4. Which of the following favors or supports the efficient market hypothesis? A) Investment analysts and mutual funds do not beat the market consistently. B) Technical analysis does not outperform the market. C) The investment dartboard often beats investment managers. D) All of the above. 5. In an efficient market, stock prices will respond only when there are new and unexpected announcements. A) True. B) False 6. When the stock prices follow a random walk, future changes in stock prices should be predictable. A) True. B) False