Which of the following phenomena would be either consistent with or a violation of the efficient market hypothesis?

a.	Nearly half of all professionally managed mutual funds are able to outperform the S&P 500 in a typical year.
	Consistent or Inconsistent?

b.	Money managers that outperform the market (on a risk-adjusted basis) in one year are likely to outperform in the following year.
	Consistent or Inconsistent?

c.	Stock prices tend to be predictably more volatile in January than in other months.
	Consistent or Inconsistent?

d.	Stock prices of companies that announce increased earnings in January tend to outperform the market in February.
	Consistent or Inconsistent?

e.	Consistent or

Inconsistent?