Readthe article “The efficient market hypothesis and its critics” by Burton Malkiel (2003).Answerthefollowingquestions:1. Whatismeantbyanefficientsecuritymarket?Therearevariousviewsthatareputforwardinthepaperwhichpointtoacommonideaofmarketefficiency.Elaborateontheseviews.2. Explainhowistheefficientmarkethypothesisassociatedwiththeideaofa”randomwalk”.3. Identifyanddiscussthepatternsofpossiblepredictabilityimpliedbystudiesofthebehaviorofpaststockprices.4. Whataresomeofthevaluationparameters(bothcrosssectionalandtimeseries)whichexplainthepredictablepatternsofstockreturns?5. Explainthearguments(withsupportingexamples)putforwardbyopponentswhoviewefficientmarketsasanuntenablehypothesis.Thank you.
The efficient market
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