Question 14 In their paper "Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency," professors Jegadeesh and Titman find that the strategies of buying stocks that have performed well in the past and selling stocks that have performed poorly in the past generate significant possible returns over 3- and 12-month periods. Their findings contradict (or are not consistent with) which one of the following efficient market hypotheses? 1. Week form efficiency (since only past trading information was used in the study) 2. Semi-strong form efficiency (since only public information was used in the study) 3. Strong form efficiency (since all public and private information was used in the study) 4. Week form efficiency (since only public information was used in the study) 5. Semi-strong form efficiency (since only past trading information was used in the study)