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9. The market under-reaction indicates that (2 points) Stocks that perform good in the last 3-5 years will perform bad in the coming 3-5 years. Stocks that perform good in the last 3-5 years will perform good in the coming 3-5 years. Stocks that perform good in the last 3-12 months will perform bad in the coming 3-12 months. Stocks that perform bad in the last 3-12 months will perform bad in the coming 3-12 months. Stocks that perform good in the last 3-12 months will perform good in the coming 3-5 years