Applying the Efficient Market Hypothesis (EMH) to capital budgeting, which of the following statements is correct?

Group of answer choices

In an efficient market the NPV for projects should on average be positive.

Existing large firms can be considered evidence that the EMH is true.

Existing large firms may exist because they may not have played the game long enough meaning they may still go insolvent.

Firms can be considered to be a collection of projects; and existing firms a collection of negative NPV projects.

If firms produce new information or technology, this could never be a reason for a firm to produce a NPV.