Studies of closed-end funds find __________, which __________ the EMH.

A) prices at a premium to NAV; is consistent with
B) prices at a premium to NAV; is inconsistent with
C) prices at a discount to NAV; is consistent with
D) prices at a discount to NAV; is inconsistent with
E) prices at premiums and discounts to NAV; is inconsistent with

NAV

Net Asset Value, the total value of a fund's assets minus its liabilities, often used in the context of mutual funds or ETFs to represent the per-share/unit price.

EMH

The Efficient Market Hypothesis suggests that it is impossible to consistently achieve higher returns than overall market due to all information being already reflected in stock prices.