Which of the following does NOT contradict the semi-strong form of the efficient market theory? A. Low P/E stocks tend to have positive abnormal returns. B. A mutual fund has outperformed the market for each of the last 3 years. C. Purchasing stocks that have announced increased earnings in previous quarter earns positive abnormal returns. D. Stocks that perform well in one month tend to perform poorly in the following month. E. High book-to-market stocks tend to earn higher abnormal returns than low bookto-market stocks. Which of the following statement(s) about the strong form of efficient market hypothesis is/are correct? [I] Rationale of technical analysis contradicts the strong-form efficient market hypothesis. [II] The fact that inside trading is usually profitable contradicts the strong-form efficient market hypothesis. [III] The fact that investing in high B/M stocks can generate higher risk-adjusted return than investing in low B/M stocks contradicts the strong-form efficient market hypothesis. A. [I] only. B. [II] only. C. [III] only. D. [I] and [II] only. E. [I], [II] and [III]