Which of the following demonstrates evidence for the semi-strong form of the efficient market hypothesis?
I. A fund manager is reliably able to make abnormal profits by trading based on historical patterns in stock prices.
II. A talented analyst routinely earns excess returns through analysis of corporate financial statements.
III. There is an instantaneous increase in stock price when a company announces unexpectedly good earnings but not significant abnormal returns afterwards.
A. I only
B. II only
C. III only
D. I, II, and III
E. The correct answer is not given by (A), (B), (C), or (D).