1. Which of the following observations would provide evidence against the semistrong form of the efficient market theory? Explain.
   1. Mutual fund managers do not, on average, make superior returns
   2. You cannot make superior profits by buying (or selling) stocks after the announcement of an abnormal rise in dividends
   3. Low P/E stocks tend to have positive abnormal returns
   4. In any year approximately 50% of mutual funds outperform the market