a) Your analysis indicates that, on average, stock prices of firms announcing decreased earnings in a given quarter tend to underperform the market in the following quarter. Is this consistent with or a contradiction of the efficient markets hypothesis (EMH)? Explain. (Explanation Required)

b) Your analysis of firms' financial data indicates that, on average, stocks with high debt-to-equity ratios tend to have positive abnormal returns (or positive alphas) over the long run. Does this violate the efficient markets hypothesis (EMH)? Provide answers to both parts below.

- Violation (answer in terms of "Yes" or "NO") - Which form of EMH does the information relate to? 

c) Stock prices tend to be predictably less volatile in December than in other months. Does this violate the efficient markets hypothesis (EMH)? Answer in terms of "Yes" or "NO".