A. Empirical tests confirm the Value Line Enigma (the top quintile of stocks rated by Value Line's 4 publicly available criteria generate abnormal positive returns after taking into account transaction costs) and this is a contradiction of the Weak-form Efficient Market Hypothesis.

B. Empirical tests confirm the January Effect (abnormally high return in the month of January) and this is a contradiction of the Strong-form Efficient Market Hypothesis.

C. The Autocorrelation tests of independence measure the significance of positive and negative correlations of stock returns over time and the empirical results are mostly consistent with Weak-Form Market Efficiency Hypothesis.