A university professor is researching the impact of non

$-$

public information on the marketplace. She finds that investors who do have access to material, non

$-$

public information are consistently earning above

$-$

average risk

$-$

adjusted returns, and that the market price of the targeted securities are partially reflecting the new information. This is a violation of:

$1$

$.$

strong form market efficiency

$2$

$.$

Semi

$-$

strong market efficiency

$3$

$.$

$$

Weak form market efficiency.

Options to answer are the following:

$-1$ only

$-1$ and $2$

$-1$ and $3$

$-2$ and $3$