The chart below shows returns for various timeframes for the strategy Dogs of the Dow and two stock market indices. The strategy involves buying the ten stocks in the Dow Jones Industrial Average which have the highest dividend yield (dividend/price) at the beginning of each year. Returns reported are annualized.

Investment	Previous 1 year	Previous 3 years	Previous 5 years	Previous 10 years	Since 2000
Dogs of the Dow	0.00%	14.80%	11.60%	15.6%	9.0%
Dow Jones Industrial Average	-3.5%	13.7%	10.3%	13.6%	7.5%
S&P 500	-4.4%	9.8%	8.9%	13.7%	6.4%

Explain how efficient market hypothesis and behavioral finance would differ in their explanations of these results. Which form of market efficiency is being tested?