Explain whether each of the following phenomena would be consistent with the efficient market hypothesis.

a) Good News, Inc., just announced an increase in its annual earnings, yet its stock price fell

b) Money managers that outperform the market in one year are likely to outperform in the following year

c) Stocks that perform well in one week perform poorly in the following week

d) Stock prices of companies that announce increased earnings in January tend to outperform the market in February