Which of the following statement is correct?

a. If market is efficient, security price should adjust slowly to new information.

b. If the market is efficient, security prices should be equal to the value of discounted future cash flows.

c. In an efficient market, one can predict stock prices by analyzing past stock price history.

d. If the market is efficient, the realized returns should be equal to the expected returns.

e. If new equity is issued at an undervalued price, the existing shareholders gain.