Find below several statements about financial markets. Classify them with respect to market-efficiency. Choose the strongest form of efficiency prevailing from the set of the following four options:

Markets are inefficient

Weak efficiency

Semi-strong efficiency

Strong efficiency

Provide a brief rationale for your decision.

a) New information about a stock is instantaneously incorporated in the stock price.

b) A friend working in a computer company gives you the confidential information that they will release a new innovative product soon. You make a trading strategy based on this and gain a lot of money.

c) By analyzing historic data you find out that there are high returns after Swedish public holidays. You construct a successful trading strategy that exploits this relationship.

d) A professional wall-street trader identifies stocks by a sophisticated trading strategy. An ape randomly points at stocks in the Financial Times and invests in those assets. The ape outperforms the banker in terms of risk-adjusted excess returns