Which of the following statements is (are) most likely correct about the market efficiency?

I. The fact that firm fundamentals sometimes predict future stock returns is NOT consistent with the market efficiency.

II. The Fama-French model assumes that some firm fundamentals capture the risk dimensions left out by the CAPM model.

III. Market anomalies may arise at least temporarily due to investors behavioral biases.

I and II

I, II, and III

II and III

I and III