Which of the following observations would appear to violate the weak form of EMH? Semi- strong form? Strong form? Please explain.

a) The average rate of return is significantly greater than zero.

b) The correlation between the return during a given week and the return during the following week is zero.

c) One could have made superior return by buying stock after a 10% rise in price and selling after a 10% fall.

d) One could have made higher-than-average capital gains by buying those stocks with low dividend yields (i.e., dividend/price, and information regarding dividends is normally disclosed in the annual reports).

e) Some fund managers at big investment banks are able to obtain information regarding quarterly earnings from corporate executives before the corporates announce their earnings to the public. As such, they are able to make early trading and generate superior investment performance.