Assume the stock market is semi-strong form efficient but not strong-form efficient. You want to make an investment with your savings. As a student in the senior year of your finance degree, you have confidence in your analysis skills and want to select stocks based on your own research. Which of the following statements is the most accurate?

Select one:

a. A research of the company's financial reports will give you advantage to earn constant positive abnormal returns.

b. A research of the past prices will give you advantage to earn constant positive abnormal returns.

c. You should give up making an investment as without private information, you cannot earn any positive return in an efficient market.

d. You can earn positive returns even if the market is efficient.

e. A research of the company's public announcements will give you advantage to earn constant positive abnormal returns.