Which is of the following provides evidence of an efficient market or not. Briefly explain your

answers. To which form of efficient market are your referring in each: weak form, semi-strong, strong?

a. Active mutual funds outperforming passive ones after adjusting for risk and expenses.

b. Momentum in stock prices over 12 months

c. At the announcement of a positive earnings surprise, the price of stocks jump and continue to rise for a month with no new news.