Which of the following conclusions about the semi-p form of the efficient market hypothesis (EMH) and the p-form EMH is FALSE（）

A. If the p form of market efficiency were true, there would be no need for insider trading laws.

B. Neglected firms (i. e. those firms with a small number of analysts following them) tend to underperform the market.

C. Professional money managers, as a group, have not been able to produce returns that consistently exceed the market.