Novy-Marx (2013) shows that gross firm profitability (revenue minus cost of goods sold) measured at the end of the prior fiscal year predicts subsequent holding period returns on that firms stock during the next calendar year. This evidence is inconsistent with:

a. Weak form efficiency only.

b. Semi-strong and weak form efficiency.

c. Both semi-strong and strong form efficiency

d. None of the answers provided is correct

e. Semi-strong efficiency only.