The semi-strong form of the efficient market hypothesis asserts that all publicly available information is rapidly and correctly reflected in stock prices. This implies that investors cannot expect to derive above-average profits from trades in stocks made after information has been made public because stock prices already reflect the information's full effects. (a) Identify and explain two examples of empirical evidence that supports the EMH as presented above. [10 marks] (b) Identify and explain two examples of empirical evidence that refutes the EMH as presented above. [10 marks] (c) Discuss why an investor might not just choose to buy the stock index even if markets were, in fact, semi-strong efficient as described above. [5 marks]