9. In more recent years, empirical evidence indicates that the efficient market hypothesis may not always be generally applicable. Which of the following is NOT the evidence against the efficient...

Extracted text: 9. In more recent years, empirical evidence indicates that the efficient market hypothesis may not always be generally applicable. Which of the following is NOT the evidence against the efficient market hypothesis? a. Stock prices may overreact to news announcements and that the pricing errors are corrected only slowly. b. The stock market appears to display excessive volatility; that is, fluctuations in stock prices may be much greater than are warranted by fluctuations in their fundamental value. c. Many studies show that small firms have earned abnormally high returns over long periods of time. d. Many studies confirm that stock prices are unpredictable and follow a random walk.