The following figure forms ten portfolios based on stocks' prior one-year performance and shows their returns and market betas. According to the definitions of the efficient market hypotheses (EMH), the results at most violate A B the weak-form EMH the semistrong-form EMH the strong-form EMH none of the above C D Hint: Chapter 11. Assignment 2 Questions 12 and 15 Portfolios Formed on Past One-Year Return 20.0 2.0 15.0 1.5 Excess Return% 10.0 1.0 Market Beta 5.0 0.5 0.0 0.0 Low 2 3 4 5 6 7 8 9 High Past One-Year Return Excess Return % Market Beta