If securities markets are semi-strong-form efficient, the most appropriate role of a portfolio manager is to: invest by analyzing publicly available information to consistently generate abnormal returns. manage portfolios with appropriate diversification and asset allocation, taking into consideration investor preferences. exploit appropriate trading rules and serial correlations for achieving excess returns.

Which of the following best explains why online retail companies have an advantage over regular stores? a. their employees make less money because they mostly perform unskilled tasks. b. they are able to keep distribution costs low by negotiating deals with shipping companies. c. their transactions require expensive state-of-the-art technological devices. d. they have a larger number of potential customers because people anywhere can buy from them.