Studies of the performance of professionally managed mutual funds find that these funds: Multiple Choice O O O O O perform in a manner that definitely refutes both strong and semistrong form efficiency. indicate that stock prices consistently adhere to a daily continuation pattern. perform in a manner consistent with semistrong form efficiency. all have a tendency to underperform the market consistently year after year. all have a tendency to consistently outperform the overall market.

Studies of the performance of professionally managed mutual funds find that these funds: Multiple Choice perform in a manner that definitely refutes both strong and semistrong form efficiency. indicate that stock prices consistently adhere to a daily continuation pattern. perform in a manner consistent with semistrong form efficiency. all have a tendency to underperform the market consistently year after year. all have a tendency to consistently outperform the overall market