test the weak form of the efficient-market hypothesis, researchers have used the following methods except A) estimation of the serial correlation (autocorrelation) for securities and markets. B) measurement of the profitability of trading rules used by technical analysts. C) measurement of how rapidly security prices adjust to different news items. D) All of the options are methods used for testing weak-form market efficiency. (15) Which of the following observations would provide evidence against the strong form of efficient market theory? A Mutual fund managers do not on average make superior returns. B) In any year, approximately 50 percent of all pension funds outperform the market. C) Managers who trade in their own firm's stocks make superior returns. D) Mutual fund managers do not on average make superior returns and, in any year, approximately 50 percent of all pension funds outperform the market