Question 19 10 points Save Answer QQAG just announced yesterday that its fourth quarter earnings will be 35% higher than last year's fourth quarter. You observe that QQAG had an abnormal return of -1.7% yesterday. If the market is efcient, a possible explanation could be QQAG stock will probably rise in value tomorrow. \\ investors expected the earnings increase to be larger than what was actually announced. \\ investors expected the earnings increase to be smaller than what was actually announced. K investors missed this information Question 20 The main difference between the three forms of market efficiency is that O the definition of prices differs. O the definition of information differs. O the definition of excess return differs. the definition of investor type differs.Question 21 10 points Save Answer Researchers found that firms with low inventory turnover ratios earned lower average returns than firms with high inventory turnover ratios. If we can earn abnormal return by buying high inventory turnover firms and selling low inventory turnover firms, which form of EMH is violated? Both semi-strong and weak forms Both semi-strong and strong forms Both strong and weak forms None of the options