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:

I. Strong form market efficiency

II. Semi-strong market efficiency

III. Weak form market efficiency

I only

I and II

I and III

II and III