27. Over the last three years, a portfolio manager investing in large cap stocks had an average return of 25 percent when the small cap benchmark he selected returned 17.5 percent. Is the performance consistent with efficient market hypothesis?

a. No, it is not. It is a violation of weak form EMH.

b. No, it is not. It is a violation of semi-strong form EMH.

c. No, it is not. It is a violation of strong form EMH.

d. No, it is not. It is a violation of all forms of EMH.

e. Yes, it is. The manager selected an inappropriate benchmark.