I. TWinch of the following observations appear to indicate market ineiciency? For each case= explain whether the ineiciency is weal; semistrong, or strong and explain why hriefr. (Note: [fthe market is not weak-formeicient, it is said to be weakform-fuecr'ant if it is not semistrongform ecient, it is samistrongform-fneiciewm and so on} 3. Managers make superior returns on their purchases of their company's stock. 1:. There is a positive relationship between the return on the market in one quarter and the change in aggregate corporate prots in the next quarter. c. There is disputed etidence that stocks which have appreciated urmsuajr' in the recent past continue to do so in the xture. {1 Stocks of companies with unexpectedly high earnings appear to offer high retmns for several months after the earnings annmtnoenaent