Determine whether the following phenomena, one by one, would be consistent with or a violation of the efficient market hypotheses? Explain briefly. a) Nearly half of all professional managed mutual funds are able to outperform the S&P500 in a typical year. b) Money managers that outperform the market (on a risk-adjusted basis) in one year are likely to outperform in the following year. c) Stock returns tend to be predictably higher in January than in other months. d) Stocks that perform well in one week perform poorly in the following week.