Which of the following best describes the results of studies designed to test whether or not the ASX is strong$-$form efficient?

Select one:

$$ a$.$ Professional fund managers generally are not able to outperform the market, and corporate insiders appear not to be able to profit from insider trading.

$$ b$.$ Professional fund managers generally are not able to outperform the market, but corporate insiders appear to be able to profit from insider trading.

c$.$ Professional fund managers generally outperform the market, and corporate insicturs appear to be able to profit from insider trading.

$$ d$.$ Professional fund managers generally outperform the market, but corporate insiders do not appear to be able to profit from insider trading.