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Question 5 1 pts Which of the following observations would provide evidence against the semi-strong form of the efficient market hypothesis (i.e., which of the following observations would indicate that the market is not semi-strong efficient)? 1. Low P/E ratio stocks tend to provide abnormal risk-adjusted returns. 2. High book-to-market ratio stocks tend to earn abnormal risk-adjusted returns. 3. Small firm stocks tend to earn abnormal risk-adjusted returns. 4. It takes time for the market to digest the information contained in earnings announcements with big earnings surprises. 5. All the observations would provide evidence to indicate that the market is not semi-strong efficient. 2 1 K4 3 LA