Which of the following statements related to market efficiency tends to be supported by current evidence? I. Markets tend to respond quickly to new information. II. It is fairly easy for the typical investor to earn above-average returns without taking above-average risks. III. Short-run prices are able to predict accurately based on public information. IV. Markets are most likely semi-strong-form efficient. (Points : 3.5)

I and III only II and IV only I and IV only I, III and IV only I, II and III only