Which of the following statementbestdescribes semi-strong form of market efficiency?

Select one:

a.Prices quickly reflect all information available to investors even to insiders

b.Present publicly available information can be used to earn abnormal profits as long as all investors are not equally informed

c.Historical information about price and volume cannot be used to earn higher trading profits than would be obtained with a nave buy-and-hold strategy

d.Prices reflect all publicly available information past and present