Which one of the following would provide evidence against the semi strong form of the efficient market theory?

a. About 50% of pension funds outperform the market in any year.

b. All investors have learned to exploit signals about future performance.

c. Trend analysis is worthless in determining stock prices.

d. Low P/E stocks tend to have positive abnormal returns over the long run.

According to the efficient market hypothesis:

a. High beta stocks are consistently overpriced.

b. Low beta stocks are consistently overpriced.

c. Positive alphas on stocks will quickly disappear.

d. Negative alpha stocks consistently yield low returns for arbitrageurs.