In relation to the efficient markets hypothesis, consider the following observations: 1. Mutual fund managers do not on average make superior returns. IL: It is not possible to make superior returns by buying or selling stocks after the announcement of an abnormal rise in earnings. III. Managers who trade in their own stocks make superior returns. IV, In any year approximately 50 percent of all pension funds outperform the market. Which of the following statements is true? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Both and Il provide evidence against the strong form of market efficiency b ill provides evidence against semi-strong form efficiency, but not against strong form efficiency. Ill provides evidence against strong form efficiency, but not against semi-strong form efficiency. d IV provides evidence against semi-strong form efficiency, but not against strong form efficiency Both fand Il provide evidence against the semestrong form of market efficiency