#8. For each of the following phenomena, explain briey whether they appear to violate or support the efcient market hypothesis. (a) In a typical year, roughly half of all professionally managed mutual funds are able to outperform the S&P500. (b) Fund managers that outperform the market on a risk-adjusted basis in one year are likely to outperform in the following year. (c) Stock prices tend to be predictably more volatile in January than in other months. ((1) Stock prices of companies that announce increased earnings in January tend to out-perform the market in February. (e) Stocks that perform well in one week tend to perform poorly in the following week