Explain why each of the following phenomena are either consistent with or a violation of the efficient market hypothesis?

(a) Nearly half of all professionally 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, earning positive alphas, are likely to outperform the market on a risk-adjusted basis in the following year.

(c) Stock prices tend to be more volatile in January than in other months.

(d) Stock prices of companies that announce increased earnings in January tend to outperform the market in February.

(e) Stocks that perform well in one week perform poorly in the next week.