Consider the following statements.

I. The stock market is situated in a developed country and all investors follow a passive strategy of holding the market portfolio.

II. The stock market is situated in a developing country with less stringent enforcement of rules mandating disclosure of material information by companies.

III. The stock market is situated in a country in which each company's stock is followed by many analysts whose objective is to find mispriced securities.

Which of the above are consistent with an efficient market?