Which of the following statements is incorrect?

Marks

O a. Increasing disclosure of information about the firm enhances transparency in the market.

O b. In a semi-strong efficient market, security analysts will not enable investors to realize superior returns

consistently.

O c.

On average, investors can beat north American large cap stock markets using technical analysis.

O d

Proponents of the efficient market hypothesis think technical analysts are wasting their time.

Oe. Relevant insider information can be useful in attempting to identify mispriced securities if the semi-

strong form of EMH is assumed.