Suppose you are a financial analyst and have observed the following phenomena:

Some investors use past price trends and trading volumes to trade stocks but fail to achieve long$-$term excess returns.

A company announces the successful development of a new product, and its stock price quickly rises.

An insider buys stocks before a major announcement but does not earn significant profits after the news is released.

Explain these phenomena based on the three forms of the Efficient Market Hypothesis, e$.$g$.,$ explain which form the phenomenon follows and why. $(7\%$ each$)$