Question 7 (3 marks) Respond to the following comments by firstly judging whether they are right or not, and then give your reasons: a. If markets are at least weak form efficient, only analysing the pattern of historical prices and look for a trend can help investors to earn abnormal returns. (1 mark) b. When active fund managers utilize fundamental analysis and perform better than passively managed fund managers (after taking into account the fees), the market is semi-strong efficient. (1 mark) C. Assume that a company announces an unexpected large cash dividend to its shareholders. In an efficient market without information leakage, one might expect an abnormal price change at the announcement. (1 mark)