1. Which of the following statements are inconsistent with the efficient market hypothesis?

A) The directors of Lotus, the Norfolk-based sports car and engineering group, were able to make abnormal returns on the companys shares just before a public announcement by the company on the results of the new pilot project designed to improve security on its latest models.

B) An investor on LSE claims he could outperform other investors just by exploiting the assumption that the future share price of any company is equal to a quarter of the product of its present share price and the day of the year with a probability of 80%

C) On average small firms outperform larger ones in January of each year

D) Shortly before Ford acquired Jaguar, Jaguars share price increased in reaction to announced earnings that were below the ones expected by the market