please answer a, b, c and d

Question 2 [20 marks] Analyse the statements below and justify whether they would be either consistent with or a violation of the efficient market hypothesis? Explain your reasons briefly. a. Nearly all professionally managed mutual funds are able to outperform the S&P 500 in a typical year. b. Money managers who outperform the market (on a risk-adjusted basis) in one year are likely to underperform the market in the following year. c. Stock prices tend to be predictably more volatile in January than in other months. d. Stock prices of companies that announce increased earnings in January tend to not affect the market in February. (No more than 50 words for each question)