14. If a market is weak-form efficient but semi-strong-form inefficient, then which of the following types of portfolio management is most likely to produce abnormal returns? (1 point) (a) Passive portfolio management. (b) Active portfolio management based on technical analysis. (c) Active portfolio management based on fundamental analysis. 15. Which of the following market anomalies is inconsistent with weak-form market efficiency? (a) Earnings surprise. (b) Momentum pattern. (c) Closed-end fund discount. 16. Researchers have found that value stocks have consistently outperformed growth stocks. An investor wishing to exploit the value effect should purchase the stock of companies with above-average: (a) dividend yields. (b) market-to-book ratios. (c) price-to-earnings ratios