Which one of the following would provide evidence against the semistrong form of the efficient market theory? a. About 50% of pension funds outperform the market in any year. b. All investors have...

Which one of the following would provide evidence against the semistrong 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 management signals about the future performance of the firm.
c. Trend analysis is worthless in determining stock prices.
d. Low P/E stocks tend to have positive abnormal returns over the long run.