Consider the following two statements on the Efficient market hypothesis. Which of the following statements is or are correct? I. According to the efficient market hypothesis investors should have bought shares immediately after the sharp decline in prices in march 2020 to eam an excess return. II. According to the efficient market hypothesis share prices should respond to news on the Covid crisis if such news affects the current value of the expected future cash flows of these firms.

O Both statements are correct

O Both statements are false Q

O Only statement II

O Only statement I